Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Compressed Air Treatment Equipment Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global compressed air treatment equipment market size has grown strongly in recent years. It will grow from $8.84 billion in 2023 to $9.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. Asia-Pacific was the largest region in the compressed air treatment equipment market in 2023.
The historic growth in compressed air treatment equipment can be attributed to factors such as the expansion of industrial sectors, stringent quality and compliance standards, emphasis on energy efficiency, increased maintenance demands, and growing environmental awareness. These aspects have collectively driven the demand for better air quality and purity in various industrial applications.
The compressed air treatment equipment market size is expected to see strong growth in the next few years. It will grow to $12.44 billion in 2028 at a compound annual growth rate (CAGR) of 7%. The projected growth in compressed air treatment equipment can be attributed to the expansion of industrialization and manufacturing activities, the implementation of stringent emission standards, the increasing demand in the healthcare sector, and a growing emphasis on energy efficiency. Anticipated trends in the forecast period include a higher adoption rate of energy-efficient solutions, an increased focus on smart and interconnected devices, innovations driven by stricter regulatory standards, customization for various applications, and the integration of hybrid filtration technologies.
The projected expansion of the healthcare and pharmaceutical sectors is anticipated to be a significant driver for the compressed air treatment equipment market. Notably, in September 2022, a report from Zippia Inc. highlighted the robust growth of the US pharmaceutical sector, projecting a substantial yearly revenue of $550 billion in 2021, with an anticipated expenditure of $635 billion on drugs by 2025. The increasing GDP proportion dedicated to healthcare, reaching 18.3% in 2021, is indicative of a growing demand for compressed air treatment equipment in these sectors.
The compressed air treatment equipment market is poised for growth due to the expanding manufacturing industry. A report by the United Nations Industrial Development Organization in March 2022 highlighted a notable 9.4% increase in global manufacturing production in 2021. Additionally, the National Institute of Standards and Technology reported in November 2023 that the US manufacturing industry contributed a substantial $2.3 trillion, constituting 12% of the total US GDP. The robust growth of the manufacturing industry is a key driver for the compressed air treatment equipment market.
Innovation emerges as a prominent trend in the compressed air treatment equipment market, with major companies focusing on developing cutting-edge solutions to fortify their market positions. An illustration of this trend is seen in the initiatives of Parker Hannifin Corporation. In May 2021, the company introduced the 'PPD series sortable desiccant compressed air dryers.' This product represents a comprehensive range of compressed air treatment systems, equipped with multiple filtration stages and a twin-tower adsorption dryer. Notable features include two coalescing pre-filters, ensuring the delivery of clean, dry air and setting international standards for compressed air quality. The emphasis on product innovation is pivotal for companies seeking to enhance their competitiveness in the compressed air treatment equipment market.
Prominent players in the compressed air treatment equipment market are actively engaged in the development of innovative products, with a focus on compressed air filters, to secure a competitive advantage. Compressed air filters play a crucial role in compressed air systems by effectively eliminating contaminants such as dust, water, oil, and rust from the compressed air stream. Noteworthy in this context is the initiative by Atlas Copco, a Sweden-based industrial productivity solutions manufacturer, in August 2021. Atlas Copco introduced a Compressed Air Filter featuring the innovative inPASS technology. This revolutionary bypass technology enables the replacement of filter elements without interrupting the airflow to downstream equipment, thereby minimizing downtime and enhancing overall efficiency. The newly launched filters incorporate advanced filtration media, including pleated elements, wrapped elements, and macro-structured activated carbon, ensuring the effective removal of a diverse range of contaminants from the compressed air stream. Additionally, these filters are equipped with easily navigable service indications displaying differential pressure, running hours, and maintenance status.
In January 2023, Ingersoll Rand, a prominent US-based equipment company specializing in flow creation and industrial products, executed a strategic move to fortify its market position and broaden capabilities. The company successfully completed the acquisition of SPX FLOW Inc. in a substantial deal valued at $525 million. This strategic acquisition is anticipated to strengthen Ingersoll Rand's presence in critical product categories, augment its exposure to high-potential growth markets, and propel advancements in its core compressor products, reaffirming its commitment to market leadership. SPX FLOW Inc., the acquired entity, is a reputable US-based manufacturer renowned for its high-quality compressed air treatment products. The acquisition aligns seamlessly with Ingersoll Rand's strategic objectives, emphasizing market dominance and expansion of its product portfolio.
Report Scope
Markets Covered:
- By Product: Filters; Dryers; Aftercoolers.
- By Application: Plant Air; Instrument Air; Process Air; Breathing Air.
- By End User: Chemical; Food and Beverage; Healthcare; Pharmaceuticals; Automotive; Other End users.
Key Companies Mentioned: Atlas Copco AB; Airfilter Engineering Corporation; BEKO Technologies Corporation; BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG; Chicago Pneumatic Tool Company.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
A selection of companies mentioned in this report includes:
- Atlas Copco AB
- Airfilter Engineering Corporation
- BEKO Technologies Corporation
- BOGE KOMPRESSOREN Otto Boge GmbH & Co. KG
- Chicago Pneumatic Tool Company
- Ingersoll-Rand Company Limited
- MANN+HUMMEL International GmbH & Co. KG
- Kaeser Compressors Inc.
- Alpha-Pure Corporation
- Donaldson Company Inc.
- Parker Hannifin Corporation
- Gardner Denver Holdings Inc.
- Pentair Engineered Filtration
- Seneca Companies Inc.
- Precision Filtration Products
- ZEKS Compressed Air Solutions Inc.
- CompAir Holdings Ltd.
- Emerson Climate Technologies Inc.
- Great Lakes Air Products Inc.
- Walker Filtration
- Wilkerson Corporation
- Ing. Enea Mattei SpA
- Werther International
- Brehob Corporation
- Central Air Compressor
- Aircel Corporation
- Sanmina Corporation
- SPX Flow Inc.
- Metro Air Compressor
- Pneumatech Air/Gas Purity Equipment Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/yd9b67
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