The need for renewable energy is growing, economizer usage is increasing due to the expanding construction sector, and environmental concerns are spreading. As a result of increasing environmental concerns, the number of government regulations aimed at lowering fuel consumption and ensuring energy conservation has increased. These are a few of the major driving forces behind the prosperous opportunities for the economizer market's expansion. The rising demand for economizers in end-user industries such as construction and power generation in emerging economies with growing urbanization and industrialization is a significant factor fueling the growth of the economizer market during the forecast period.
According to Data Bridge Market Research, the Economizer Market is expected to undergo a CAGR of 6.60% during the forecast period of 2022-2029. This indicates that the market value, which was USD 10.60 billion in 2021, is expected to rise to USD 17.68 billion by 2029.
“Energy efficiency requirements surge market demand"
The increasing focus on energy efficiency in industries and commercial buildings drives the adoption of economizers. With growing awareness and regulations regarding energy conservation, economizers play a crucial role in reducing energy consumption. Utilizing waste heat or outdoor air for cooling, economizers improve overall energy efficiency and help organizations reduce their operational costs. This drives the demand for economizers as businesses strive to meet energy efficiency requirements and optimize their energy usage for a sustainable and cost-effective operation.
What restraints the growth of the economizer market?
“Complexity of integration can impede the market growth”
Integrating economizers into existing HVAC systems can be a complex process involving careful design, installation, and calibration. The compatibility between the economizer and the existing system needs to be assessed, and modifications may be required. This complexity poses challenges for implementation, as it may require additional expertise or technical support. The need for specialized knowledge and potential delays in the integration process can increase economizers' costs and implementation time.
Segmentation: Global Economizer Market
The economizer market is segmented on the basis of product type, application, boiling efficiency, sales channel, and end user.
- On the basis of product type, the economizer market is segmented into fluid or water side economizer, air side economizer.
- On the basis of application, boilers, industrial and commercial refrigeration systems, power generation systems, data center processing, HVAC systems, others.
- On the basis of boiling efficiency, the economizer market is segmented into condensing, non-condensing.
- On the basis of sales channel, the economizer market is segmented into OEM, aftermarket.
- On the basis of end user, the economizer market is segmented into industrial, commercial.
Regional Insights: Asia-Pacific dominates the global economizer market
Asia-Pacific's dominance in the economizer market can be attributed to several factors. The region's growing construction industry, driven by infrastructure development and urbanization, creates a significant demand for HVAC systems, including economizers. Additionally, the rapid industrialization in Asia-Pacific leads to increased energy consumption in industrial sectors, creating a need for energy-efficient solutions such as economizers. These factors, combined with favorable government initiatives and increasing awareness of energy conservation, contribute to the dominance of the Asia-Pacific region in the economizer market.
To know more about the study, visit, https://www.databridgemarketresearch.com/jp/reports/global-economizer-market
The Prominent Key Players Operating in the Global Economizer Market Include:
- Honeywell International Inc (U.S.)
- Schneider Electric (France)
- Johnson Controls (Ireland)
- Alfa Laval (Sweden)
- Thermax Limited (India)
- Babcock & Wilcox Enterprises Inc (U.S.)
- Belimo Holding AG (Switzerland)
- Stulz Air Technology Systems, Inc (U.S.)
- SECESPOL Sp. z o.o. (Poland)
- Cain Industries (U.S.)
- Saacke GMBH (Germany)
- Cleaver-Brooks (U.S.)
- Kelvion Holding GmbH (Germany)
- Sofame Technologies (Canada)
- Cannon Boiler Works (U.S.)
- Shandong Hengtao Energy Saving & Environment Protection Co., Ltd. (China)
- MicroMetl Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global economizer market companies contact, https://www.databridgemarketresearch.com/jp/contact
Research Methodology: Global Economizer Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
