According to a new report published by Allied Market Research, titled, “Compressed Air Treatment Equipment Market,” The compressed air treatment equipment market size was valued at $8.95 billion in 2021, and is estimated to reach $15.30 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
In 2020, Asia-Pacific dominated the global compressed air treatment equipment market, in terms of revenue, accounting for around 38.9% share of the global market.
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An air compressor is a mechanical device that is used to compress air from low pressure to high pressure. Compressed air can also be used to create nitrogen, clean up a specific area, aerate, and dry pharmaceutical ingredients. Compressed air treatment equipment reduces rust and corrosion of surgical instruments brought on by contaminated air and helps hospital equipment operation more effective. Several operations, including manufacturing, pharmaceutical, medical, assembly, and others, use compressed air treatment equipment.
The dryers segment has registered the highest compressed air treatment equipment market share in 2021. Dryers are essential pieces of equipment for treating compressed air and improving its quality as they are widely used to eliminate or significantly reduce the amount of moisture in compressed air. Growth in demand for compressed air treatment equipment from end-use industries such as chemical, automotive, paper, food & beverage, and medical drive the segment’s market growth.
The food and beverage segment was the highest revenue contributor to the market in 2021. Demand for food is expected to increase, owing to rise in population around the globe. Moreover, compressed air is important for food packaging and processing. Compressed air treatment equipment are used for blow-off application, cutting, sorting, shaping, and cleaning. All such factors are projected to boost the growth of the food industry at a significant rate.
The compressed air treatment equipment market trends has recently seen numerous new technological developments. For instance, ELGi Equipment advanced in oil-free compressed air technology in April 2019 with the introduction of the AB “Always Better” air compressor series. Such innovations in compressed air treatment equipment technology have the potential to have a significant positive effect on the market’s expansion in the ensuing years. This is anticipated to drive compressed air treatment equipment market growth.
The demand for the product during the anticipated time frame might be constrained by expensive compressed air treatment equipment. Timely inspections and regular maintenance that ensure maximum effectiveness limit the demand for compressed air treatment equipment. Regular maintenance is required to produce compressed air of high quality. These factors restrain the market growth.
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In addition, the outbreak of COVID-19 has led to a halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the compressed air treatment equipment industry. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global compressed air treatment equipment market opportunities and dynamics.
- Depending on product, the dryer segment has dominated the market, in terms of revenue in 2021 and the aftercooler segment is projected to grow at a significant CAGR during the compressed air treatment equipment market forecast period.
- By application, the process air segment has registered highest revenue in 2021.
- By end user industry, the food and beverage segment has registered highest revenue in 2021.
- Asia-Pacific is projected to register highest growth rate in the coming years.
- The key players within the global compressed air treatment equipment market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the service robotics industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth global compressed air treatment equipment market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.
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