The global hand dryers market is fragmented in nature and a number of players compete with one another in this market. Some of the players are ALOYCO, Voith, Panasonic, Dyson, Mitsubishi, DIHOUR, Modun, JIEDA, AIKE, and Siemens. The competition amongst all these players has proved to be quite advantageous owing to the fact that these players are focused on the quality of products and R&D. All of these players are making attempts for gaining market share and increasing profitability. This, in turn, has resulted in the making of more efficient and better hand dryers. Hence, the competition in the global hand dryers market is predicted to remain high all through the forecast period, as per Transparency Market Research (TMR).
The global hand dryers market stood at US$497.4 mn in 2014 and is poised to touch US$1385.7 mn by 2023, expanding at a healthy 12.30% CAGR between 2015 and 2023. On the basis of type, market is led by the segment of jet air hand dryers, on the basis of revenue. This segment is predicted to touch US$857.2 mn by 2023, growing at a remarkable 12.80% CAGR between 2015 and 2023. On the other hand, the segment of hot air hand dryers is predicted to experience volume development owing to the economical prices of hot air hand dryers in comparison to jet air hand dryers. In addition, hot air hand dryers refer to conventional hand dryers, which are present in this market for quite a while and have been easily acknowledged by consumers.
Increasing Count of Restaurants to Boost Demand for Food Processing and Food Service
In terms of end users, the segment of food processing and food service comprising fast food joints and restaurants held a significant share in the market for hand dryers. This is due to the rising count of restaurants and the increasing awareness regarding hygiene globally. The growing installation of hand dryers in malls, railway stations, colleges, schools is poised to fuel the development of the market. In the coming years, hand dryers will also be installed at homes, which is predicted to have a positive impact on the overall growth of this market. The segment of hotels held the second position in the global hand dryers market and is poised to rise at a healthy 12.50% CAGR between 2015 and 2023.
Geographically, Europe was the market leader in the market in 2014 and constituted a share of 37.1% in the market. The increasing demand for hassle free, cost effective, and eco-friendly devices is the key factor driving the development of the market in this region. This region is poised to maintain its superiority in the coming years and will be trailed by North America, constituting the second position in the market in 2014. Asia Pacific and Rest of the World (RoW) are predicted to experience swift development in the market in the coming years.
Increasing Reduction in Water Wastage to Bolster Market Growth
The increasing reduction in wastage of water due to the growing awareness regarding water conservation and the depleting utilization of gasoline and oil will provide impetus to the growth of the global hand dryers market, states a TMR analyst. In addition, the growing count of restaurants and hotels will also work in favor of the development of the market. “The increasing demand for environment-friendly solutions will also positively impact the development of the global hand dryers market”, says a TMR analyst.
On the other hand, the skyrocketing cost of initial investment and the rising noise pollution may work against the development of the global hand dryers market.
Nonetheless, the increasing technological advancements will bring in new opportunities in this market.
This information is based on the findings of a report published by Transparency Market Research titled, “Hand Dryers Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The global hand dryers market has been segmented into:
Global Hand Dryers Market, By Types
Global Hand Dryers Market, By End-Users
Global Hand Dryers Market, By Geography
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