Market Trends of Economizer Industry
This section covers the major market trends shaping the Economizer Market according to our research experts:
Growing Demand of Economizer from Power Plants
- Economizers are mechanical devices intended to reduce energy consumption, or to perform useful function such as preheating a fluid.
- Additionally, Economizer is used as heat exchanger in boiler, power plant, heating, refrigeration, ventilating, and air conditioning (HVAC).
- An economizer in thermal plants works as a waste heat store, which further used in preheating the feed water of boilers.
- The considerable increase of the demand of electricity throughout the world has resulted in increased size of power plant. The process of electrical power generation, in a coal fired thermal power plant is one of the most widespread and conventional methods.
- Hence, owing to the above-mentioned factors, the application of economizer from thermal power plant is likely to dominate during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for economizer during the forecast period. The rising demand of economizer from thermal power plant and growing application in commercial sector in developing countries like China, Japan and India is expected to drive the demand for economizer in this region.
- The largest producers of economizer are located in Asia-Pacific region. Some of the leading companies in the production of economizer are Honeywell International Inc., Schneider Electric, ALFA LAVAL, Johnson Controls International PLC, and BELIMO AIRCONTROLS (USA), INC among others.
- For instance, According to the Japan Refrigeration and Air Conditioning Industry Association, in 2018, the global demand for air conditioners stood at 110.97 million units.
- According to the report by the International Energy Agency (IEA), Global energy demand from air conditioners is anticipated to triple by 2050
- According to ministry of India, the electricity generation target of conventional sources for the year 2018-19 was fixed at 1265 BU comprising of 1091.500 BU from thermal power plants.
- Owing to the above-mentioned factors, the market for economizer in the Asia-Pacific region is projected to grow significantly during the study period.
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