In modern industrial plants, compressed air is the most commonly used energy source; however, it is a source of condensation, which is not desirable for pneumatic equipment. This article describes a model of compressed air drying based on the principle of a refrigeration dryer. However, instead of gas refrigerants, the method proposed is to use cooled compressed air as a cooling medium with a temperature below 273 K. The main objective is to study the possibility of replacing harmful refrigerant gases with a neutral type of coolant. To carry out this research, a test bench containing a plate heat exchanger and a throttling device was designed and manufactured. This study has yielded the following scientific results. Firstly, the Joule–Thompson effect was used during the experiments, which facilitated a reduction in the temperature of the compressed air to 255 K. Secondly, using the expanded air and a plate heat exchanger, the temperature of the main compressed air stream was reduced to 280 K, which is very close to the temperature provided by standard-refrigeration-type compressed air dryers. This suggests that it is possible to use compressed air energy to cool the main stream of warm compressed air after the compressor. In general, the temperature range ensures the compressed air quality at the level of class 4 in accordance with international standards.