Hand Dryers Market to Account for US$1.38 bn by 2023, Hospitality Industry Unveils Growth Opportunities

2024-12-23 07:29:20 News & Society

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According to a new market report published by Transparency Market Research ?Hand Dryers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023? the hand dryers market was valued at US$497.4 mn in 2014 and is expected to reach US$1.38 bn by 2023, at a CAGR of 12.3% during forecast period.

Hand dryers are gaining popularity and witnessing rising demand across application sectors including restaurants, hotels, hospitals, airports, office buildings, railway stations, and educational institutes among others. Global hand dryers market is expected to grow rapidly throughout the forecast period due to rising awareness about washroom hygiene and increasing demand for eco-friendly appliances. In addition, hand dryers help in minimizing operation costs and reduce wastes created by paper towels. These factors are expected to boost the market growth throughout the forecast period. Moreover, the hospitality industry has witnessed tremendous growth during the past few years and has strongly influenced the hand dryers market. This trend is expected to continue throughout the forecast period.

Based on types, the global hand dryers market can be segmented into jet air hand dryer and hot air hand dryer. In terms of revenue, jet air hand dryers acquired the largest share of the market in 2014. However, hot air hand dryers segment is witnessing volume growth due to lower price of hot air hand dryers as compared to jet air hand dryers. Attributed to advancements in technology, hand dryers are not only capable of drying hand in an average time of 15 to 20 second but consume less energy as well. Moreover, hand dryer also does away with the mess created by paper towels and helps in reducing maintenance costs. These factors are positively influencing the demand for hand dryers across the globe.

By end users, the global hand dryers market is segmented into hotels, food processing and food service, office buildings, healthcare, and others. Others segment includes malls, railway stations, airports etc. In 2014, food processing and food service segment was the largest contributor to the market in terms of revenue and is expected to maintain its leading position throughout the forecast period. The application of hand dryers in the food processing and food service segment is expected to grow rapidly during the forecast period, attributed to increasing number of restaurants and the growing awareness about hygiene and cost effectiveness of the hand dryers. The growth of the hand dryers market is directly proportional to the number of restaurants that are being launched.

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Hand dryers market has been classified geographically into North America, Europe, Asia Pacific and Rest of the World (RoW). Europe occupied the largest share of the market in 2014 and was followed by North America. In 2014, these two regions jointly occupied more than 70% of the global hand dryers market. Asia Pacific region is projected to be the fastest growing region during the forecast period. Increasing awareness about advantages offered by hand dryers compared to paper towels is expected to boost the market growth in the region. Moreover, demand for hand dryers is expected to rise further with their decrease in prices especially of those that are manufactured by players based in China. China is home to some of the major hand dryer manufacturers in Asia Pacific. These are Tashan Jei Da Electrical Co., Ltd., Zhejiang Aike Electric Co. Ltd., TOTO Ltd., and Taizhou Dihour Electrical Appliances Co. Ltd. among others.

Some of the Major Players in the global hand dryers market are: American Dryer, Inc. (U.S.), Bradley Corporation (U.S.), Dyson Ltd. (U.K.), Electrostar Gmbh (Germany), Excel Dryer, Inc. (U.S.), Mitsubishi Electric Corporation (Japan), and World Dryer Corporation (U.S.) among others.

The report provides an in-depth study of the hand dryers market along with offering the market estimates, in terms of the revenue (USD million) for the forecast period from 2015-2023. Further, the global market is classified on the basis of types and end users. In addition, cross sectional analysis of the global hand dryers market across four geographical regions is included under the scope of the report.

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