Albany, NY -- (SBWIRE) -- 12/13/2016 -- Concerns related to efficiently disposing paper towel waste have compelled organizations to explore technologically advanced alternatives. Prospects for the global hand dryers market thus seem thriving, as people around the world increasingly demand for better washroom hygiene. A majority of the leading producers are capitalizing on rapid technological advancements to introduce more efficient and eco-friendly hand dryers. These latest improvements in hand drying techniques have also helped producers in achieving reduced noise levels in hand dryers. The consumption of power by hand dryers is minimal and the maintenance cost incurred on them is also insignificant, which constitute the key factors boosting their sales globally.

As per Transparency Market Research (TMR) analysis, the global hand dryers market is projected to surge at a 12.3% CAGR between 2015 and 2023. However, the recent economic slowdown has put both corporate and individual sellers of hand dryers under pressure. Nevertheless, the subsequent cost-cutting has translated into increased installation of hand dryers in rest rooms. As organizations globally start realizing that hand dryers prove more economical than paper towels in the long run, sales of the former will surge exponentially in response.

TMR has pegged the overall value of the global hand dryers market at US$497.4 mn in 2014. It forecasts the market to reach US$1385.7 mn by the end of 2023. Producers are likely to gain further from the proliferation of smart washrooms trends.

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Demand for Eco-friendly and Hassle-free Devices augmenting Europe Hand Dryers Market

Regionally, hand dryers sales in Europe have been the highest in 2014. The region held 37.1% of the global hand dryers market in the year. The increasing demand for cost-effective, eco-friendly and hassle free devices across public and private institutions will augment the market in the region. North America in the same year emerged as the second-largest regional market. Enterprises are also expected to witness robust prospects in Asia Pacific and Rest of the World.

In Europe, France, Italy, Germany, Spain and the U.K. are identified to demonstrate the most attractive opportunities for the sale of hand dryers. As per TMR, the hand dryers market in Europe is expected to reach US$500 mn by 2023, from US$184.4 mn in 2014. The regional market is therefore expected to report a CAGR of 11.9% during the time.

Food Processing and Food Services Segment Emerges as Major End User of Hand Dryers

By application, the food processing and food services segment emerged dominant in the market in 2014. TMR expects the application of hand dryers in the segment to grow rapidly during the forecast period. With the increasing number of restaurants, coupled with the growing awareness about hygiene, the demand for hand dryers from the food processing and food services segment is poised to surge in the forthcoming years. Hotels worldwide constituted the second-largest segment in the market in 2014.

Broadly classified as hot air dryers and jet air dryers, the market has been witnessing rising demand for the latter. As per TMR analysis, the jet air dryers segment accounted for a dominant share of 59.4% in the global market. People are most likely to come across jet hand dryers when visiting airports, five start hotels, and fancy restaurants. Jet hand dryers have a more advanced design, which allowed them to overcome the defects common in conventional hand dryers. Contemporary design and the adoption of the latest in technology have helped jet hand dryers to gain a competitive share in the market. Since hot air dryers take longer to dry hands than jet air dryers they are mostly installed across schools, colleges, and malls.

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Emerging economies such as India, Brazil, China, and South Africa in Asia Pacific and Rest of the World, exhibit the most attractive opportunities for sale of hand dryers. The rising number of hotels and office buildings in these regions makes them most lucrative for hand dryers' installation.

Some of the leading companies operating in the market include Dyson Ltd., World Dryer Corporation, Excel Dryer, Inc., American Dryer, Inc., TOTO Ltd., and Mitsubishi Electric Corporation among others