There are several things you can do to address the wet air from your compressor.
First, if you have a very large compressor and tank that stores enough air to reasonably complete a modest sized spraying operation in one go then you can just charge the tank and then let it sit to cool off for an hour, or so, which will condense most of the moisture out of the compressed air (leaving it on the bottom of your tank). I have often used this approach with my 80 gallon air compressor as the tank has enough air to sustain a good deal of spray finishing before it runs low, I then recharge it while killing time waiting for enough time to pass to tackle the next coat, by which time things have cooled down again. Most of the condensing moisture is made possible because the air in your tank is very hot immediately after compression and this added heat increases the moisture capacity of the air and as the air cools, such as in your hose, or at your spraygun due to the sudden pressure drop, that moisture begins condensing where it can then get into the airstream and cause issues (especially if a lot gets spit out at once). So anything that cools the air prior to it entering your hose will help to condense excess moisture out of the compressed air, and water on the bottom of your tank is water that willl not end up in your tool (or finish).
Second, it is always a good idea to install a water and oil separator to help strip liquified water and oil droplets from the air stream (they function on a similar principle to cyclone DCs) -- especially if your compressor is not oilless. They work best if at the end of a length of pipe so that the air has had a chance to cool some before reaching the trap, but even if you have to install it directly before (or after if necessary) the regulator at the tank that is still better than nothing, just realize that some additional moisture may condense in your air hose due to both the pressure drop and the cooling of the airstream.
And finally, install either a moisture trap (essentially a filter packed with toilet paper like material) or an inline desiccant cartridge within the last couple of feet just before your HVLP spraygun.
You could also install a much larger desiccant drier at the tank if you wish IR even install a refrigerated drier, but those only make sense if you will be doing a great deal of spraying. And at the spraygun you will want your final pressure regulator to ensure you always have the optimal air pressure for your soraygun regardless of the pressure drop in your length of hose -- doing it this way, I find I can get away with using 1/4" polyurethane hose for the final length of hose at the spraygun and still have more than adequate air pressure and flow (the poly hose is both far lighter and more flexible, a great combo when spray finishing). Another option is installing an intercooler (basically a radiator) between the compressor and tank with a fan blowing over the intercooler, this dramatically cools the compressed air quickly and causes much of the excess water to condense out of the airstream.