Refrigerated Air Dryer Market is likely to witness an impressive CAGR of 6.3% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Refrigerated Air Dryer Market
Refrigerated Air Dryer Market is likely to witness an impressive CAGR of 6.3% during the forecast period. The considerable factors responsible for the significant growth in the market are growing number of manufacturing units in developing countries including India, China, Brazil, and Taiwan, growing usage of pneumatic conveying systems in the food processing industry, and also increasing number of hospitals with the need for advanced medical tools during the forecast period.
North America is estimated to be the dominant region of the market owing to the growing number of food & beverage industries in the U.S. These products are utilized to enhance the quality of food by preventing any kind of contamination caused by moisture content. Further, Europe is expected to witness a significant growth rate during the forecast period, attributed to an increased demand across the medical sector, and various regulations on compressed air quality used in manufacturing processes, resulting in fueling the growth of the regional market. Asia-Pacific is also expected to offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Refrigerated Air Dryer Market Share: By Product Type
Based on the product type, the market is segmented as cycling, non-cycling, and others. The cycling segment is estimated to account for the largest share of the market. The growth of the segment is attributed to its low energy consumption and maintaining dew point features during the entire process, which causes low maintenance cost. These products can be found in two energy-saving modes, the load/unload mode and the thermal bank mode. Basically, the integration of temperature and humidity sensors are used by these products which automate the refrigeration process.
Refrigerated Air Dryer Market Share: By Application Type
Based on the application type, the market is segmented as chemical, paper, food & beverages, pharmaceutical, healthcare, and others. Food & beverage is estimated to be the dominant application type in the market owing to its growing usage in food processing and packaging plants. There are various applications such as filling, processing, and closing gable-top cartons in the food & beverage industry fueling the market growth. Further, chemical industry is estimated to witness considerable growth rate in the market during the forecast period, the growth being attributed to its ability to offer a clean medium for pneumatic conveying which transfers chemicals in granular, powdered, and pellet forms.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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