The economizer market is projected to reach USD 11.54 Billion by 2022, at a CAGR of 6.7% from 2017 to 2022
The increasing demand for economizers across the globe can be attributed to the growing use of economizers for different applications in commercial and industrial sectors. Moreover, countries such as the US, Denmark, Canada, Sweden, and Poland are investing in clean energy resources to meet the increasing demand for energy, thereby influencing the growth of the economizer market.
Based on type, the economizer market has been segmented into fluid economizers and air-side economizers. Fluid economizers use chilled water to provide cooling requirements for waste heat recovery systems. There are 2 types of fluid economizers, namely, fluid economizers for chilled water systems and fluid economizers for glycol DX systems. The fluid economizers segment is the largest and the fastest-growing type segment of the economizer market, owing to their increasing applicability in industrial boilers and HVAC systems.
Based on end-use industry, the economizer market has been classified into industrial and commercial. In the industrial segment, economizers are used as heat exchangers to preheat fluid, which results in energy conservation. Economizers are also utilized as combustion products, such as flue gases, to recover residual heat. The industrial segment is the largest and the fastest-growing end-use industry segment of the economizer market.
Based on application, the economizer market has been classified into power plants, boilers, HVAC, refrigeration, and data centers. The power plants segment is the largest and the fastest-growing application segment of the economizer market. Economizers in power plants are used as heat exchanger devices, which conserve the residual heat generated by boilers. The growing demand for electricity has led to the installation of new fossil fuel-based thermal power plants in various regions worldwide, which, in turn, is anticipated to drive the demand for economizers, globally.
Asia Pacific is the largest market for economizers, owing to rise in the number of construction projects in this region. The Asia Pacific economizer market is expected to grow at the highest CAGR between 2017 and 2022. China, Japan, India, South Korea, Indonesia, and Australia are key countries considered for market analysis in this region. Increasing investments in the development of new power plants and upgrade of existing power plants as well as rising government initiatives for harnessing renewable and clean energy in various countries, such as China and India, are major factors driving the growth of the Asia Pacific economizer market.
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