Considering intense competition in the global hand dryers market, product innovation and introduction of differentiator products is what players in this market are striving for to gain competitive advantage, reports Transparency Market Research in a recent market study. Companies in this market are in general working to attain low noise objectives and integrate features that can prevent microbial growth in washrooms. For example, in November 2014, American Dryer patented its cold pharm clean technology. This helped the company to steal a march over its competitors, and also helped seal its innovation against piracy.
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Due to the high degree of competition, price wars are common among key players, says the lead analyst of the report. Established players tend to offer competitive prices and add-on services that will help them with customer loyalty. Besides this, new players seeking entry into the market need to have a strong distribution network. Nevertheless, fragmented vendor landscape will provide ample opportunities for new entrants in the market.
Key companies operating in the global hand dryers market include Dyson Ltd., Excel Dryer Inc., TOTO Ltd., World Dryer Corporation, American Dryer Inc., and Electric Corporation among others.
As per the report estimates, the global hand dryers market will clock a robust 12.3% CAGR over the forecast period between 2015 and 2023, for the market to become worth US$1385.7 mn by the end of 2023. The market was valued at US$497.4 mn in 2014. Among the key end-users, food processing and food services segment led the market in 2014. The segment is poised to display significant growth over the report’s forecast period. Among the key types, jet air dryers display the leading demand due to their design and functional features. Emerging nations such as India, Brazil, South Africa, and China in Asia Pacific and Rest of the World are anticipated to display substantial demand for hand dryers in the upcoming years.
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