Dublin, March 09, 2022 (GLOBE NEWSWIRE) -- The "Commercial Laundry Machinery - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Commercial Laundry Machinery Market to Reach US$5.9 Billion by the Year 2026
The global market for Commercial Laundry Machinery estimated at US$4.2 Billion in the year 2021, is projected 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 machinery is used by laundromat operators, multi-housing laundries, ,coin-operated or self-service laundry units; vended laundry units for apartment buildings, dormitories, and academia; and on-premise laundries, intended for in-house laundry needs of commercial and industrial entities and hospitality sector, comprising hotels, restaurants, resorts, inns, and theme parks among others.
Washers, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR to reach US$2.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Commercial Dryers segment is readjusted to a revised 6.5% CAGR for the next 7-year period. This segment currently accounts for a 27.7% share of the global Commercial Laundry Machinery market.
The U.S. Market is Estimated at $1.3 Billion in 2021, While China is Forecast to Reach $638.1 Million by 2026
The Commercial Laundry Machinery market in the U.S. is estimated at US$1.3 Billion in the year 2021. The country currently accounts for a 32.09% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$638.1 Million in the year 2026 trailing a CAGR of 8.8% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.8% CAGR while Rest of European market (as defined in the study) will reach US$697 Million by the close of the analysis period.
Growth in the market will be driven by technology developments and the chief among them is the rise of IoT. Commercial washing machines are eventually going the IoT way, with the technological integration holding immense prospects for transforming these appliances and associated operations.
The technology is changing the way laundries operate while dramatically reducing inefficiencies and costs. Laundry operations are time-intensive and hectic to efficiently manage. However, the space is anticipated to get a notable makeover due to increasing incorporation of the IoT technology. In the recent years, commercial washing machines have evolved significantly and boast numerous advanced functions.
The IoT-connectivity is one of the key strokes that are expected to 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 is paving way for operational efficiency, cost savings and customer satisfaction.
Connected washing machines provide users with the opportunities to gain relevant information regarding operations, customers and maintenance. By providing real-time data regarding operations or concerns, the technology is anticipated to play an important role in assisting engineers in improving designs by leveraging experiences from customers.
Commercial washing machines with IoT connectivity present real-time usage data that can be exploited for understanding customer experiences and aiding interactions. On the other hand, the information to users provides them with the opportunity to gain insights into new updates and releases. Security updates, new features and even fixes can be downloaded into programming of the connected washing machine for extending its service life and contributing to sustainability efforts. These updates and features also hold high relevance for enhancing customer satisfaction and loyalty.
Latest commercial washing machines built on the IoT technology are capable of assisting users in tracking and monitoring data for specific operations like transactions, water temperature and maintenance alerts. In addition, customers using these machines get real-time notifications about the laundry activity, like machine availability.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Laundry: A Quickly Evolving Household Task That Has Become a Billion Dollar Industry
- Growing Global Opportunity for Laundry Services Creates a Parallel Market For Laundry Machines
- The Never-Ending "Race" Between the Virus & Vaccines Continues. Amidst this Chaotic Battle, Where is the World Economy Heading Now & Beyond?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Commercial Laundry Machinery: Definition, Overview & Benefits
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 147 Featured)
- Alliance Laundry Systems, LLC
- BOWE Textile Cleaning GmbH
- CMV Sharper Finish, Inc.
- Dexter Laundry
- EDRO Corporation
- Electrolux Professional AB
- Forenta LP
- Girbau S.A.
- IFB Appliances
- JLA Limited
- Kannegiesser E-Tech, Inc.
- Kenmore
- LG Electronics
- Miele Inc.
- Pellerin Milnor Corporation
- Unipress Corporation
- Whirlpool Corporation
3. MARKET TRENDS & DRIVERS
- Smart Laundry Equipment & Service Technologies Emerge Into the Spotlight
- IoT Enabled Commercial Washing Machines Bring the Promise of Revolutionizing Machine Operation & Laundry Service Provision
- Self-Service Laundry/ Laundromat/Coin-Operated Machines Grow in Popularity Fueled by the Pandemic's No Contact Norm
- The Service Sector Welcomes the Era of Self-Service Convenience
- Piggybacking on the Self-Service Trend, Laundromats/Coin Operated Laundry Machines Become Popular
- Contact-Less Laundry Services Pick Up Pace Amidst the Covid-19 Pandemic
- Cautious Recovery of the Travel, Hospitality/Hotel Industry in 2022 & Beyond Bodes Well for Market Growth
- Hotels & Hospitality Industry is the Largest End-User of Laundry Machines
- Hopes for Recovery, Although Volatile to Spur Growth in the Hotels/Hospitality End-Use Sector
- Focus on Sustainability Brings Eco-Friendly & Energy Efficient Laundry Machines & Laundry Chemicals into the Spotlight
- Sustainability Becomes More Important than Ever. Here's Why
- Carbon Footprint of the Laundry Industry Comes Under the Scanner
- How is the Laundry Industry Responding?
- Spurred On by Rising Healthcare Burden, Hospitals Emerge into the Fastest Growing End-Use Sector
- AI Makes Its Mark in the Laundry Industry. Here's How
- Multi-Housing Laundries Rise in Prominence
- Technology Innovations Remain Crucial for Sustained Growth
- Preventive Maintenance of Laundry Machines Storms Into the Spotlight
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/eg39wb
