CHICAGO, Oct. 27, 2023 /PRNewswire/ — 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% during 2023–2028 according to a new report by MarketsandMarkets™. The significant growth factor associated with the Compressed Air Filter and Dryer Market growth is the Increasing use of compressed air systems in various industrial processes to enhance productivity and Rising demand for compressed air solutions in food & beverage industry. The compressed air filter and dryer market witnessing significant growth because adoption of industry 4.0 in market, launch of energy-efficient compressed filters, adoption of smart control and IoT technologies.
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Browse in-depth TOC on “Compressed Air Filter and Dryer Market”
180 – Tables
65 – Figures
250 – Pages
Compressed Air Filter and Dryer Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 5.6 billion |
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Estimated Value by 2028 |
$ 7.4 billion |
|
Growth Rate |
Poised to grow at a CAGR of 5.8% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
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Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Product Type, Air Filter, Industry and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
Lack of knowledge for proper utilization and maintenance of compressed air filters and dryers |
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Key Market Opportunities |
Increasing adoption of advance technologies and growing industrialization in developing nations |
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Key Market Drivers |
Surging demand for compressed air solutions in oil & gas exploration and production |
Compressed air filter segment to grow with higher CAGR during the forecast period.
The compressed air filter and dryer market has been segmented into product type compressed air dryers and compressed air filters. The compressed air filter further sub-segmented into particulate filters, coalescing filters, compressed intake filters, and activated carbon filters. Depending on the level of air purity required, different levels of filtration and types of filters are used. Compressed air filters are generally required for the removal of contaminants, such as particulates, condensates, and lubricants. Owing to the requirement for contaminant-free air in industries such as food & beverages, pharmaceuticals, and electronics, the demand for compressed air filters is expected to increase in the coming years.
Automotive industry to hold largest market share during the forecast period.
The automotive industry holds the largest market share during the forecast period. It is one of the largest revenue-generating industries globally. Compressed air dryers and filters play a crucial role in the automotive sector, ensuring the integrity and effectiveness of various manufacturing processes. 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.
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North America accounted for the largest market share of compressed air filter and dryer market in 2023.
North America consists of – the US, Canada and Mexico. The US is serving as the major contributor to the compressed air filter and dryer industry in this area. Anticipated as the most significant consumer of compressed air systems, North America’s mature and highly developed industries utilizing compressed air filters and dryers are the primary driving force. The projected growth in the North American compressed air filter and dryer market is further fueled by the prevalence of numerous manufacturing facilities within the automotive and food & beverage sectors in this region.
The report profiles key players in compressed air filter and dryer companies such Atlas Copco (Sweden), Ingersoll Rand (US), PARKER HANNIFIN CORP (US), Pentair (UK), and Donaldson Company, Inc. (US) and others.
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