DUBLIN, March 9, 2022 /PRNewswire/ — The “Commercial Laundry Machinery – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
Global commercial laundry machine market to reach US$5.9 billion by 2026
Global Commercial Laundry Machines Market Estimated at US$4.2 billion in 2021, is expected to reach a revised size of US$5.9 billion by 2026, growing at a CAGR of 6.6% over the analysis period.
Commercial laundry machines are used by laundromat operators, multi-unit laundries, coin or self-service laundromats; coin-operated laundry units for apartment buildings, dormitories and universities; and on-site laundromats, catering to the in-house laundry needs of commercial and industrial entities and the hospitality industry, including hotels, restaurants, resorts, hostels, and theme parks, among others.
Washing Machines, one of the segments analyzed in the report, is expected to grow at a CAGR of 5.6% to reach US$2.6 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the commercial clothes dryer segment is readjusted at a revised CAGR of 6.5% for the next 7-year period. This segment currently accounts for a 27.7% share of the global commercial laundry machine market.
The US market is estimated at $1.3 billion in 2021, when China is expected to reach $638.1 million by 2026
The commercial laundry machine market in the United States is estimated at US$1.3 billion in 2021. The country currently accounts for a 32.09% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$638.1 million in 2026 with a CAGR of 8.8% over the analysis period.
Other notable geographic markets include Japan and Canada, each predicting growth of 4.8% and 6% respectively over the analysis period. In Europe, Germany is expected to grow at around 5.8% CAGR while the rest of the European market (as defined in the study) will reach US$697 million at the end of the analysis period.
Market growth will be driven by technological developments and chief among them is the rise of IoT. Commercial washing machines are eventually taking the IoT route, with technology integration offering immense prospects for transforming these devices and associated operations.
The technology is changing the way laundries operate while dramatically reducing inefficiencies and costs. Laundry operations are time-consuming and difficult to manage efficiently. However, the space is expected to get a makeover due to the increasing integration of IoT technology. In recent years, professional washing machines have evolved considerably and have many advanced functions.
IoT connectivity is one of the key elements that should further support their evolution and improve functionality. Powered by IoT, these machines are capable of supporting real-time updates, remote monitoring, predictive maintenance and data transfer to the cloud. Seamless connectivity paves the way for operational efficiency, cost savings and customer satisfaction.
Connected washing machines offer users the opportunity to obtain relevant information regarding operations, customers and maintenance. By providing real-time data regarding operations or concerns, technology is expected to play an important role in helping engineers improve designs by leveraging customer experiences.
Commercial washing machines with IoT connectivity present real-time usage data that can be leveraged to understand customer experiences and facilitate interactions. On the other hand, the information provided to users allows them to have an overview of new updates and versions. Security updates, new features and even patches can be uploaded to the connected washing machine’s programming to extend its lifespan and contribute to sustainability efforts. These updates and features are also very relevant to improve customer satisfaction and loyalty.
The latest commercial washing machines built on IoT technology are capable of helping users track and monitor data for specific operations such as transactions, water temperature, and maintenance alerts. Additionally, customers using these machines receive real-time notifications about laundry activity, such as machine availability.
Main topics covered:
1. MARKET OVERVIEW
- Laundry: A Fast-Changing Household Task That Has Become a Billion-Dollar Industry
- Growing global opportunities for laundry services are creating a parallel market for washing machines
- The endless “race” between the virus and vaccines continues. In the midst of this chaotic battle, where is the global economy going now and beyond?
- Divided storylines unfold: The great vaccine divide emerges
- Commercial laundry machines: definition, overview and benefits
- Recent market activity
2. FOCUS ON CERTAIN PLAYERS (Total 147 featured)
- Alliance Laundry Systems, LLC
- BOWE Textile Cleaning GmbH
- CMV SharperFinish, Inc.
- Dexter Laundry
- EDRO Company
- Electrolux Professional AB
- Forenta LP
- Girbau S.A.
- IFB devices
- JLA limited
- Kannegiesser E-Tech, Inc.
- LG Electronics
- Miele inc.
- Corporation Pellerin Milnor
- Unipress Corporation
- Whirlpool Corporation
3. MARKET TRENDS AND DRIVERS
- Smart laundry equipment and service technologies emerge into the spotlight
- IoT-enabled commercial washing machines promise to revolutionize machine operation and laundry service delivery
- Self-service laundromats, laundromats and coin-operated machines are growing in popularity, fueled by the pandemic’s no-touch standard
- The service sector welcomes the era of self-service convenience
- Building on the self-service trend, coin-operated laundromats/washing machines are becoming popular
- Contactless laundry services are ramping up amid the Covid-19 pandemic
- The cautious recovery of the travel, hospitality and hospitality industry in 2022 and beyond bodes well for the growth of the market
- The hotel and hospitality industry is the largest end user of washing machines
- Hopes for recovery, albeit volatile to drive growth in hotel and hospitality end-use sector
- Focus on sustainability showcases eco-friendly, energy-efficient washing machines and laundry chemicals
- Sustainability is becoming more important than ever. here’s why
- The laundry industry’s carbon footprint goes under the scanner
- How is the laundry industry reacting?
- Boosted by Rising Healthcare Burden, Hospitals Emerge into Fastest Growing End-Use Industry
- AI is making its mark in the laundry industry. here’s how
- Multi-unit laundries are gaining in importance
- Technological innovations remain crucial for sustained growth
- The preventive maintenance of washing machines comes into play
4. GLOBAL MARKET OUTLOOK
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/vep3fz
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SOURCE Research and Markets