The Compressed Air Treatment Equipment Market size is projected to expand at a CAGR over 6.3 % over the forecast period (from 2016 to 2024). The industry can reach more than USD 11 billion by 2024. Compressed air is commonly utilized extensively across a number of industries. It is used in garages & workshops where untreated air is acceptable. A few specialist industries also make use of compressed air. This is because the demanding surroundings of industries such as, food and pharmaceuticals call for extremely dry, sterile, and oil-free compressed air.
Expert guidance while choosing the right air treatment is of utmost importance. This helps prevent the adoption of erroneously dimensioned air treatment system that may add to unwanted costs in the long run. The compressed air treatment thus selected should ideally strike the best possible cost-benefit ratio. An undersized or oversized compressed air treatment unit may hamper the operating integrity of the system besides leading to unnecessary costs.
The industry is likely to experience substantial growth because of rising demand from a variety of application segments. Technological advancements and the introduction of new innovative dual pressure dryers for greater efficiency are the key factors that fuel the global Compressed Air Treatment Market. High product penetration across various industries, such as pharmaceutical, healthcare, and food & beverages, is anticipated to impact the industry positively. In addition to this, compressed air treatment ensures smooth working of the system. This is because it lowers the possibility of rust & corrosion caused by contaminated air. Compressed air treatment also helps decrease compressor noise. This is further anticipated to drive global demand in the forecast period. The need to protect air compressors from rust or corrosions in order to gain greater operational efficiency can augment market growth.
A high cost product, compressed air is an energy source that supports a number of manufacturing processes. And enhancing the efficiency of an existing system leads to higher savings. This is what makes the adoption of compressed air treatment so beneficial. The quality of air in the manufacturing process plays a vital role in determining production efficiency. This in turn increases the importance of controlling costs related to compressed air energy and others.
Furthermore, the delivery of compressed air to the target production units requires special equipment. These equipment consume significant amounts of electricity and also need regular maintenance. Different end-use segments need air quality of varying degrees. The level of dryness and contaminants are the two key aspects that differentiate high quality air from low air quality. The production of high quality air is involves greater costs. This makes air treatment a costly proposition and may hinder demand in the forthcoming years.
The global Compressed Air Treatment market is categorized into products, applications, and regions. Based on products, the market comprises aftercoolers, filters, dryers, and others. Various types of filters are coalescing filter/oil removal, particulate filter/pre-filter, filtered centrifugal separator, high temperature after filters, adsorber filter/oil vapor removal, and moisture separators. Dryers mainly include refrigerated dryers, deliquescent dryers, desiccant air dryers, and membrane dryers. Condensate management systems and condensate drains are the other equipment. Dryers can dominate the global market in the coming years. Filters help separate oil, moisture (water vapor, droplets), and solid particles from compressed air. However, a dryer is needed to get rid of moisture. Hence, a dryer is an essential part of any air compressor. Adsorber filters may witness robust growth from 2016 to 2024. This owes to their ability to remove any gases or chemicals present in compressed air.
As per applications, the industry is divided into instrument air, plant air, breathing air, and process air. The process air application segment may continue leading the overall industry in the forecast period. This is primarily because of rising demand for compressed air treatment systems across a host of industries, like pharmaceuticals and food & beverages. These industries need a steady supply of clean & oil-free compressed air.
In modern manufacturing facilities, compressed air plays an essential role in different production processes. Dry & clean air supply is a necessity in ensuring efficient yet cost-effective production. This is anticipated to augment the growth of the global Compressed Air Treatment Equipment Market. In the field of medicine, clinical compressed air is used in assisted respiration. It is also used in the working of surgical devices. Due to this, the breathing air application segment could witness considerable growth over the next eight years. It may expand at a CAGR exceeding 6.5% during the forecast period. The instrument air segment contributed to more than 20% of the total market share in 2014.
Geographically, the global compressed air treatment industry is divided into North America, Europe, Asia-Pacific, and RoW. North America held the highest share in the global market in 2013. It was followed by Asia Pacific in the second position. North America contributes significantly to the worldwide market. A key factor that supports this region is the presence of various production facilities in the region. The U.S. Compressed Air Treatment Equipment Market is projected to grow at a healthy CAGR in the forecast period. This industry is characterized by a large number of manufacturing units. Owing to regional industrialization & need for optimal energy efficiency, APAC can be the second biggest market by 2024.
Compressed air is often considered the fourth utility and its equipment servers the potential means to lowering costs and enhancing energy efficiency. The establishment of global & local sales is the prime strategy employed by industry competitors to gain market traction.
Key companies operating in the global Compressed Air Treatment Equipment Market are Gardner Denver Inc.; Donaldson Company Inc.; Ingersoll-Rand Inc.; Atlas Copco Corp.; Parker Hannifin Manufacturing Ltd.; Van Air Inc.; and Kaeser Compressors Inc. Atlas Copco Corp. contributed to almost 20% of the total industry share in 2014. Most companies aim at capturing the global network of sales; which is a major growth strategy. The success factor for a company is essentially determined by the choice of the operating model on the one hand & the end-use market on the other.
Research Support Specialist, USA