Also forgot to mention that refrigerated dryers are limited by the freezing point of water and cannot get the dew point below freezing. They can get close but not below freezing.
Now desiccant and regenerative desiccant dryers can easily get you to -40 dewpoint but it usually comes at a cost of compressed air for the regen cycle so factor that into your CFM when sizing a compressor for your shop. The regen units are the expensive ones with the double tanks. You can use desiccant in a cheaper non-regen unit but they usually work best after a refrigerated dryer as they will load up with moisture quickly. A non-regen unit will need to be refilled or the desiccant will need to have the water heated out of it.
My recommendation is if you have a shop that will never see freezing temperatures then use a refrigerated dryer. If you see freezing temperatures then use a desiccant dryer after a refrigerated dryer.