Air Compressor Filters and Compressed Air Dryers are the most ubiquitous electromechanical workhorse equipment used widely in homes, commercial establishments, and industries such as heavy machinery, general manufacturing, engineering, water pumping, process industries, mining, energy generation, oil and gas exploration and distribution, power plants, petrochemicals, automobile service centers, textiles and chemical industry, among others. In the current era of machine-based manufacturing and industrialization, they represent ubiquitous and indispensable equipment. The compressed air contains kinetic energy, which can be used for a variety of purposes such as operating pneumatic equipment like gantry cranes etc., cooling atmospheric air, for controlling robotic machines in assembly line plants, to vaporize paints, for blasting and cleaning operations, among others.
Amid the COVID-19 crisis, the global market for Air Compressor Filters and Compressed Air Dryers estimated at US$5 Billion in the year 2020, is projected to reach a revised size of US$6.7 Billion by 2026, growing at a CAGR of 5.3% over the period. Compressed Air Dryers, one of the segments analyzed in the report, is projected to record 5% CAGR and reach US$4.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Air Compressor Filters segment is readjusted to a revised 5.9% CAGR for the next 7-year period.
Glimpses of markets
The Air Compressor Filters and Compressed Air Dryers market in the U.S. is estimated at US$1.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$738.1 Million by the year 2026 trailing a CAGR of 7.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.
Food & Beverage: An end-use segment
The food industry is a major end-use market as compressors draw in huge amounts of atmospheric air for compression and therefore there is high risk of contaminants such as water vapour, atmospheric dirt, oil vapour, and microorganisms. Given the growing concerns over the quality of compressed air as the often overlooked cause of contamination in the food industry, there is growing demand for clean air solutions in food processing. Demand is therefore forecast to be strong for compressors with anti-bacterial filters that filter out microorganisms.
Especially poised to benefit are oil-free compressors as these compressors eliminate the risk of delivering oil into the air stream thus significantly reducing the risk of food and beverage contamination. Global market for Food & Beverage End-Use segment is estimated at US$555.3 Million in 2020, and is projected to reach US$816.3 Million by 2026 reflecting a compounded annual growth rate of 6.8% over the analysis period.
United States constitutes the largest regional market for Food & Beverage segment, accounting for 32.7% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 9.5% over the analysis period, to reach US$87 Million by the close of the analysis period.