Economizers are mechanical devices that are used to make machines energy efficient by lowering their energy consumption. Economizers, owing to their exceptional characteristic of energy conservation and fuel saving, are been widely used in industrial boilers. Schneider Electric SE (France), Johnson Controls International plc (US), Alfa Laval AB (Sweden), Babcock & Wilcox Enterprises, Inc., (US), Honeywell International Inc. (US), Thermax Limited (India), Cleaver-Brooks, Inc. (US), SAACKE GmbH (Germany), SECESPOL Sp. z o.o. (Poland), STULZ Air Technology Systems, Inc. (US), Kelvion Holding GmbH (Germany), BELIMO Holding AG (Switzerland), Cain Industries (US), Sofame Technologies Inc. (Canada), Cannon Boiler Works (US), Shandong Hengtao Group (China), and MicroMetl Corporation (US) are key players operating in the economizer market.
Economizer Market was valued at USD 7.70 Billion in 2016 and projected to reach USD 11.54 Billion by 2022, at a CAGR of 6.7% from 2017 to 2022. Among end-use industries, the industrial segment is projected to lead the economizer market from 2017 to 2022. The power plants application segment is expected to lead the economizer market. The Asia Pacific economizer market is projected to grow at the highest CAGR during the forecast period. The demand for economizers is expected to increase during the forecast period due to their increased used in various applications such as power plants, boilers, heating, ventilation, and air conditioning (HVAC), etc.
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Economizers in power plants are used as heat exchanger devices, which conserve the residual heat generated by boilers. The growing demand for electricity has led to the installation of new fossil fuel-based thermal power plants in various regions worldwide, which, in turn, is anticipated to drive the demand for economizers, globally. China, Japan, India, South Korea, Indonesia, and Australia are key countries considered for market analysis in this region. Increasing investments in the development of new power plants and upgrade of existing power plants as well as rising government initiatives for harnessing renewable and clean energy in various countries, such as China and India, are major factors driving the growth of the Asia Pacific economizer market.
Acquisitions, contracts, expansions, and collaborations are major growth strategies adopted by leading companies in the economizer market. These companies are also investing in R&D activities to strengthen their product portfolio and enhance their presence in the economizer market.
Schneider Electric SE is a global specialist in energy management and automation solutions. The company was founded in 1836 and is headquartered in Rueil-Malmaison (France). It operates through 4 business segments, namely, building, industry, infrastructure, and information technology. Schneider Electric SE offers energy saving products under its critical power, cooling, and racks segment. The company focuses on sustainable development and has a broad product portfolio, along with a wide industry coverage.
The company focuses on the adoption of both, organic and inorganic growth strategies to expand its geographic reach in the economizer market. For instance, in October 2016, Schneider Electric SE and Panasonic Corporation (Japan) jointly developed HVAC equipment and building management solutions to reduce energy consumption in various applications.
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