Dublin, June 04, 2021 (GLOBE NEWSWIRE) -- The "Economizer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Economizer market is expected to grow at a CAGR of over 4% during the forecast period. Major factor driving the market studied is the rapidly growing demand of economizer from power plants. On the flip side, increasingly stringent environmental regulations limiting nitrogen oxide and sulfur dioxide emission from power plant and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
Growing application of economizer in waste heat recovery system in boiler is forecasted to offer various opportunities for the growth of the market over the forecast period.
Economizer from power plant application is expected to dominate the market studied over the forecast period. Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Economizer from Power Plants
Economizers are mechanical devices intended to reduce energy consumption, or to perform useful function such as preheating a fluid.
Additionally, Economizer is used as heat exchanger in boiler, power plant, heating, refrigeration, ventilating, and air conditioning (HVAC).
An economizer in thermal plants works as a waste heat store, which further used in preheating the feed water of boilers.
The considerable increase of the demand of electricity throughout the world has resulted in increased size of power plant. The process of electrical power generation, in a coal fired thermal power plant is one of the most widespread and conventional methods.
Hence, owing to the above-mentioned factors, the application of economizer from thermal power plant is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
Asia-Pacific region is expected to dominate the market for economizer during the forecast period. The rising demand of economizer from thermal power plant and growing application in commercial sector in developing countries like China, Japan and India is expected to drive the demand for economizer in this region.
The largest producers of economizer are located in Asia-Pacific region. Some of the leading companies in the production of economizer are Honeywell International Inc., Schneider Electric, ALFA LAVAL, Johnson Controls International PLC, and BELIMO AIRCONTROLS (USA), INC among others.
For instance, According to the Japan Refrigeration and Air Conditioning Industry Association, in 2018, the global demand for air conditioners stood at 110.97 million units.
According to the report by the International Energy Agency (IEA), Global energy demand from air conditioners is anticipated to triple by 2050
According to ministry of India, the electricity generation target of conventional sources for the year 2018-19 was fixed at 1265 BU comprising of 1091.500 BU from thermal power plants.
Owing to the above-mentioned factors, the market for economizer in the Asia-Pacific region is projected to grow significantly during the study period.
The global economizer market is partially consolidated in nature with only few major players dominating the market. Some of the major companies are Honeywell International Inc., Schneider Electric, ALFA LAVAL, Johnson Controls International PLC, and BELIMO AIRCONTROLS (USA), INC among others.
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Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand of Economizer from Power Plants
4.1.2 Other Drivers
4.2.1 Increasingly Stringent Environmental Regulations Limiting Nitrogen Oxide and Sulfur Dioxide Emission from Power Plant
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Fluid Side Economizer
5.1.2 Air Side Economizer
5.2 Boiling Efficiency
5.3.1 Power Plants
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.4 South America
220.127.116.11 Rest of South America
5.4.5 Middle-East and Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Honeywell International Inc.
6.4.2 Schneider Electric
6.4.3 ALFA LAVAL
6.4.4 Johnson Controls International PLC
6.4.5 BELIMO AIRCONTROLS (USA), INC
6.4.6 Cain Industries
6.4.7 Cleaver-Brooks, Inc
6.4.8 SAACKE GmbH
6.4.9 SWEP International AB
6.4.10 Thermax Limited
6.4.11 STULZ Air Technology Systems, Inc.
6.4.12 SOFAME Technologies
6.4.13 SECESPOL Sp. z o.o.
6.4.14 MicroMetl Corporation.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Application of Economizer in Waste Heat Recovery System in Boiler
7.2 Other Opportunities
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