PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1373323
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1373323
Scope of the Report | |
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Years Considered for the Study | 2019-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Units Considered | Value (USD Million) |
Segments | By Product Type, Air Filter, Industry and Region |
Regions covered | North America, Europe, APAC, RoW |
The compressed air filter and dryer market is expected to reach USD 7.4 billion by 2028 from USD 5.6 billion in 2023, at a CAGR of 5.8% from 2023-2028. The growth of this market is attributed to the Rising need to handle increasingly large and complex dataset and emerging industrial IoT and automation technologies.
"Refrigeration dryers segment to hold the largest market share throughout the forecast period"
Compressed air dryers are sub-segmented into into four types of dryers rfrigeration dryers, desiccant/adsorption dryers, deliquescent dryers, and membrane dryers. Refrigeration dryers are the most used dryers in the manufacturing industry, having relatively low initial and operating costs. These dryers are used for corrosion prevention by removing moisture from compressed air systems at low ambient temperatures. They are essential for ensuring the proper functioning and longevity of various pneumatic equipment and processes that rely on compressed air. These dryers are extensively used in industries where the temperature of compressed air needs to be regulated and high dryness of the air is required. Therefore, refrigeration dryers accounted for a larger market share.
"Automotive Industry is to hold largest market share in 2023."
The compressed air filter and dryer market is largely influenced by the automotive industry, primarily due to its requirement for uncontaminated and dry compressed air in crucial manufacturing processes such as painting and assembly. Stringent regulations and the industry's high-volume production requirements drive the demand for reliable air filtration systems. This emphasis on innovation and compliance secures the automotive industry's prominent position in the compressed air filter and dryer market. Moreover, Growing industrialization and urbanization across the world have increased the demand for vehicles. In regions such as Asia Pacific and Europe, the demand for automobiles is growing rapidly, which is expected to propel the demand for compressed air filters and dryers.
"China is to dominate the compressed air filter and dryer market of Asia Pacific in 2023"
Asia Pacific consists of some of the fastest-growing economies-such as China, Japan, and India. China is a key manufacturing hub in the Asia Pacific region. The country is a major force of a compressed air filter and dryer in Asia Pacific. The growth in infrastructure development projects in China's tier one and tier two cities encourages companies to invest in compressed air systems. Compressed air filters and dryers are used for PCB manufacturing, cleaning of electronic equipment, maintaining a clean and dry environment around sensitive instruments, and packaging of electronics. Hence, the demand for compressed air filters and dryers is expected to be high in China.
Major players in the compressed air filter and dryer market include Atlas Copco, Ingersoll Rand, PARKER HANNIFIN CORP, Pentair, and Donaldson Company, Inc. and others.
Research Coverage
The report segments the compressed air filter and dryer market by Product Type, Industry, and Region. The report also comprehensively reviews drivers, restraints, opportunities, and challenges influencing market growth. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
The report will help the market leaders/new entrants with information on the closest approximate revenues for the overall compressed air filter and dryer market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, opportunities, and challenges.
(Business Overview, Products/Solutions/Services Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))**