The compressed air dryer is creating a significant pressure drop -- either from clogging, icing, or being undersized for the airflow.
What you'll see
How to diagnose
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Measure pressure before and after the dryer
Check the pressure drop across the dryer during loaded operation. A properly sized dryer in good condition should have minimal drop (0.1-0.3 bar). More than 0.5 bar indicates a problem.
Result: High drop across dryer = restriction. -
Bypass test
If your installation has a bypass valve, open it and close the dryer valves. If system pressure normalizes, the dryer is confirmed as the restriction.
Result: Pressure normal on bypass = dryer is the problem.
How to fix it
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Service or replace the dryer
Check for iced evaporator (hot gas bypass valve failure), clogged internal filters, or an undersized dryer. Service as needed. If the dryer is simply too small for the airflow, replace it with a larger one -- one size up is a good practice.
Running on bypass permanently 'because the dryer causes pressure drop' means you now have water in the air. Fix or replace the dryer properly.
Dryer service parts. Possibly a larger replacement dryer.