Hand Dryers Market Valuation to reach US$1.5Bn by 2031, TMR Study

Rising demand for eco-friendly products in a bid to save on paper and power has emerged as key growth driver for global hand dryer market.

Hand dryers are products that help in drying wet hands. Functioning on the principle of air blowing technology, hand dryers have become common feature in washrooms at various commercial establishments such as shopping malls and hotels.

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Construction of novel, well-equipped hotels in prominent countries worldwide has witnessed a sharp rise in the last decade. As a result, the demand for hand dryers for wiping purposes has risen significantly and helped create revenue-generating opportunities for leading players in global market.

The global hand dryer market is expected to grow at a compound annual growth rate (CAGR) of 9% during the forecast period between 2021 and 2031. The global market valuation is estimated to reach US$1.5Bn at the end of the forecast period

Increasing Product Demand at Public Infrastructure Facilities Propels Global Hand Dryers Market

Leading governments globally are focusing on improving existing public infrastructure in key establishments such as bus terminus, train stations, and airports. This has fueled product demand and driven the growth in overall hand dryer market.

Increasing need to reduce operational expenditure in establishments such as shopping complexes and offices has fueled the demand for hand dryers and stimulated growth in global market.

Other factors such as rapid urbanization, especially in developing economies have also contributed to growth of overall hand dryers market.

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COVID-19 Pandemic Dents Growth in Overall Hand Dryers Market

COVID-19 pandemic negatively impacted several industries. The global hand dryer market also faced severe consequences due to the outbreak of the pandemic.

Imposition of strict regulations and lockdowns by governments in leading economies globally led to disruptions of key raw materials to produce hand dryers. In addition to this, manufacturing units were forced to function temporarily or shut down permanently due to social distancing regulations.

This led to reduced production of hand dryers, leading to lowered sales and demand, and market growth.

However, it is anticipated that manufacturing units will resume operations soon owing to most population sections receiving dual vaccinations as well as precautionary third dose which would positively impact sales and demand for hand dryers and trigger market growth.

Jet air product segment made the largest contribution, in terms of revenue, to overall hand dryers market because of increasing product demand from various non-residential establishments such as airports, restaurants, and hotels in prominent countries worldwide.

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Asia Pacific Emerges as Leader in Global Hand Dryer Market, North America Offers Profitable Growth Opportunities for Future

Increasing need to maintain hygiene in public places in countries such as India has helped Asia Pacific emerge as maximum revenue-generating region in global hand dryer market.

Ease of availability of key resources such as land and labor in Asia Pacific countries such as India could lead to prominent market players establishing production units in these countries, thereby helping hand dryer market growth in the region.

Growing construction of various outdoor facilities such as malls and stadiums in countries such as US and Canada could play a key role in North America emerging as dominant region in overall hand dryer market, in future.

New product launches could help create revenue-generating opportunities for prominent hand dryer market players and help gain a competitive edge over other players.

R&D undertakings could be key, revenue-generating growth strategy for leading players, in future.

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Prominent Player Presence Intensifies Competition in Global Hand Dryer Market

Presence of several well-established market players has ensured that competition in global market is intense. Few leading players include Mitsubishi Electric Corporation, Bradley Corporation, American Dryer LLC, and Dyson Ltd.

Collaboration with smaller players could assist prominent hand dryer market players expand their market presence and increase their revenue shares.

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