Albany, NY -- (SBWIRE) -- 03/17/2016 -- According to the market study, titled 'Global Hand Dryer Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020', the global hand dryers market was worth US$442 mn in 2013. The market is expected to more than double in value from 2014 to 2020, reaching a total valuation of almost US$931 mn. The market is expected to grow at an 11.4% CAGR by value between 2014 and 2020, while on the basis of volume, the market is expected to grow from 2,000 units to more than 4,300 at a 12% CAGR in the same timeframe

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Leading market analysis and intelligence firm Transparency Market Research (TMR) has announced the release of a new market research report detailing the global hand dryers market. Historical and present-day data regarding the global hand dryer market is detailed in the report, in order to provide forecasts regarding the market's expected development in the forecast period.

The rising hospitality sector, comprising a growing number of hotels and eateries, is expected to be a major driving factor for the global hand dryer market in the 2014-2020 forecast period. Growing acknowledgement of the water shortage facing the world has resulted in growing demand for hand dryers from hotels. The massive savings in water consumption achieved in terms of total volume due to the use of hand dryers will lead to continuation of this trend, with the hospitality sector leading demand from the global hand dryers market. Likewise, the underdeveloped hospitality sector in most developing countries will lead to shortage in demand from these regional markets.

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Other application segments of the hand dryers market include the healthcare sector, office buildings and other commercial areas, food processing and food services, and other small-scale uses such as in malls and airports.Hot air dryers lead the global hand dryers market in terms of product type, with the segment of jet air dryers following. More than 65% of the global hand dryers market was accounted for by the hot air hand dryers segment in 2013. The low cost of hot air hand dryers is the major factor propelling demand for them in comparison to jet air hand dryers, but expected technological innovation in jet air hand dryers will result in a higher CAGR of 12% in the forecast period for the product category.

Geographically, the report studies the North America, Europe, Asia Pacific, and Rest of the World regional markets. Forecasts for each market's development during the forecast period are provided in the report. Asia Pacific dominated the global hand dryers market in 2013 and is expected to remain in the lead through the forecast period.In terms of the competitive landscape of the market, the report profiles major players operating in the global hand dryers market, such as Dyson Ltd., World Dryer Corporation, Electrostar, Panasonic Corporation, and Mitsubishi Electric Corporation.

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