According to a new report published by Allied Market Research, titled, “Hand Dryer Market by Type, End User, and Mode of Operation: Global Opportunity Analysis and Industry Forecast, 2020–2031,”. The global hand dryer market size was valued at $781.5 million in 2020, and is projected to reach $3,100.1 million by 2031, registering a CAGR of 12.9% from 2022 to 2031. The global hand dryer market is expected to witness a V-shaped recovery during the post-pandemic period. However, an upward trend has been noticed in the revenue of the key market players in the fourth quarter of 2020-2021.
Increase in technological advancements, adoption of new innovation in hand dryers in rising economies, eco-friendly technology, product customizations, and one-time investment drive the growth of the hand dryer market. Europe contributed to the highest share in 2020. However, Asia-Pacific is expected to dominate the market share in terms of revenue by 2031.
The report offers detailed segmentation of the global hand dryer market based on type, end user, mode of operation, and region. Based on type, the jet hand dryer segment held the highest market share in 2020, accounting for nearly two-thirds of the total market share, and is projected to maintain its leadership status during the forecast period. However, the hot hand dryer segment is estimated to grow at the fastest CAGR of 13.3% from 2022 to 2031.
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Based on end-The end user segment is classified into hotels, hospitals, food processing & service industries, commercial complexes, office buildings, and others. In 2020, the food processing & service industry segment was the largest segment, in terms of revenue, with a market share of more than 30%.
Based on region, Europe contributed to the highest share in 2020, accounting for nearly one-third of the total share. However, Asia-Pacific is projected to manifest the largest CAGR of 13.3% during the forecast period.
The outbreak of the Covid-19 pandemic had a slightly positive impact on the global hand dryer market. Automatic hand dryers provide a contactless hand-drying experience, which helps to greatly reduce infection spread, thus increasing the demand for hand dryers in the market. An upward trend has been noticed in the revenue of the key market players in the fourth quarter of 2020-2021.
Leading players of the global hand dryer market discussed in the research include American Dryer Inc, Mitsubishi Electric Corporation, AB Electrolux, Dyson Ltd, Hokwang Industries Co. Ltd, Panasonic Corporation, Excel Dryer, Inc, HygenEco Systems, LLC (Bio JetDrier), Palmer Fixture, and World Dryer Corporation.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current hand dryer market trends, estimations, and dynamics of the market size from 2020 to 2031 to identify the prevailing opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing hand dryer market opportunities.
- Drivers and restraints are analyzed depending on type in the hand dryers industry.
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