Commercial Dryer Market To Reach $3.9 Billion, Globally, By 2033 At 4.2% CAGR: Allied Market Research

(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Commercial Dryer Market by Product Type (Tumble Dryers, Condenser Dryers, Heat Pump Dryers and Vented Dryers), Fuel Type (Electric Dryers and Gas Dryers), and Application (Hospitality, Healthcare, Laundromats, Educational Institutions, Commercial Laundry Services and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the commercial dryer market was valued at $2.6 billion in 2023, and is estimated to reach $3.9 billion by 2033, growing at a CAGR of 4.2% from 2024 to 2033.

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Prime determinants of growth

The use of laundry dryers is highly prevalent in most of the western countries and developed countries. People in most developing countries across the world dry their clothes outside their houses, on balconies, verandas, and backyards using natural air and sunlight. However, there is a tremendous rise in pollution in such countries and drying clothes outside harms clothes by discoloration as well as adhesion of dirt, dust, and particulate matter. There is also the threat of small animals and birds soiling these clothes and sometimes leading to rips and tears in their clothes.

Commercial establishments such as hotels, hospitals, and laundry service providers extensively use laundry dryers in their day-to-day operations. Hotels and hospitals utilize many sheets, pillowcases, curtains, and blankets in a day. They need to be washed and dried daily as they have a limited supply of these types of bedding. It is essential for these establishments to make sure that the bedding and other items such as clothing and toiletries are properly washed and dried, and also that the process in quick and efficient. Hence, they make use of dryers to save time and obtain best results.

Report Coverage & details:

Report Coverage	Details
Forecast Period	2024-2033
Base Year	2023
Market Size in 2023	$2.6 billion
Market Size in 2033	$3.9 billion
CAGR	4.2%
No. of Pages in Report	270
Segment covered	Product Type, Fuel Type, Application, and Region
Drivers	Rapid increase in product innovations Rise in advertising through social media and digital marketing Increase in levels of pollution in developing regions
Opportunities	Increase in number of commercial establishments that require laundry dryers
Restraints	High costs and space constraints of laundry dryers 2 in 1 washers and dryers are restraining the growth of the market

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By Product Type

Tumble dryers segment to maintain its leadership status throughout the forecast period

By product type, the tumble dryers segment held the major share of the market share in 2023, accounting for more than one-third of the global commercial dryer market and is estimated to maintain its leadership status throughout the forecast period. Increasing urbanization and improved living standards drive the demand for tumble dryers. As more people move to urban areas, they seek convenient and efficient household appliances to save time and enhance their quality of life.

However, the vented dryer's segment is projected to manifest the highest CAGR of 5.1% from 2024 to 2033. Vented dryers are straightforward in design and operation, making them user-friendly and efficient.

By Fuel Type

Electric dryers segment to retain its dominance by 2033

Based on fuel type, electric dryers segment held the major share of the market in 2023, accounting for more than two fifth of the global commercial dryer market and is estimated to maintain its leadership status throughout the forecast period. Electric laundry dryers are the most popular type of laundry dryers. They are the most commonly used fryers in many parts of the world. Due to large penetration of electricity across the world and decreasing prices of electricity, electric laundry dryers are gaining more popularity.

However, the gas segment is projected to manifest the highest CAGR of 5.8% from 2024 to 2033. Gas powered laundry dryers are used less frequently as compared to electric dryers; however, they still hold a significant part of the market.

By Application

Laundromats segment to retain its dominance by 2033

Based on application, laundromats segment held the major share of the market in 2023, accounting for more than two-thirds of the global commercial dryer market and is estimated to maintain its leadership status throughout the forecast period. Technological advancements in commercial dryers are a significant driver for laundromats. Modern dryers come equipped with features such as smart controls, IoT integration, and advanced moisture sensors that enhance efficiency and user experience.

However, the healthcare segment is projected to manifest the highest CAGR of 5.4% from 2024 to 2033. Healthcare facilities are bound by strict hygiene and sanitation standards to prevent the spread of infections and maintain a sterile environment.

By Region

Europe to maintain its dominance by 2033

Based on region, Europe region held the highest market share in term of revenue in 2023, accounting for nearly two-fifth of the global commercial dryer market. The North American market is characterized by rapid technological advancements, with commercial dryers incorporating cutting-edge features such as IoT integration, smart sensors, and automation. These technologies enhance operational efficiency, reduce downtime through predictive maintenance, and offer remote monitoring and control capabilities.

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Leading Market Players

• AB Electrolux

• General Electric

• Aqualogic

• Alliance Laundry Systems

• Stefab

• IFB Industries

• Dexter Apache Holdings

• LG Electronics

• American Dryer

• Continental Girbau

The report analyzes these key players in the global commercial dryer market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Recent Key Strategies and Developments

• In July 2024, LG Electronics recently acquired an 80 percent stake in Athom, an industry-leading smart home platform company based in Enschede, Netherlands.

• In December 2023, Electrolux Professional Group to acquire Tosei Corporation, a leading Japanese manufacturer of professional laundry equipment and vacuum packing machines

• In January 2021, LG Acquires Controlling Stake in TV Data and Measurement Firm Alphonso.

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