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.
Albany, NY -- (SBWIRE) -- 02/21/2017 -- Hand dryers play an important role in washroom hygiene. It is an electrical device, generally installed in public washrooms for the purpose of drying hands. Hand dryers either operate automatically by using sensors or manually by using a push button. The major end users of hand dryers include food processing and food service, hotels, office buildings, and healthcare among others. Food processing and food service which includes restaurants and fast food joints is the largest end user segment of the hand dryers market. In addition, rise in installation of hand dryers in school, colleges, railway stations, and malls among others is expected to drive the market growth during the forecast period. In the next few years, hand dryers are most likely to be installed in homes which are further expected to influence the market positively. Moreover, global hand dryers market is expanding rapidly during the forecast period attributed to increasing demand for high end appliances which help in saving nature and power as well.
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Economic slowdown has put corporate and individuals under pressure for cutting down operation expenses. This has led to installation of hand dryers in washrooms which proves to be economical in comparison to paper towels. Although initial investment for installation of hand dryer is high, it can substantially reduce the cost of operations compared to paper towels. In addition, washrooms in hotels, airports, and offices are equipped with appliances that not only look stylish but also use minimum power and offer maximum advantage. Moreover, demand for faster and hygienic hand drying is leading to increasing incorporation of hand dryers in public washrooms. Demand for eco friendly appliances is increasing due to global warming and rise in awareness about ecology and sustenance. Paper towels are produced by cutting down trees, which is having a detrimental effect on the environment. Hand dryers help in saving power as well as paper, reducing solid waste generated by used paper towels. All these factors are positively contributing to the market growth throughout the forecast period.
However, high noise level of hand dryers is a major concern especially in areas such as offices, educational institutes, or hotel rooms among others. This factor is negatively impacting the installation of hand dryers, which in turn is restraining the market growth. Moreover, requirement of high initial investment upfront is further hampering the market growth during the forecast period. Major opportunities for key players in the market lies in technological advancements focusing on overcoming challenges of high noise level and preventing growth of microbial contaminates in washrooms.
The competitive profiling of the key industry participants in the global hand dryers market across four broad geographic regions is included in the study. The key players have also been profiled on the basis of company overview, financial overview, business strategies, and the recent developments in the field of hand drying. Also, the market attractive analysis of the major end user areas has been provided in the report, in order to offer a deep insight of global hand dryers market.
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Market dynamics are the distinctive factors which impact the market growth, thereby helping to understand the ongoing trends of the global hand dryer market. Therefore, the report provides the forecast of the global market for the period from 2015 to 2023, along with offering an inclusive study of the hand dryers market.
Some of the major players in the 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.
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