Hand Dryers Market to will Grow at 11.4% CAGR Owing to the Globally Expanding Hospitality Sector

2024-11-08 07:27:33 News & Society

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According to a new market research published by Transparency Market Research (TMR), the rapid development of infrastructure in the developing and under-developed economies will significantly propel the global hand dryers market.The research report is titled, ?Global Hand Dryer Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020?. In 2013, the global hand dryer market valued at US$442.0 million and is anticipated to reach a worth of US$930.8 million by the end of 2020, exhibiting progressive 11.4% CAGR between the years 2014 and 2020. In terms of volume, in 2013, the total demand for hand dryers stood at 2000 units and is anticipated to reach 4376.8 units by the end of 2020, growing significantly at 12% CAGR between 2014 and 2020.

Browse the full Global Hand Dryer Market Report @ :
http://www.transparencymarketresearch.com/hand-dryer-market.html

The remarkably rising number of restaurants and hotels and reduction of water wastage and use of gasoline and oil are the factors fueling the growth of the global hand dryers market in the forecast period. However, the high initial investment is expected to inhibit the growth of global hand dryers market in the coming years. On the basis of types, the global hand dryer market has been divided into hot air hand dryers and jet air hand dryers. Among these, hot air hand dryers dominated the global hand dryers market in 2013, accounting 65.14% of the total share. The rising demand for hot air hand dryers is due to its low cost compared to the jet air hand dryers. Meanwhile, due to the rising demand for eco-friendly appliances and the technological advancements in the hand dryer market, the jet air hand dryer segment is anticipated to grow significantly at 12% CAGR between 2014 and 2020.

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The global hand dryers market has been segmented on the basis of its end users, which are office buildings, hospitals, food service and food processing, hotels, and others (such as airports, malls, and railway stations). In 2012, food service and processing industry accounted for largest share of the overall hand dryer market and is expected to continue its dominance through the forecast period as well. The high demand from food service and processing industry is attributed by the increasing number of fast food joints and restaurants across emerging regions of Asia Pacific and Rest of the World.The research report has geographically segmented the global hand dryers market into Asia Pacific, Europe, North America, and Rest of the World. In 2012, Asia Pacific dominated the global hand dryers market in terms of volume shipment. The growth of hospitality sector in this has significantly propelled the demand for hand dryers in Asia Pacific. Europe is the second largest market for hand dryers. The demand for hand dryers in Europe is largely driven by the increased hygiene consciousness among people of this region.

Browse the full Global Hand Dryer Market Press Release @ :
http://www.transparencymarketresearch.com/pressrelease/hand-dryer-market.htm

The global hand dryers market is highly fragmented and is characterized by the presence of a huge number of players vying to pocket the lion?s share of the market. Some of the prominent players in the market are Dyson Ltd., Panasonic Corporation, TOTO Ltd., World Dryer Corporation, Jieda, Excel Dryer Inc., and American Dryer Inc.

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