The global hand dryers market is anticipated to reach a valuation of USD 1.59 billion by 2024, according to a new study by Grand View Research, Inc. In terms of volume (shipments), the market is expected to exhibit a CAGR exceeding 14.0% during the forecast period. The increasing government initiatives to spread awareness about hygiene and cleanliness are expected to drive demand over the next eight years. The rapid growth in the hospitality sector with a surge in the number of restaurants, pubs, and hotels is anticipated to fuel demand. The growth of smart cities and infrastructure development is further expected to boost the industry growth over the forecast period.
Technological advancement, quality, price, and energy efficiency affect the buying decision of end-users. The declining cost of hand dryers, paired with an additional benefit of reducing the operational cost, is expected to propel the product demand over the forecast period; particularly in the commercial sector. The growing awareness of the use of eco-friendly appliances and energy efficient products is also anticipated to favor the industry growth over the period of 2016 to 2024.
The related noise pollution and high initial cost associated with the high-speed automatic hand dryers are expected to hinder the industry growth significantly over the coming years. The rising health concerns on account of spreading germs and bacteria with the use of hand dryers may adversely impact the hand dryers’ demand.
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summary of this report @ http://www.grandviewresearch.com/industry-analysis/hand-dryer-market
Further key findings from the study suggest:
·
On the basis of product, hot air products are
more popular owing to their low cost as compared to other variants. Jet air
accounted for more than 60% of the overall revenue share and is expected to
grow at a CAGR of more than 10% in terms of volume over the forecast period.
This can be primarily attributed to the operational and energy efficiency
benefits offered by these devices. However, the high installation cost
associated with the installation of jet air products may hinder the segment
growth over the next few years.
·
The operation segment comprises manual on -
automatic off and fully automatic. The fully automatic segment accounted for
more than 70% of the overall volume share in 2015, which is expected to
increase over the next eight years due to the increasing popularity of fully
automatic hand dryers worldwide. These devices offer better convenience to
consumers as there is no need for any human touch to operate, thereby reducing
human efforts.
·
Hotels and restaurants end-use industry segment
is expected to exhibit a growth of more than 12.0% over the period of 2016 to
2024. This can be attributed to the surge in the number of hotels, pubs, and
restaurants, particularly in the emerging economies on account of the
increasing customer purchasing power paired with the growing hygiene concerns
among users. The hospital and office building segment is anticipated to grow at
a CAGR exceeding 11.0% over the forecast period.
·
Asia-Pacific hand dryers market is estimated to
grow at a CAGR of more than 12.0% over the next eight years, owing to the
rising infrastructure development along with the increasing consumer purchasing
power in the region. Europe and North America are anticipated to exhibit growth
of over 11.0% over the forecast period. This can be primarily attributed to the
rising awareness pertaining to the growing hygiene concerns among the
customers.
·
The industry is technology driven and
continuously evolving. Prominent industry players emphasize on R&D
investments to increase the degree of product differentiation and gain a
competitive advantage. The notable industry participants include American Dryer
Inc., World Dryer Corporation, Electrostar, Dyson Ltd., Euronics Industries,
Excel Dryer, Mitsubishi Electric Corporation, and Panasonic Corporation. In
April 2015, World Dryers Corporation launched a new high-speed device,
VERDEdri, which runs on 950 watts of power.
Read detailed report or request for sample of this research report: - http://www.grandviewresearch.com/industry-analysis/hand-dryer-market/request
Grand View Research has segmented the hand dryers market on the basis of product, operation, mounting technique, end-use industries, and region:
Hand Dryers Product Outlook (Volume & Revenue, USD Million, 2008 - 2024)
·
Jet air
·
Hot air
Hand Dryers Operation Outlook (Volume & Revenue, USD Million,
2008 - 2024)
·
Manual on - automatic off
·
Fully automatic
Hand Dryers Mounting Technique Outlook (Volume & Revenue, USD
Million, 2008 - 2024)
·
Surface mounted
·
Wall mounted
Hand Dryers End-Use Industries Outlook (Volume & Revenue, USD
Million, 2008 - 2022)
·
Airports
·
Educational institute
·
Hospitals
·
Hotels and restaurants
·
Office buildings
·
Railway stations
·
Shopping &commercial complex and multiplexes
·
Others (Residence, bus stands, palace,
government rest house, etc.)
Hand Dryers Regional Outlook (Volume &Revenue, USD Million,
2008 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/electronic-devices
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