With the emergence and long-term Impact of COVID-19, Global Aftercoolers Market to reach USD 22.59 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Aftercoolers Market is poised to raise up to USD 22.59 Billion by 2030. Aftercoolers are devices used in compressed air systems to cool down compressed air. This cooling process helps to remove moisture and reduce the temperature of the compressed air, making it more suitable for various applications such as HVAC Systems, industrial and pharmaceutical applications. Aftercoolers typically use ambient air or water to cool the compressed air, allowing it to condense and separate out any moisture or contaminants present in the air.
The Aftercoolers market is expanding because of factors such as growing industrialization and manufacturing activities, expansion of the construction sector and rising demand for energy efficiency. In addition, increasing government regulations on limiting carbon emissions and ongoing technological advancements in aftercooler designs and materials are some factors driving the market growth. However, availability pf alternative technologies stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Aftercoolers market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 with largest market share. The region’s leading position in the aftercoolers market is credited to legislation advocating for energy efficiency and the burgeoning industrial sector. This has fueled a robust Compound Annual Growth Rate (CAGR) in revenue. Anticipated growth in demand for smart aftercoolers in North America is driven by the integration of intelligent technologies within industrial operations. Manufacturers are actively meeting this demand by innovating energy-efficient aftercoolers, integrating features such as high-efficiency brushless motors, Internet of Things (IoT) connectivity, and Machine Learning (ML) capabilities.
Europe is expected to grow at a fastest rate during the forecast period, owing to factors such as rising adoption of smart manufacturing technologies, rising industrialization, in the region.
The global Aftercoolers market is highly competitive owing to the presence of several key market players such as Atlas Copco AB, Gardner Denver, Inc., Alfa Laval AB, Sullair LLC, General Electric Company, Ingersoll Rand, Inc., Parker Hannifin Corporation, Kaeser Compressors, Inc., and others.
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Key findings of the study suggest:
- Global Aftercoolers Market is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2023-2030.
- In the Product segment, Air-cooled emerged out as the leading market segment in 2022.
- In the Application segment, Oil & Gas emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth, the region’s leading position in the aftercoolers market is credited to legislation advocating for energy efficiency and the burgeoning industrial sector.
- Europe is expected to grow at higher rate followed by North America during 2022-2030.
Bizwit Research & Consulting has considered following segments for the study:
Product:
- Air-cooled
- Water-cooled
Application:
- Oil & Gas
- Chemicals
- Power Generation
- Food & Beverage
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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