Commercial laundry equipment includes washing machines, dryers, finished products folders, commercial washers, and drying cabinets that are used in hospitals, hospitality industries, healthcare facilities, and laundromats. Commercial laundry equipment helps in washing large volumes of linen and clothing such as hospital gowns, bedsheets, towels, uniforms, and more. The growing healthcare industry due to rising incidences of diseases and increasing number of hospitals is fueling the demand for commercial laundry equipment.
The global Commercial Laundry Equipment Market is estimated to be valued at US$ 1.04 Bn in 2024 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing healthcare industry due to rising incidences of diseases and increasing number of hospitals is the key driver of the commercial laundry equipment market. As the demand for hygienic and clean hospital linen rises with increasing patient pool in hospitals, the demand for commercial laundry equipment also rises. According to World Health Organization, by 2030, worldwide spending on healthcare is estimated to reach US$ 8.7 trillion. This rapid growth of the healthcare industry will fuel the demand for commercial laundry equipment over the forecast period.
Another driver is stringent regulations regarding hygiene and infection control in the healthcare and hospitality industries. Regulatory bodies such as the Center for Disease Control and Prevention (CDC) have issued guidelines regarding use of clean and sterilized linen and garments in hospitals and hotels. This is propelling the demand for commercial laundry equipment that can efficiently process large volumes of linen and achieve the desired hygiene standards.
SWOT Analysis
Strength: Commercial laundry equipment is highly efficient and reduces operational costs significantly. Many machines offer connectivity features through apps and dashboards allowing to track performance remotely. Equipment durability allows long term usage lowering replacement and maintenance costs.
Weakness: High initial investment requirements act as a barrier for small businesses. Laundry equipment needs dedicated space and utility connections increasing installation complexities. Require skilled technicians for repairs and servicing.
Opportunity: Growth in hospitality sector worldwide is driving demand from hotels, restaurants, and cafes. Rise in urban population is increasing need for coin-operated laundromats. Technology upgrades allow remote monitoring and predictive maintenance reducing downtime.
Threats: Volatility in raw material prices can increase equipment costs impacting demand. Growing preference for online cloth delivery services threatens commercial laundries. Shift to reusable and environment-friendly fabrics poses challenges.
Key Takeaways
The global Commercial Laundry Equipment Market Demand is expected to witness high growth over the forecast period supported by increasing penetration in developing regions.
Regional Analysis: The Asia Pacific region currently dominates the market and is expected to retain its position throughout the forecast period driven by rapid urbanization and tourism industry growth in countries such as China, India. Europe and North America are also major regional markets supported by developed laundry infrastructure and replacement demand.
Key players operating in the commercial laundry equipment market are Medtronic plc, Abbott Laboratories, Boston Scientific Corporation, Biotronik SE & Co. KG, MicroPort Scientific Corporation, LivaNova PLC, Nihon Kohden Corporation, Schiller AG, Johnson & Johnson, GE Healthcare.
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