Hand Dryers Market Size Worth reach $1.7 Billion
The global hand dryers market size is expected to reach USD 1.7 billion by 2025, expanding at a CAGR of xx% from 2019 to 2025, according to a new report by Grand View Research. A key factor contributing to the marketgrowth is decrease in oil and gasoline reserves. Over 464 gallons of oil and 42 gallons of gasoline are used to make one ton of paper towels. Hand dryers reduce the usage of gas and fuel and contribute towards greener solutions. Demand for these products is increasing as it helps in eliminating the mess caused by the usage of paper towels, thereby improving the restroom appearance.
One of the measures to reduce water wastage is to use hand dryers instead of paper towels. Approximately 7,000 gallons of water are used to make one ton of paper towels. The manufacturing process of hand dryers does not involve the usage of such a massive quantity of water. Demand for these products is expected to increase owing to elevating need to conserve water, coupled with increasing demand for reducing the expenditure associated with paper towels.
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Even in developing countries such as China and India, legislatures regarding environmental pollution and health and safety of workers are evolving at a rapid pace, owing to the global standardization of operations. The significant factors that are affecting the regulation change across the globe are the international initiatives that have been taking center stage in the international markets for quite some time now.
Europe accounts for the maximum market share as compared to other regions owing to availability of numerous hotels and restaurants. Moreover, the geographic span of the European continent is quite large consisting of several tourist attractions, which led to the hotel industry to flourish significantly.
Further key findings from the study suggest:
- Jet air dryers are estimated to continue their domination over the projected period owing to their extensive adoption across the globe. The segment accounted for the largest market share in 2018 and is expected to expand at the highest CAGR from 2019 to 2025
- Fully automatic hand dryers include least human intervention, which helps to increase efficiency and reduce operational costs. Thus, the fully automatic hand dryers segment accounts for the largest market share
- Wall mounted hand dryers offer ease of installation and operation, especially at public washrooms where space is a concern. In addition, wall mounted hand dryers are easy to maintain and effortlessly serviceable due to their mounting technique. All these factors are responsible for the greater adoption of wall mounted devices, accounting for a major market share
- The hotel and restaurants industry accounted for the largest market share in 2018. The shipment across the industry stood at 889.3 thousand units in 2018, dominating the entire hand dryers market
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Grand View Research has segmented the hand dryers market on the basis of product, operation, mounting technique, end-use industry, and region