Concerns related to efficiently disposing paper towel waste have compelled organizations to explore technologically advanced alternatives. Prospects for the global hand dryers market thus seem thriving, as people around the world increasingly demand for better washroom hygiene. A majority of the leading producers are capitalizing on rapid technological advancements to introduce more efficient and eco-friendly hand dryers. These latest improvements in hand drying techniques have also helped producers in achieving reduced noise levels in hand dryers. The consumption of power by hand dryers is minimal and the maintenance cost incurred on them is also insignificant, which constitute the key factors boosting their sales globally.
As per Transparency Market Research (TMR) analysis, the global hand dryers market is projected to surge at a 12.3% CAGR between 2015 and 2023. However, the recent economic slowdown has put both corporate and individual sellers of hand dryers under pressure. Nevertheless, the subsequent cost-cutting has translated into increased installation of hand dryers in rest rooms. As organizations globally start realizing that hand dryers prove more economical than paper towels in the long run, sales of the former will surge exponentially in response.
TMR has pegged the overall value of the global hand dryers market at US$497.4 mn in 2014. It forecasts the market to reach US$1385.7 mn by the end of 2023. Producers are likely to gain further from the proliferation of smart washrooms trends.
Demand for Eco-friendly and Hassle-free Devices augmenting Europe Hand Dryers Market
Regionally, hand dryers sales in Europe have been the highest in 2014. The region held 37.1% of the global hand dryers market in the year. The increasing demand for cost-effective, eco-friendly and hassle free devices across public and private institutions will augment the market in the region. North America in the same year emerged as the second-largest regional market. Enterprises are also expected to witness robust prospects in Asia Pacific and Rest of the World.
In Europe, France, Italy, Germany, Spain and the U.K. are identified to demonstrate the most attractive opportunities for the sale of hand dryers. As per TMR, the hand dryers market in Europe is expected to reach US$500 mn by 2023, from US$184.4 mn in 2014. The regional market is therefore expected to report a CAGR of 11.9% during the time.
Food Processing and Food Services Segment Emerges as Major End User of Hand Dryers
By application, the food processing and food services segment emerged dominant in the market in 2014. TMR expects the application of hand dryers in the segment to grow rapidly during the forecast period. With the increasing number of restaurants, coupled with the growing awareness about hygiene, the demand for hand dryers from the food processing and food services segment is poised to surge in the forthcoming years. Hotels worldwide constituted the second-largest segment in the market in 2014.
Broadly classified as hot air dryers and jet air dryers, the market has been witnessing rising demand for the latter. As per TMR analysis, the jet air dryers segment accounted for a dominant share of 59.4% in the global market. People are most likely to come across jet hand dryers when visiting airports, five start hotels, and fancy restaurants. Jet hand dryers have a more advanced design, which allowed them to overcome the defects common in conventional hand dryers. Contemporary design and the adoption of the latest in technology have helped jet hand dryers to gain a competitive share in the market. Since hot air dryers take longer to dry hands than jet air dryers they are mostly installed across schools, colleges, and malls.
Emerging economies such as India, Brazil, China, and South Africa in Asia Pacific and Rest of the World, exhibit the most attractive opportunities for sale of hand dryers. The rising number of hotels and office buildings in these regions makes them most lucrative for hand dryers’ installation.
Some of the leading companies operating in the market include Dyson Ltd., World Dryer Corporation, Excel Dryer, Inc., American Dryer, Inc., TOTO Ltd., and Mitsubishi Electric Corporation among others
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