Economizer market is anticipated to grow at a CAGR of 11.4% during the forecast period (2024–2031). The market growth is driven by factors such as the high use of economizers owing to the rising construction sector, growing demand for renewable energy, and rising environmental concerns. Additionally, government regulations on environment conservation are boosting the market growth. The increasing demand for economizers in the end-user industries such as construction and power generation in the emerging economies with growing urbanization and industrialization are another major factor for the growth of the economizer market during the forecast period.
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The growth of the economizer market is propelled by heightened public awareness of fuel consumption and energy conservation. There is increasing demand for economizers in power plants to reduce energy usage and their versatile applications as heat exchangers further propel industry expansion. A significant increase in global energy consumption and electricity demand has resulted in increased power plant size, further boosting market growth.
Asia-Pacific is expected to grow substantially during the forecast period. The growth is majorly attributed to the growing adoption of economizers in power plants, air conditioning, heating, boilers, and ventilation. In addition, the increase in the number of power plant projects and waste heat recovery projects in the region is also expected to propel the growth of the Asia-Pacific economizer market shortly. The development of existing power plants and increasing government initiatives for harnessing renewable energy in economics such as India and China, is also propelling regional market growth.
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Recent Development
- In November 2023, Auramarine Ltd., the fuel supply system company for the marine, process, and power industries launched its new Auramarine Fuel Economizer (AFE) solutions. The AFE enables ship owners and operators to proactively analyze and identify where fuel consumption and emissions can be reduced, delivering savings of between 5.0% and 20.0%.
Market Coverage
- The market number available for 2023-2031
- Base year: 2023
- Forecast period: 2024-2031
- Segment Covered-
o By Type
o By Application
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape: Alfa Laval Corporate AB, Carrier Global Corp., Daikin Industries Ltd., Honeywell International Inc., and Johnson Controls International PLC among others.
Key questions addressed by the report
- What is the market’s growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Economizer Market Report Segment
By Type
- Fluid Economizer
- Air Side Economizer
By Application
- Power Plants
- HVAC
- Boilers
- Refrigeration
- Others (Data Centers)
By End-User
- Industrial
- Commercial
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