The Refrigerated Air Dryer Market is estimated to reach USD 1.59 billion by 2022. It is attributed to increasing number of manufacturing units in developing countries including, China, India, Taiwan, and Brazil. Further, the integration of new technologies such as advanced sensor-based dryers is expected to provide a high degree of automation to manufacturing and quality checking processes. Sensor technology in these systems eliminates hard wiring and helps attain a high level of precision with an intuitive set of control instructions. The technology has replaced conventional system switches and relays to automate the entire drying process.
Asia Pacific Refrigerated Air Dryer Market by application, 2012 - 2022 (USD Million)
Increasing usage of pneumatic conveying systems in the food processing industry is also expected to catalyze industry growth. Pneumatic conveying system demand in the food industry is projected to witness considerable growth with a CAGR exceeding 5% from 2015 to 2022. Further, a rise in the number of hospitals that require advanced medical tools is also expected to provide avenues to the Refrigerated Air Dryer Market growth. These dryers are available in different sizes, and their dew points range from 35F to 50F. The dryers are necessary in the manufacturing process and use a huge chunk of energy for efficient working. Therefore, rising energy prices is a concern and a significant cost to manufacturing facilities.
The product is anticipated to witness substantial demand owing to healthy demand in applications, including food & beverages, pharmaceutical, healthcare, paper, and chemical manufacturing. However, the food & beverage segment industry is expected to dominate in terms of demand due to its increasing usage in food processing and packaging plants.
Further, applications such as processing, filling, and closing gable-top cartons in the beverage industry are also estimated to drive growth. The chemical industry is anticipated to witness a considerable demand for dryers over the forecast period. It is attributed to the ability of these systems to offer a clean medium for pneumatic conveying that transfer chemicals in powdered, granular, and pellet forms.
Cycling systems use minimum possible energy and maintain a particular dew point during their operation. These products are available in the market in two energy-saving modes, the load/unload mode and the thermal bank mode. These products integrate temperature and humidity sensors that automate the refrigeration process. This maintains a particular dew point and reduces the energy used in the entire process, thereby driving down the energy cost and improving efficiency. The segment revenue exceeded USD 450 million in 2014 and accounted for over 40% of the overall share in the same year.
Cycling drying equipment is available at a comparatively higher price than non-cycling counterparts. However, several factors such as low-energy and minimum maintenance costs associated with the former expected to lower the total cost of ownership, which in turn is anticipated to spur the product demand over the forecast period.
North America accounted for over 30.0% of the market share in 2014 closely followed by Asia Pacific. The rise in the number of food & beverage industries in the U.S. is anticipated to fuel growth over the forecast period. The food & beverage industry utilizes these products to improve food quality by avoiding any contamination due to moisture content.
Europe is anticipated to experience growth at a CAGR exceeding 5.0% from 2015 to 2022. An upsurge in demand across the medical sector is expected to provide avenues for growth. The region is governed by several regulations on compressed air quality used in manufacturing processes, which is also projected to fuel regional demand over the forecast period.
The manufacturers emphasize on understanding new technological innovations in sensor technology and their possible benefits in the air drying equipment to develop better and efficient solutions for different applications. Additionally, mergers and acquisitions also form an essential business strategy in the industry. Companies focus on building components to exact specifications, design codes, and requirements. For instance, Ingersoll Rand acquired Trane to develop the climate control sensors for its refrigerated air dryers used in air compressors.
The key companies dominating the market include Anest Iwata Corporation, Atlas Copco, Eaton Compressor, Gardner Denver Inc., Ingersoll Rand, Parker Hannifin Corporation, and Donaldson.
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