Economizers recycle energy generated within a system or take advantage of temperature differences in the environment to boost efficiency. Economizers are most commonly used at night, when the outside air is cooler than the indoor air, a process known as "free cooling." Economizers mix enough outdoor air into the indoor air to meet the thermostat set point without using the compressor. Fresh air brought in by economizers while they save cooling energy at night can be considered as ventilation. Non-condensing economizers and condensing economizers are the two most common types of economizers. Non-condensing economizers are most commonly used because they increase efficiency by 2% to 4%. Economizers save fuel and streamline the process, which is why they are called economizers. Prior to desulphurization, these are also used in cooling gases in power plants. They also contribute to cost savings and water conservation. A heat exchanger used in boilers, heating, power plants, refrigeration, ventilating, and air conditioning (HVAC). Economizers are still used in modern boilers, such as those found in coal-fired power plants. Economizer was used to reduce the temperature of the external environment in order to preserve hardware in a green computing environment. In data centers, economizers are used to replace cooling devices such as computer room air conditioners. They reduce the cost of running data centers.
COVID-19 Impact analysis
- The COVID-19 outbreak has affected economies and industries in a number of countries due to lockdowns, travel bans, and business closures. All-major industries are experiencing severe disruptions, including supply chain breakdowns, technology event cancellations, and office closures because of the outbreak. China is the global manufacturing hub with the presence of and the largest raw material suppliers. The economizer market is also suffering from the overall market breakdown caused by COVID-19 due to factory closures, supply chain obstacles, and the global economic downturn.
Top Impacting Factors
The rise in demand for clean and reusable energy, as well as the use of economizers in HVAC (Heating, Ventilation, and Air Conditioning) applications drive the market growth. Furthermore, increase in construction activities and surge in refrigeration usage in the medical and automotive sectors are expected to be the major factors driving the market growth. Increase in demand for economizers from power plants, increased use of the product in construction activities, rapid industrialization, and urbanization around the world, and the prevalence of products with improved operational efficiency are the factors likely to accelerate the economizer market's growth. On the other hand, increase in public awareness about fuel consumption and energy conservation, as well as presence of various opportunities, drive the economizer market growth. Surge in demand for economizers in power plants to reduce energy consumption, as well as various applications of economizers as heat exchangers in power plants, propel the growth of the industry. In addition, a significant increase in global energy consumption and electricity demand has resulted in increased power plant size, boosting the market growth of economies.
Market Trends
- The use of economizers in a boiler's wastewater recovery system is driving the demand for economizers.
- In addition, economizers are increasingly being used in data centers to supplement or replace cooling devices such as computer room air conditioners (CRACs) and chillers. As a result, data center demands fuel the growth of economizers.
- The growth of economizers around the world is being fueled by rapid industrialization and construction activity, as well as a surge in preference for renewable and clean energy sources. Rise in research activities for economizer advancement are expected to create lucrative opportunities for the economizers market.
- Economizers are mechanical devices that are designed to save energy or perform a useful function like preheating a fluid.
- The significant increase in global electricity demand has resulted in an increase in the size of power plants. One of the most common and traditional methods of generating electrical power is in a coal-fired thermal power plant.
- The rise in use of economizers for various applications in the commercial and industrial sectors can be attributed to the surge in demand for economizers around the world. Furthermore, countries such as the U.S., Denmark, Canada, Sweden, and Poland are investing in clean energy resources to meet rising energy demand, influencing the market for economizers.
Key Benefits of the Report
- This study presents the analytical depiction of the economizer market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the economizer market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the economizer market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed economizer market analysis based on competitive intensity and how the competition will take shape in coming years
Key Market Segments
- By Type
- Fluid Economizers
- Airside Economizers
- Others
- By Application
- Power Plants
- Boilers
- HVAC
- Refrigeration
- Data Centers
- Others
- By Region
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Belimo Holding AG
- Cleaver-Brook
- Cleaver-Brooks, Inc
- Honeywell International Inc
- Cain Industries
- Babcock & Wilcox Enterprises Inc
- Secespol SP. z o.o.
- Saacke GMBH
- Thermax Ltd
- Johnson Controls International PLC
- Stulz Air Technology Systems, Inc
- Cain Industries,
- Schneider Electric SE
- Alfa Laval AB