According to a new research, the global hand dryer market is expected to reach a value of USD 930.8 million by 2020, growing at a Compound Annual Growth Rate of 11.4% from 2014 to 2020.
The report on the global industry analysis, size, share, growth, trends and forecast, published by Transparency Market Research, describes two types of hand dryers used in the public washrooms — jet air hand dryers and hot (warm) air hand dryers. In 2013, hot air hand dryers accounted for the highest share of the market with 65.14%. This high demand is primarily attributed to the cost, which is generally less than that of jet air hand dryers. This market share is set to change in the future though with jet air hand dryer sales expected to grow at the highest CAGR of 12.0% from 2014 to 2020. This is primarily attributed to the rapid advancements in hand drying technology and an increasing demand for eco-friendly appliances.
Of the different end users, food processing & food service is the largest, followed by the hotel industry; this is expected to remain constant over the coming years. The demand for hand dryers in food processing and the food service industry is mainly supported by the increasing number of restaurants and fast food outlets in emerging regions such as the Asia Pacific and throughout the rest of the world. There is an increasing demand for hand dryers in office buildings, hospitals, railway stations and other public places as well.
Asia Pacific is followed by Europe in terms of volume shipment and the growth in Europe is attributed to a greater awareness of hygiene issues.