The global economizer market was valued at $7.70 billion in 2016 and is projected to reach $11.54 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.7 percent from 2017 to 2022, according to the report, "Economizer Market by Type (Fluid Economizers and Air-side Economizers), Application (Power Plants, Boilers, HVAC, Refrigeration, and Data Centers), End-use Industry (Industrial and Commercial), Region - Global Forecast to 2022", published by MarketsandMarkets™.

Ductless growth is being fueled by the high demand from the residential sector and the increasing demand for ductless heating and cooling systems in the Asia-Pacific, South America, and Middle East & Africa regions.

Factors driving the VRF systems market include increasing demand for improved energy-efficient equipment and lower environmental impact due to use of low-GWP (global warming potential) refrigerants, growing construction activities, and increased legislation and energy management initiatives.

The market is being driven by rising HVACR deployments, increasing power-generation capacity, and technological advances in cooling towers. Asia-Pacific is expected to witness strong growth in the next five years. The demand across the region is reinforced by the emerging markets, namely China and India.