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Economizers Market Segmented By product type such as Fluid/ water side economizer and Air side economizer with application such as Boilers, Industrial and commercial Refrigeration systems, Power generation systems, Data center processing and HVAC systems
With the growing regulations and restrictions pertaining to energy conservation and reduction of fuel consumption, global economizers market is expected to create significant growth opportunities for industry incumbents during the forecast period. An economizer is a mechanical device which acts as a heat exchanger by preheating the feed water to improve the efficiency of the process.
Economizers utilize residual heat from combustion products i.e. fuel gases, thereby improving thermal efficiency of the process as the process then requires relatively lesser fuel for the pre-heating the water in order to produce steam. Thus, economizers help in fuel saving and economizing the process and hence are referred to as economizers.
Economizers offer numerous benefits, such as waste heat recovery and reduction of carbon emissions. These economizers also help in cooling gases in power plants prior to desulphurization. Thus, economizers help in cost reduction and water conservation. Improved and more efficient economizers are being developed to further improve the efficiency of the process.
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Increasing government regulations aiming to minimize fuel consumption and to ensure energy conservation have led to the growth of the global economizers market over the recent past. Reportedly, use of economizers enhances the fuel economy by around 5-7%.
They also help in achieving a general reduction in cost and improved operational efficiency. Moreover, the rapid growth in the end use industries, such as construction, power generation, especially in the developing regions with rising urbanization and industrialization, is another major factor driving the growth of the market.
However, economizers are susceptible to corrosion which further results in economizer tube failure. Also, in some cases, condensation of flue gases can lead to the formation of acids, which eventually leads to cracking and corrosion problems in economizers. De-aerator cracking, fuel line erosion and overheating are some of the other major challenges that are encountered in economizers. Thus, economizers necessitate regular maintenance.
Significant research and development efforts are being made to create energy efficient and advanced economizers. Newly developed modulating powered economizers have a variable speed fan which is used for high flue gas temperatures and for condensation applications.
These economizers efficiently serve multiple boilers, omitting the need for installation of an economizer for every single system. Additionally, in the current scenario, sensors and actuators are being used in economizers to improve process efficiency and to detect and remove failures at the earliest. Moreover, manufacturers, these days, are designing customized economizers made from specific materials to cater to specific requirements and respective working conditions.
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The Asia Pacific region is projected to dominate the global economizers market owing to the growing demand from the new power generation plants, construction sector and due to the rapid industrialization in countries, such as India. North America and Europe, together, represent a significant share in the global economizers market owing to stringent regulations regarding energy conservation, increasing emphasis on use of renewable sources of energy and efforts towards reduction of harmful carbon emissions.
Latin America is projected to witness significant growth during the latter half of the forecast period. This can be attributed to increasing investments in the region aiming towards the growth of various end use industries. Middle East and Africa is projected to grow at a steady rate over the forecast period.
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Some of the market participants identified across the value chain in global economizers market are:
Johnson Controls, Honeywell International Inc., Thermax Limited, SAACKE GmbH, Alfa Laval AB, Cleaver-Brooks, SECESPOL Sp. z o.o., Sofame Technologies Inc, Kelvion Holding GmbH, Clyde Bergemann Australia, and Green's Power, among others.
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