Worldwide hand dryer market is estimated to accrue over $1,930 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, increasing environmental concerns, burgeoning need to decrease energy consumption, and surging demand for energy efficient devices would positively favor hand dryer market over the predicted period. High adoption of hand dryers across shopping malls, hotels and restaurants, railway stations, airports, and commercial buildings has boosted the demand for hand dryers lately. Furthermore, the rising need to decrease operating costs and growing trend of energy efficient buildings would augment product demand over the forecast period.
Other factors impacting market growth include burgeoning need to decrease paper and water wastage, surging awareness, and technological enhancements. Moreover, growing vendor investment on technological advancement together with R&D further bolsters the hand dryer market size.
The report cites that the demand for energy efficient and innovative hand dryers has surged over the years, on account of amplifying energy concerns, and environmental consciousness worldwide. The growing awareness amid consumers pertaining to the use of smart and energy efficient devices further boosts the acceptance of hand dryers.
The findings of the report suggest that rising awareness about eco-friendly solutions, smart infrastructure, and the growing number of energy efficient buildings would promote the hand dryer market growth over the projected timeframe.
Speaking of the regional outlook, in 2017, Europe garnered the highest revenue in the global the hand dryer market. The regional growth can be attributed to surging awareness amid consumers about energy efficient gadgets, and the increasing expansion of energy efficient infrastructures. Indeed, consumers are installing hand dryers to decrease operating costs and boost energy efficiency. Various leading organizations operating in this business space have adopted expansion and partnership strategies to augment their share in the European market.
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The key players profiled in the hand dryer market encompass World Dryer Corporation, Saniflow Corporation, Bobrick Washroom Equipment, Bradley Corporation, Excel Dryer, Inc., Panasonic Corporation, American Dryer, Inc., Jaquar & Company Pvt Ltd, Mitsubishi Electric Corporation, and Dyson Ltd. The study reveals that these organizations introduce novel products and join forces with other market behemoths to innovate and introduce new products to suffice the rising demands of consumers.
The report provides exhaustive details regarding the global hand dryer market, giving insights into its drivers, opportunities, and restraints, along with summarizing the present market scenario and future trends. In addition, the report highlights key industry trends, Porter’s five forces, PEST analysis, competitive ranking analysis, ecosystem analysis, and value chain analysis over the estimated timeframe.