The global aftercoolers market is expected to witness significant growth owing to its utility across several application domains. Stationary air compression devices are expected to occupy a considerable share in the market due to their high-volume air out throw capacity as compared to their portable counterparts. Compressed air aftercoolers are expected to constitute a significant chunk of the market over the forecast period as they are essential to work in synchronization with stationary air compressors.
Increasing demand for compressed air treatment systems is expected to be one of the major driving factors for the aftercoolers market. Industrial automation and the development of more energy-efficient mechanization are foreseen to alter the dynamics of the market. Low maintenance costs, high energy efficiency, portability, eco-friendly operations, and ability to deliver variations in supplied pressure are some of the factors that play a pivotal role in the aftercoolers market growth. Rising necessity of pure air in applications such as food packaging is expected to drive air compression equipment’s market growth, thereby surging aftercoolers demand.
However, limited performance capability is expected to hinder the market. Even though environmental friendliness and high-efficiency drive the market, the growth is expected to be hampered due to bulky size, contamination, the rising cost of raw material, noise pollution, and high energy consumption. As the aftercoolers market is at the maturity stage, only those manufacturers who segregate their equipment either on price or by superior product filtration proficiencies are expected to be benefited. Manufacturers have started to introduce new technologies and solutions for by-product filtration to wade off competition.
The aftercoolers market has witnessed significant alterations in recent years, due to surge in their application areas in both the air and gas fields of operations. Air-cooled and water-cooled are the two derived aftercoolers offerings available in the marketplace based on the effluent cooling functions they perform. Aftercoolers can also be further segmented on the basis of numerous functional applications, such as turbine coolers, filter pre-coolers, portable aftercoolers, and turbine pro-filters. Aftercoolers are expected to witness significant demand over the forecast period due to their surging demand across the food & beverages and pharmaceutical industries which require clean, dry, sterile, and oil-free compressed air.
The North American aftercoolers market is expected to witness substantial growth over the forecast period due to changed government regulations in industrial by-products and waste management. The aftercoolers market in Asia Pacific and Middle East is foreseen to continue on a trajectory of high growth over the forecast period, on account of growing industrialization and liberalization of administration policies related to manufacturing industries. Latin America is expected to show a stable growth rate over the forecast period.
The key market players include Ingersoll Rand, Fs Elliott, Federal Mogul, Gardner Denver, Versatile International Corporation, Caterpillar, and Cummins.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.