Global High Speed Hand Dryer Market Forecast Report 2023: A $2.34 Billion Industry by 2028, Driven by Rising Demand for Smart Bathroom Solutions and Hospitality Partnerships
DUBLIN, Feb. 19, 2024 /PRNewswire/ -- The "Global High Speed Hand Dryer Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global high-speed hand dryer market was valued at USD 1.35 billion in 2022 and is expected to reach a value of $2.34 billion by 2028, growing at a CAGR of 9.60% from 2022 to 2028.
The global high speed hand dryer market is experiencing intense competition among major players. Rapidly changing market dynamics, including product innovation and advancement, act as catalysts, intensifying competition among existing players. Consumers have numerous choices regarding product availability, compelling vendors to adjust and redefine their unique value propositions to establish a strong market presence.
While major players dominate the global high speed hand dryer market, smaller vendors offer products with generic specifications at relatively lower prices. Nonetheless, it remains challenging for them to compete with larger players. The market also exhibits flexibility in adopting new innovative products, posing a significant challenge for smaller players with limited resources for research and development.
Europe holds the most prominent share of the global high speed hand dryer market, accounting for over 37% in terms of revenue in 2022. Europe is a mature market for high speed hand dryers, with many countries taking significant steps to reduce paper towel waste and promote sustainable alternatives. Countries like the United Kingdom, France, and Germany have shown strong adoption rates for these dryers, driven by a focus on hygiene and cost-effectiveness.
Additionally, European consumers are more inclined towards touchless and sensor-based hand dryers, which are considered more hygienic. Furthermore, the high speed hand dryer market has seen substantial growth in North America, particularly in the United States and Canada. This can be attributed to the increasing emphasis on hygiene and sustainability.
Moreover, adopting energy-efficient and eco-friendly hand dryers has gained traction due to stricter environmental regulations and a growing carbon footprint awareness. The presence of several key players in the region has further fueled competition and innovation.
MARKET TRENDS & OPPORTUNITIES
Rising Demand for Smart Bathroom Solutions
In the ever-evolving landscape of restroom technologies, the rising demand for smart bathroom solutions profoundly influences the high-speed hand dryer market. The surge in demand for smart bathroom solutions is due to the heightened emphasis on enhancing user experiences and hygiene. Today's consumers are increasingly conscious of the importance of cleanliness and convenience, particularly in public spaces. Smart hand dryers offer touchless operation, allowing users to activate them without physical contact.
Prevalence of E-commerce Platforms
The e-commerce industry acts as a potential platform for trade activities, which is further expected to bolster the demand for hand dryers. In this scenario, e-commerce channels prove to be a significant option for various businesses, wherein many companies are investing in expanding their business segments and catering to the changing consumer needs and requirements. Some factors bolstering the growth of the e-commerce industry include the ease and convenience of usage among consumers.
Consumers can easily access information and descriptions of products along with reviews posted online, which helps them to make their purchase decisions. With the expanding e-commerce segment, products such as high-speed hand dryers are expected to increase consumer sales significantly. This can be attributed to the fact that these products are easily available via online channels, making it convenient for consumers to choose.
INDUSTRY RESTRAINTS
High Initial Cost & Rising Health Concerns
The high initial cost of high speed hand dryers represents a significant restraint in the high speed hand dryer market, impacting the adoption of these innovative hand-drying solutions. The cost of acquiring and installing high speed hand dryers can be substantially higher when compared to traditional hand drying methods, such as paper towels or conventional dryers.
Apart from the initial cost, health concerns are also restraining the growth of this industry. The emergence of several studies indicating bacterial spread with the usage of high-speed hand dryers has raised worries among end-users. Some studies suggest that the number of bacteria in the air and on bathroom surfaces is much higher when jet-air hand dryers are used than when paper towels are used since people don't wash their hands properly.
INSIGHTS BY PRODUCT
The global high speed hand dryer market by product is segmented into hot air and jet air. The hot air holds the highest share of the industry and is projected to continue its dominance during the forecast period. Hot air high speed hand dryers are a common hand-drying technology in public restrooms and commercial settings.
