Global Hand Dryers Market: General Outline
The global market for hand dryers has pervaded across several sectors such as hotels, restaurants, and offices amongst others. Hand dryers are compact electric machines that operate either through buttons or through sensors. The growing concerns towards hygiene have increased the demand for these hair dryers; hand towels used in washrooms could spread germs resulting in diseases and infections. Furthermore, the environmental degradation caused while disposing these towels has also shifted the focus towards hand dryers. Hence, in order to avoid the hassles of keeping a regular supply of hand towels and the ills associated with their disposal, companies prefer installing hand dryers. With the advent of innovative products such as noiseless hand dryers and dryer that consume minimal electric power, the market is expected to grow substantially over the coming years. There is intense competition in the market because of which innovation and differentiation would play a key role in deciding the progress of market players.
The market is prognosticated to expand at a stellar CAGR of 12.30% over the period from 2015 to 2023. The market value was worth US$497.4 mn in 2014 and is expected to touch US$1385.7 mn by the end of 2023. The contributions from each of the segments would play a pivotal role in deciding the fate of the market.
Food Processing and Food Services Segment Accrues Highest Consumer Base
The food processing and food services segment dominated all other categories within the segment in 2014. The prominence of this segment owes to the growth of restaurants in conjugation with the concerns relating to hygiene. This segment was followed by hotels that have also adopted hand dryers to a large extent. The jet hand dryers segment outsmarted the hot air dryers segment in the same years. The former accounted for a market share of 59.4%, and this prominence is attributable to the advanced design of jet air dryers. Airports, established restaurant chains, and most hotels prefer to install jet hand dryers in their washrooms. Contemporary designs coupled with the technological advancement of jet hand dryers are expected to giving a push to this segment. On the other hand, the hot air dryers are less efficient due to longer drying times. Schools, malls, and colleges also install jet hand dryers due to their efficiency with drying.
Environmental Concerns Uptick Demand Within European Market
Europe reigned all other regional market with a market share of 37.10% in 2014. Both, public and private sector undertakings, are making concerted efforts to install eco-friendly devices as a part of their infrastructure. Hence, the demand for hand dryers is on a rise in the region. Moreover, the cost-effectiveness of hand dryers has also persuaded hotels, restaurants, and schools to install hand dryers. The market in North America stood second on the regional table 2014. The Asia Pacific region is expected to attract immense demand over the coming years. This owes to bettering infrastructural landscape of emerging economies such as China, India, and Brazil. The European market is expected to thrive due to the demand for these dryers across Spain, Italy, Germany, the U.K., and France.
The leading market players include Mitsubishi Electric Corporation, Dyson Ltd., Excel Dryer, Inc., TOTO Ltd., American Dryer, Inc., and World Dryer Corporation.
Global Hand Dryers Market: Overview
The global market for hand dryers is witnessing a tremendous rise in its valuation, thanks to augmenting awareness among consumers about increased wastage of water across the world. The wastage of water can be noticeably reduced with the deployment of hand dryers across institutions, schools, organizations, malls, restaurants, and corporate offices, which is why, the uptake of hand dryers is increased significantly, worldwide. According to Transparency Market Research (TMR), the opportunity in this market is likely to rise from US$0.49 bn in 2014 to US$1.38 bn by 2023 end, expanding at a CAGR of 12.30% between 2015 and 2023.
This market study is a thorough analytical research of the performance of the worldwide market for hand dryers in past and over the period from 2015 to 2023. The study emphasizes especially on the growth boosters, challenges, opportunities, obstacles, and the prominent trends in this market in an effort to determine the pace of its progress.
Global Hand Dryers Market: Key Trends and Opportunities
The increasing concerns over the need for efficient disposal of paper towel waste have compelled firms and enterprises to explore technologically superior alternatives. The increasing demand for improved hygiene in washrooms from consumers across the world is also fueling the uptake of hand dryers significantly. However, the recent economic deceleration has slowed down the sales of hand dryers, which is likely to affect the global market in the near future.
Global Hand Dryers Market: regional Analysis
In terms of the region, the global hand dryers market was led by Europe in 2014 with a share of 37.1% in the overall market. With the rising demand for cost-efficient, eco-friendly, and hassle-free devices across various public and private institutions, the Europe market for hand dryers is expected to remain on the top over the next few years. North America, which stood second in 2014, is expected to retain its position in the near future. However, it is Asia Pacific, which is projected to emerge as the most lucrative regional market in the years to come.
Companies Mentioned in the study
At the forefront of the worldwide market for hand dryers are World Dryers Corp., Toto Ltd., Taishan Jieda Electrical Appliance Industry Co. Ltd., SPL Ltd., Mitsubishi Electric Corp., JVD SAS, Excel Dryer Inc., Electrostar GmbH, Dyson Ltd., Bradley Corp., and American Dryer Inc. Owing to the presence of so many players, the market is highly competitive and fragmented. Over the forthcoming years, these players are expected to focus aggressively on technological advancements in order to strengthen their position in the global market. They are also projected to involve in strategic partnerships with regional participants to gain traction in the years to come.
The global hand dryers market is segmented as:
- Jet Air Hand Dryers
- Hot Air Hand Dryers
By End Users
- Food Processing and Food Service
- Office Buildings
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Latin America
- Middle East