The global commercial hand dryer market size by revenue to reach USD 2 billion by 2026, growing at a CAGR of 8% during the forecast period.
The commercial hand dryer market is expected to grow at a CAGR of approximately 8% during the period 2020−2026. This report includes market share in terms volumes during the forecast period.
Key Highlights Offered in the Report:
1. The global commercial hand dryer market would realize an absolute growth of 57% in terms of revenue and 59% in terms of unit sales between 2020 and 2026.
2. Various technological innovations such as IoT and sensing technology is expected to propel the commercial hand dryer market. Thus, retail sales for jet air hand dryer are expected to reach over 486 thousand units by 2026 in APAC with a CAGR of around 9% during forecast period.
3. Rise in infrastructure development and growth in awareness about hygiene is boosting the market for commercial hand dryer in the market. Hot air hand dryer segment dominated the market with over 51% revenue which is expected to record an incremental revenue of around USD 314 million and incremental unit sales of over 567 thousand units between 2020 and 2026.
4. Growing investments in healthcare expenditure, emphasis towards improved hygiene facilities along with the increasing number of innovative products is anticipated to boost the market growth for commercial hand dryer.
5. Rise in demand for high-efficiency motors and air ducts, smooth air flow from the dryer, and generation of low operating sound is creating high avenues hands-in dryer market. Hands -in operated hand dryer enjoys accounts for approximately 49% in global commercial hand dryer market as is expected to grow at a CAGR of over 7% in terms of revenue during 2020 to 2026.
6. Commercial hand dryer market in the hospitality industry is gaining high attraction with construction of new hotel, resorts, spa, and leisure facilities and is expected to reach around USD 315 million by 2026.
7. The commercial hand dryer market in the European region is witnessing high growth in regional markets such as the UK, Germany, and France, and these devices are witnessing fast gaining popularity among end-users.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, operation, application, distribution channel, and geography
• Competitive Landscape – 5 key vendors and 20 other vendors
Commercial Hand Dryer Market – Segmentation
• In terms of revenue, hot air hand dryers dominated the market with a share of over 51% in 2020. The segment is expected to record an incremental revenue of over USD 310 million during 2020−2026. The demand expects to grow rapidly in the APAC region owing to the rising hygiene concerns and the adoption of new technologies.
• Commercial hand dryers accounted for a share of approx. 27% in terms of revenue and volume in 2020. The retail hand dryers market expects to grow at a CAGR of approx. 9% in APAC between 2020 and 2026. Expansion of airports, coupled with metro and railway station development, is a significant factor boosting the adoption of hand dryers. The demand for long-distance rail transport has already grown and is anticipated to grow as the rail network develops in Europe and Asia.
• The global commercial hands-under dryer segment expects to reach over USD 950 million by 2026. The use of these dryers is safe, which expect to drive their application during the forecast period. Although hands-under dryers are mostly conventional products, increased emphasis on innovations and technological advances influences the market growth. A major factor affecting the growth is the introduction of automatic sensor-based dryers with heat advances.
Commercial Hand Dryer Market by Product
• Jet Air
• Hot Air
Commercial Hand Dryer Market by Operation
• Hands-in Dryer
• Hands-under Dryer
Commercial Hand Dryer Market by Application
• Commercial Spaces
• Corporate Spaces
• Government Spaces
Commercial Hand Dryer Market by Distribution
• Mass Market Players
• Specialty Stores
• Electronic Stores
Commercial Hand Dryer Market – Dynamics
The rapid technological evolution in the 21st century has increased the focus on the development of products and technologies that are environmental-friendly and less polluting. The emphasis on the development of eco-friendly technologies leads to the launch of innovative everyday consumable products. Commercial hand dryer vendors are majorly focusing on the development of environmental-friendly products in recent years. Although green technology is still in a nascent stage of development, it has prompted vendors to focus on sustainable, eco-friendly hand dryer products. The global commercial hand dryer market has witnessed the inclusion of the eco-friendly segment as its unique selling point in recent years. Several key players in the market promote their hand dryers as eco-friendly products in the market.
Key Drivers and Trends fueling Market Growth:
• Enhanced Focus on Hygiene Maintenance
• Partnerships with Hospitality Sector
• Growth in Product Innovation
• Rising Installations of Hand Dryers
Commercial Hand Dryer Market – Geography
The commercial hand dryer market in Europe is expected to witness a rise in demand due to the steady economic growth and high living standards of the population, leading to the maximization of infrastructure in the region. In addition to this, the market has witnessed the high adoption of new commercial hand dryer products in recent years. In addition, in recent years, the region has experienced an increased number of international tourists. This would prompt the region's hospitality industry and hotel owners to maintain hygiene and cleanliness at their premises. In an attempt to preserve bathroom hygiene, the commercial hand dryer functions as an essential item. In addition, in the longer term, its operating costs are cheaper than paper dispensers.
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Commercial Hand Dryer Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• Excel Dryer
• Mitsubishi Electric
• Rexnord (World Dryer)
Other Prominent Vendors
• ASI Group
• Askon Hygiene Products
• Bardley Corporation
• Comac Corporation
• Hokwang Industries
• Jaguar Group
• Jie Da Electrical
• Metlam Australia
• Palmer Fixture
• Stiebel Eltron
• Toshi Automatic Systems (TASPL)
• Sloan Valve Company
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Source: EIN Presswire