Considering intense competition in the global hand dryers market, product innovation and introduction of differentiator products is what players in this market are striving for to gain competitive advantage, reports Research Report Insights in a recent market study. Companies in this market are in general working to attain low noise objectives and integrate features that can prevent microbial growth in washrooms. For example, in November 2014, American Dryer patented its cold pharm clean technology. This helped the company to steal a march over its competitors, and also helped seal its innovation against piracy.
Due to the high degree of competition, price wars are common among key players, says the lead analyst of the report. Established players tend to offer competitive prices and add-on services that will help them with customer loyalty. Besides this, new players seeking entry into the market need to have a strong distribution network. Nevertheless, fragmented vendor landscape will provide ample opportunities for new entrants in the market.
Key players operating in the global hand dryers market include Dyson Ltd., Excel Dryer Inc., TOTO Ltd., World Dryer Corporation, American Dryer Inc., and Electric Corporation among others.
As per the report estimates, the global hand dryers market will clock a robust 12.3% CAGR over the forecast 2023 End, for the market to become worth US$1385.7 Mn by the end of 2023. The market was valued at US$497.4 Mn in 2014. Among the key end-users, food processing and food services segment led the market in 2014. The segment is poised to display significant growth over the report’s forecast period. Among the key types, jet air dryers display the leading demand due to their design and functional features. Emerging nations such as India, Brazil, South Africa, and China in Asia Pacific and Rest of the World are anticipated to display substantial demand for hand dryers in the upcoming years.
Environmental Considerations Boost Adoption
Majorly fuelling the hand dryers market is the rising installation of hand dryers across schools, restaurants, shopping malls, and corporate office buildings among others to address concerns related to proper disposing of paper towels. Across the world, the increasing demand for improved washroom hygiene in common washrooms has compelled the installation of hand dryers. Rising environmental concerns due to massive volume of paper towel waste is also favoring the installation of hand dryers in common washrooms across a host of end-users.
Rapid technological advances leading to the development of efficient and eco-friendly products is also acting in favor of hand dryers market. These developments have led product manufacturers to achieve reduced noise level, which is leading to their increased installation in hospitals and public offices. Apart from this, low power consumption attribute and low maintenance cost of hand dryers also account for their increasing installation in common washrooms.
Economic development and the growth of healthcare, hospitality, and education sectors in emerging economies have also boosted the hand dryers market.
High Installation Cost Limits Sales
On the other hand, high installation cost is limiting the sales of hand dryers. High noise level of older models of hand dryers is also limiting the adoption of hand dryers. Nevertheless, increasing installation of hand dryers in new facilities in emerging economies will provide ample growth opportunities to this market.
As per the review is based on the analysis of a RRI report, titled “Hand Dryers Market (Type – Jet Air Hand Dryer and Hot Air Hand Dryer; End-user – Hotels, Food Processing and Food Service, Office Buildings, and Healthcare) - Global Industry Analysis, Size, Sales and Forecast By 2026.”
- Rising environmental concerns due to massive volume of paper towel waste is also favoring the installation of hand dryers in common washrooms across a host of end-users.
- Economic development and the growth of healthcare, hospitality, and education sectors in emerging economies have also boosted the hand dryers market.
The global hand dryers market is segmented as follows:
Global Hand Dryers Market, By Types
- Jet Air Hand Dryers
- Hot Air Hand Dryers
Global Hand Dryers Market, By End-Users
- Food Processing and Food Service
- Office Buildings
Global Hand Dryers Market, By Geography
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Latin America
- Middle East