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.
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.
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.”
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