The global economizer market is anticipated to grow at a substantial CAGR of 7.0% during the forecast period.An economizer is a device that is used as a heat exchanger for the preheating of fluids and to enhance the efficiency of boilers. It transfers heat from flue gases that come out from boilers to feed water. It provides various benefits to industries, which include the reduction of carbon emissions and waste heat recovery. More efficient economizers are being developed to further enhance the efficiency of the process. Increasing demand for clean energy, power-efficient boilers, and cost-effective cooling across the globe are the factors that are fueling the growth of the economizer market. Additionally, the rising usage of economizers as heat exchangers for preheating fluids to optimize energy consumption coupled with the increasing numbers of power plants is prominently growing the economizer market across the globe.

Impact of COVID-19 Pandemic on Global Economizer Market

COVID-19 pandemic hit the globe in early 2020 and spread across the globe like a wildfire. This impacted most people's lives, and a new way was generated to live. The impact of COVID-19 on the economizer market was explained in the annual report of Alfa Level which said, AlfaLaval proved resilient and showed a good ability to act fast. Inall, order intake declined by 10.0% compared to 2019and amounted to 41 BSEK and total invoicing was 42 BSEK, a decline of 11.0% compared to the previous year. Despite lower volumes, profitability remained on a high level at 17.4%, essentially unchanged compared to 2019. Thestrong operating margin was supported by our well-diversifiedportfolio and aftersales exposure, but also a result of the costsavings program launched in February focusing on short-termsavings with maximum flexibility. In total, the program reducedfixed costs by 700 MSEK compared to 2019. At the end of2020, a restructuring program was announced to adjust certain businesses in the Marine and Oil & Gas sectorsto more structural changes in demand. The program is estimatedto generate annual savings of approximately 300 MSEK with full effect from 2022.

Segmental Outlook 

The global economizer market is segmented based on the type, application, and end-use industry. Based on type, the market is segmented into fluid economizers and air-side economizers. Based on the application, the market is sub-segmented into the power plants, HVAC, boilers, refrigeration, and others. The other application included data centers.Based on the end-user industry, the market is segmented into industrial and commercial. The above-mentioned segments can be customized as per the requirements. Based on application, the power plant is anticipated to grow promisingly during the forecast period. Based on the end-user industry, the industrial segment is expected to grow prominently in the upcoming years.

Global Economizer Market Share by Application, 2021 (%)

The Power Plant SegmentEstimated to Grow Significantly in the Global Economizer Market

The power plant segment holds a significant share in the economizer market. The increase in the installation of thermal power plants due to the growing demand for electricity is a major factor that propels the market growth across the globe. Along with this, the economizers are used as heat exchanger devices to conserve residual heat generated by boilers, which in turn, drives its adoption rate in power plants. As perthe ministry of India, the electricity generation goal of conventional sources for the year 2018-19 was fixed at 1265 BU comprising 1091.500 BU from thermal power plants.

Regional Outlooks

The global economizer market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. The Asia Pacific is projected to grow promisingly in the forecast period. North America is also anticipating significant growth.

Global Economizer Market Growth, by Region 2022-2028

The Asia-Pacific Anticipated to Grow Significantly in the Global Economizer Market

Asia-Pacific is expected to grow considerably during the forecast period. This is mainly due to the growing adoption of economizers in power plants, heating, air conditioning, ventilation, and boilers. Additionally, a rising number of power plant projects and waste heat recovery projects in the region is another factor that is anticipated to propel the growth of the Asia-Pacific economizer market shortly. In Asia-Pacific, India, China, Indonesia, South Korea, and Japan are some of the major economies that are observing an increase in the investments in the development of new power plants, owing to which, considerable growth is projected to witness in the market soon. The enhancement of existing power plants and increasing government initiatives for harnessing renewable energy in emerging economies, such as India and China are the prominent factors that propel the growth of the Asia-pacific economizer market.

Market Players Outlook

The major companies serving the global economizer market include Alfa Laval Corporate AB, Cannon Boiler Works, Inc., Cleaver-Brooks Company, Inc., SAACKE GmbH, STULZ Air Technology Systems, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2022, Alfa Laval Corporate AB launched CO2 Heat Exchangers forDX Evaporationand Flooded. Alfa Laval has designed the AC CO2 heat exchanger line, particularly for air-conditioning (AC), chiller and heat pump applications. In addition to the flooded and DX evaporator applications, the units can also be used as condensers for recovering or rejecting heat to water,sub-cooler, economizers, and desuperheaters.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global economizer market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.