The global hand dryers market is expected to reach USD 1.59 billion by 2024 with shipments reaching 7,175.6 thousand units. owing to its increasing adoption in various end-use industries including hotels and restaurants, office buildings, educational institutes, shopping & commercial complex and multiplexes, railway station, and airports. The ecological and economic benefits offered by hand dryers are also anticipated to fuel the product adoption.
The escalating demands for eco-friendly devices which facilitate power and paper saving is also expected to favor the industry growth significantly over the forecast period. The rising demand for energy efficient technology, paired with the mounting need to lower the operational expenditure, particularly in office buildings as well as shopping & commercial complexes, is expected to drive the industry growth over next eight years.
The infrastructure development, primarily in the emerging economies including India, Brazil, and China, may offer additional growth opportunities. The surge in the number of hotels, restaurants, and fast food chains worldwide is another factor contributing to the increasing product adoption. The upward trend of smart infrastructure is also expected to offer avenues for the market development.
The high initial installation cost of these devices as compared to that of paper towels is one of the prominent factors hindering the adoption of hand dryers over the coming years. Noise pollution generated by the operation of these devices may pose a challenge to the market growth in the end-use segments such as hospitals.
North America hand dryers market by product, 2008 - 2024 (USD Million)
The jet air segment accounted for more than 50% of the overall share in 2015 (in terms of volume) and is estimated to grow at a CAGR of more than 13.0% over the forecast period. This can be primarily attributed to the increasing installation at airports, hotels and restaurants, office buildings, and shopping complexes. The high cost associated with jet air as compared to hot air variants may hinder the product demand in the near future.
In terms of volume, the hot air segment is estimated to exhibit a CAGR of more than 14.0% over the next eight years. This can be attributed to the increasing installation, particularly in public restrooms, schools, shopping malls, and educational institutes, owing to its low cost. The rise in consumer income and the growing awareness regarding the benefits offered by these products is anticipated to contribute favorably to the rising adoption.
The fully automatic segment accounted for over 80% of the overall revenue share in 2015 which is estimated to increase over the coming years, owing to better convenience and user satisfaction offered by these products. Fully automatic devices do not require any human touch to operate, thereby minimizing human efforts, which is the prime factor driving growth in this segment.
The manual on - automatic off segment is estimated to witness a moderate growth over the next few years. The growth would be driven by price sensitive regions.
Mounting Technique Insights
The wall mounted hand dryers demand is expected to grow at a CAGR exceeding 14.0% over the forecast period, owing to the less space occupancy offered by these devices. Space occupancy concerns have significantly driven the adoption of hand dryers, particularly in compact restrooms with high traffic. The industry is witnessing an increasing adoption of wall mounted products in order to overcome the abovementioned issue.
The surface mounted demand is estimated to witness a CAGR of over 12.0% over the forecast period, which can be attributed to the easy installation associated with these devices.
End-Use Industries Insights
The hotel and restaurant end-use segment accounted for more than 40% of the overall market share, which is estimated to increase over the forecast period. This can be attributed to the rapid growth in the hospitality industry on account of surge in the number of restaurants, pubs, and hotels paired with the increasing tourism activities worldwide.
In terms of revenue, the hospital segment is estimated to exhibit CAGR exceeding 11.0% over the next eight years, owing to the growing hygiene concerns and cost-effectiveness offered by hand dryers. The reducing maintenance cost and energy conservation are further anticipated to favor the segment growth over the next few years.
The hand dryers demand in the shopping & commercial complex and multiplex segment is estimated to grow at a CAGR exceeding 14.0% over the next few years due to the increasing emphasis by complex owners to lower the operating expenditure along with the use of environment-friendly devices. Additionally, the reduction in paper waste and government initiatives for clean and easy maintained public toilets is also anticipated to drive the product demand in this segment.
The European hand dryers market is anticipated to be a major regional segment owing to the growing adoption of eco-friendly, hassle-free, and cost effective devices. This region accounted for over 35% of the overall revenue share and is estimated to grow at a CAGR of more than 10% over the forecast period.
The demand in Asia Pacific is estimated to show robust growth on account of the developing infrastructure in countries including China, India, and Thailand coupled with the increasing awareness of the benefits of using technologically advanced devices. Furthermore, the elevating demand for smart infrastructure may also propel the hand dryers’ adoption in the region.
The North American hand dryers market is expected to show a substantial development over the forecast period owing to the snowballing adoption in hotels, offices, restaurants, airports, railway stations, hospitals, malls, and educational institutes on account of the rising environmental concerns. The growing tourism industry and infrastructure development are anticipated to drive growth in the Middle East and Latin America.
Competitive Market Share Insights
The notable industry participants include American Dryer Inc., Dyson Ltd., Electrostar, Euronics Industries, Excel Dryer, Jaquar Group, Mitsubishi Electric Corporation, Panasonic Corporation, Saniflow Hand Dryer Corporation, Bobrick Washroom Equipment Inc., SPL Limited, Taishan Jieda Electrical Industrial Co. Ltd., Toto Ltd., and World Dryer Corporation.
Manufacturers increasingly emphasize on providing technology solutions that increase efficiency, reduce energy consumption, and are low on maintenance cost. Prominent players in the industry are investing heavily in R&D in order to develop innovative products in an attempt to obtain competitive edge.
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