The global hand dryers market is anticipated to reach a valuation of USD 1.59 billion by 2024, according to a new study by Grand View Research, Inc. In terms of volume (shipments), the market is expected to exhibit a CAGR exceeding 14.0% during the forecast period. The increasing government initiatives to spread awareness about hygiene and cleanliness are expected to drive demand over the next eight years. The rapid growth in the hospitality sector with a surge in the number of restaurants, pubs, and hotels is anticipated to fuel demand. The growth of smart cities and infrastructure development is further expected to boost the industry growth over the forecast period.
Technological advancement, quality, price, and energy efficiency affect the buying decision of end-users. The declining cost of hand dryers, paired with an additional benefit of reducing the operational cost, is expected to propel the product demand over the forecast period; particularly in the commercial sector. The growing awareness of the use of eco-friendly appliances and energy efficient products is also anticipated to favor the industry growth over the period of 2016 to 2024.
The related noise pollution and high initial cost associated with the high-speed automatic hand dryers are expected to hinder the industry growth significantly over the coming years. The rising health concerns on account of spreading germs and bacteria with the use of hand dryers may adversely impact the hand dryers’ demand.
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Further key findings from the study suggest:
- On the basis of product, hot air products are more popular owing to their low cost as compared to other variants. Jet air accounted for more than 60% of the overall revenue share and is expected to grow at a CAGR of more than 10% in terms of volume over the forecast period. This can be primarily attributed to the operational and energy efficiency benefits offered by these devices. However, the high installation cost associated with the installation of jet air products may hinder the segment growth over the next few years.
- The operation segment comprises manual on – automatic off and fully automatic. The fully automatic segment accounted for more than 70% of the overall volume share in 2015, which is expected to increase over the next eight years due to the increasing popularity of fully automatic hand dryers worldwide. These devices offer better convenience to consumers as there is no need for any human touch to operate, thereby reducing human efforts.
- Hotels and restaurants end-use industry segment is expected to exhibit a growth of more than 12.0% over the period of 2016 to 2024. This can be attributed to the surge in the number of hotels, pubs, and restaurants, particularly in the emerging economies on account of the increasing customer purchasing power paired with the growing hygiene concerns among users. The hospital and office building segment is anticipated to grow at a CAGR exceeding 11.0% over the forecast period.
- Asia-Pacific hand dryers market is estimated to grow at a CAGR of more than 12.0% over the next eight years, owing to the rising infrastructure development along with the increasing consumer purchasing power in the region. Europe and North America are anticipated to exhibit growth of over 11.0% over the forecast period. This can be primarily attributed to the rising awareness pertaining to the growing hygiene concerns among the customers.
- The industry is technology driven and continuously evolving. Prominent industry players emphasize on R&D investments to increase the degree of product differentiation and gain a competitive advantage. The notable industry participants include American Dryer Inc., World Dryer Corporation, Electrostar, Dyson Ltd., Euronics Industries, Excel Dryer, Mitsubishi Electric Corporation, and Panasonic Corporation. In April 2015, World Dryers Corporation launched a new high-speed device, VERDEdri, which runs on 950 watts of power.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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