Whatever this is, it looks like the kind of thing my late grandmother would get talked into buying.
@hotdogsladies It's not wired up, has no air compressor and it better get a shed over it to secure it and stop it from freezing if it's permanent. Dry means it's for a museum like space (because 'air' is smaller than water it can't drip) or a parking lot that might freeze (which seems unlikely for your area)
And you are welcome.
@josephholsten @hotdogsladies it's air pressure keeping a valve closed against the water pressure. Probably behind the lower canister is a water inlet (or it hasn't been plumbed) maybe at straight main pressure.
Knowing a bit about a system meant I saved work about a million in water damage but had to ask "are you sure we aren't on fire, I'm going to shut the water off"