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.
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.
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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.
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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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.
This review is published based on information published by Transparency Market Research in a report, titled “Hand Dryers Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”