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.
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