It is primarily accredited to several benefits offered, such as the low operating & maintenance cost as well low initial capital investment. Furthermore, the escalating need for purified air in applications such as food packaging is projected to expedite the demand for air compression gears, thereby complementing the Refrigerated Air Dryer Market growth. The growing need for refrigerated air drying equipment in pharmaceutical industries for oxidation processes, packaging, cleaning & conveying pills, as well as tablets & capsules is also expected to fuel market demand over the next seven years.
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Furthermore, several regulations imposed and standards set by the government & concerned authorities, such as The NFPA 99 (National Fire Protection Agency) Standard for Healthcare Facilities, is also expected to propel the adoption of refrigerated air dryers. In addition, Food and Drug Association (FDA) enforced regulations for eradicating polluted air containing indirect additives under 12CFR 11.40, which is anticipated to impact the Refrigerated Air Dryer Market growth favorably over the forecast period.
Further key findings from the report suggest:
Cycling dryers accounted for over 40% of the overall volume in 2014 and are expected to witness a substantial growth at a CAGR exceeding 8.0% from 2015 to 2022. This increase is ascribed to the deployment of advanced sensors technology in the newly developed products that automate the entire air drying process.
The chemical application segment captured a sizeable market share accounting for over 20% of the overall revenue in 2014. It is owing to the development of innovative chemical products such as biodegradable plastic, wherein these facilities call for compressed air drying equipment. The demand in the food & beverages industry exceeded USD 200.0 million in 2014 on account of the stringent regulations and standards imposed on food manufacturing & processing industries.
In 2014, the pharmaceutical segment accounted for over 10% of the overall shipments. It is attributed to an upsurge in demand for treated compressed air in clean rooms and pneumatic systems that convey drugs in powder form.
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The Asia Pacific market accounted for over 30% of the overall share in 2014 and is estimated to exhibit healthy growth over the forecast period due to the growing industrialization in this region, particularly in China and India
The evolving consumer lifestyle in North America is expected to drive a healthy demand for processed food, thereby driving the product demand. Furthermore, the establishment of new food processing industries in the U.S. may open avenues for product manufacturers.
The key industry participants include Atlas Copco Group, Donaldson Company, Eaton Compressors and Fabrication, Inc., Gardner Denver Inc., Ingersoll Rand Inc., and Parker Hannifin Corporation. Companies focus on providing products with value-added services, such as international warranties and customized solutions, to gain competitive advantage.
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