Product innovation
and differentiation are looked upon by enterprises as the most
popular strategies to win competitive edge in the global hand
dryers market. As per Transparency Market Research
(TMR), companies in general are working to mitigate issues of high
noise level in hand dryers and integrate features to prevent
microbial growth in washrooms. For instance, American Dryer patented
its cold pharma clean technology in November 2014. This not only
helped the company achieve an edge over peers, but also sealed its
innovation against privacy.
Based on in-depth
research, Transparency Market Research has pegged the overall value
of the global hand dryers market at US$497.4 mn in 2014. Surging at a
healthy CAGR of 12.3% between 2015 and 2023, the market is projected
to reach US$1385.7 mn by the end of 2023. The market is projected to
gain significantly from the rapid proliferation of smart washrooms
across the corporate sector and the hospitality industry.
Consumers around the
world mostly prefer hand dryers that make less noise. Prominent
companies such as World Dryer Corporation and Excel Dryer, Inc. are
incorporating high-efficiency HEPA filters across their product
lines, for providing cleaner and filtered purified air for drying
hands.
Due to the presence
of many established players across the value chain, hand dryers are
often offered to buyers at competitive prices. Because the degree of
competition is high in the market, price wars are among common key
players, finds TMR. “For new players to make entry into the market,
strong distribution network is a pre-requisite,” as told by a lead
analyst at TMR. “Nevertheless, the fragmented vendor landscape of
the market provides ample opportunities for the entry of new
players,” he added.
Hand Dryers Sales
Boosted by Rising Concerns Related to Wastage of Water
Installation of hand
dryers across schools, institutions, organizations, restaurants,
malls, and corporates has notably reduced the wastage of water.
Because these machines operate on electricity, they evidently
contribute in reducing the usage of oil and gasoline. The market is
also considerably gaining from the rapid expansion of the hospitality
industry. Since, growth of the hospitality industry and the corporate
sector has been rapid in emerging economies such as India, China,
Brazil, and South Africa; Asia Pacific and Rest of the World will
provide attractive opportunities for the market’s growth.
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High Installation
Cost Creates Bottlenecks in Widespread Installation of Hand Dryers
Despite witnessing
robust growth opportunities, the high installation cost of hand
dryers inhibits their installation to an extent. The noise pollution
created by earlier models of hand dryers also limits their widespread
adoption. Nevertheless, the opportunities exhibited by the emerging
economies will boost sales of hand dryers in the near future. “With
a majority of market players eyeing to capitalize on the latest
technological advancements, the future of the global hand dryers
market seems thriving,” revealed author of the report.
Surging Demand
from Europe to Boost Sales of Hand Dryers
Regionally, however,
Europe holds the largest share in the global hand dryers market. As
per TMR analysis, Europe accounted for a share of 37.1% in the global
market in 2014. The rising demand for cost-effective, eco-friendly,
and hassle-free devices is boosting the hand dryers’ sales in the
region. Countries such as Italy, France, Germany, Spain, and the U.K.
have emerged as the most lucrative markets for hand dryers. TMR
projects this regional market to surge at a CAGR of 11.9% between
2015 and 2023. In terms of application, the food processing and food
services segment is expected to exhibit the highest demand for hand
dryers, followed by the hotel segment.
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Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
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and analyze information.
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repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
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