The growing emphasis on environmental sustainability has driven demand for hand dryers. Hot-air hand dryers significantly reduce paper waste and its associated environmental impact. Also, hot-air hand dryers are often designed to meet or exceed these standards, making them appealing to businesses seeking compliance and energy savings.
INSIGHTS BY OPERATING MODE
The high speed hand dryer market is categorized into two operating modes - hands-under and hands-in. Hands-under dominated the market and generated revenue of over USD 700 million in 2022, primarily due to the widespread accessibility of these products globally.
Hands-under dryers are mostly conventional products; this operation is primarily seen in the hot air hand dryers. Further, one of the key advancements in this particular segment is the introduction of automatic sensor-based dryers with heat advancements. Some key hand-under dryer brands are Dyson Airblade V, Excel Dryer, and World Dryer (Rexnord).
INSIGHTS BY APPLICATION
The commercial spaces application segment is projected to dominate the global high speed hand dryer market in 2022. Commercial spaces represent a crucial and diverse category of end users for high-speed hand dryers.
These spaces encompass a wide range of establishments, including retail spaces, commercial complexes, shopping malls, large venues, fitness centers, airports, gyms, and railway stations, where large numbers of people gather at a place. Further, the widespread adoption of these advanced hand-drying systems is poised to resonate with the diverse retail establishments, contributing to a more streamlined and contemporary retail experience across the nation.
INSIGHTS BY DISTRIBUTION CHANNEL
The global high speed hand dryer market by distribution channel is divided into online and offline segments. As of 2022, the offline segment held most of the market share due to its established relationships and personalized service.
However, the online segment is predicted to experience a more pronounced compound annual growth rate (CAGR) throughout the projected period. The online segment is expected to witness significant growth due to the strategic expansion of major players into e-commerce and evolving consumer preferences.
Industry Overview
- Market Segmentation Synopsis
- Macroeconomic Factors Enabling Market Growth
- Global Economic Scenario & Development
- Sustainable Development in Developed Countries
- Demand Insights
- Risk Factors in Market
- Value Chain
- Raw Material Suppliers
- Manufacturers
- Distributors/Dealers
- Retailers
- End-users
Market Opportunities & Trends
- Emphasis on Energy-Efficient Products
- Increase in Focus on Health & Hygiene
- Hospitality Partnerships Drive the Market
- Infrastructure Development in Emerging Countries
- Rise in Demand for Smart Bathroom Solutions
Market Growth Enablers
- Prevalence of E-Commerce Platforms
- Surge in Adoption of Eco-Friendly Technology
- Rise in Product Innovation
- Increased Investment in Technology
- Robust Demand from Developed Countries
Market Restraints
- High Initial Cost & Rise in Health Concerns
- Stability Challenges Amid Frequent Launches
- Concerns Over Noise Levels
- Lack of Adequate Awareness & Facilities in Lmics
Key Company Profiles
- Excel Dryer
- Mitsubishi Electric
- Mediclinics
- TOTO
- Rexnord
Other Prominent Vendors
- Alpine Industries
- ASI Group
- Askon Hygiene Products
- ATC
- Bobrick Washroom Equipment
- Biodrier
- Bradley Corporation
- Comac Corporation
- DAN DRYER
- Dolphy
- Dolphin Solutions
- Dyson
- ELECTROSTAR
- Euronics Industries
- Hokwang Industries
- Jaquar Group
- JVD
- Kohler
- MAYLERESCAPE
- Novatech Automatic Systems
- Palmer Fixture
- SPL
- STIEBEL ELTRON
- Sloan Valve Company
- TaiShan Jie Da Electrical
- Taizhou Dihour Electrical Appliances
- Techwin Electronics
- Tekflo
- Toshi Automation Solutions
- Vortex Industries
- Veltia
- ZheJiang MoDun Sanitary Ware
For more information about this report visit https://www.researchandmarkets.com/r/fkc23i
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