The device uses a 430mph blast from wings that are on the either side of the tap, drying hands in just 12 seconds.
The price of the device is put at 999 pounds which may put it out of the reach of most domestic users, Dysin said that he was confident it will be a success in the commercial sector as it can dry 15 people's hands for the cost of a single paper towel, the Telegraph reports.
Made from engineering-grade steel, the Airblade Tap is attached to a digital motor in a separate unit which also contains springs and silencers to minimise vibration and noise.
Dyson said that the Airblade Tap reduces drying time by a quarter, and its annual running costs are a fifth of those for a conventional hand dryer, the report said.
He claimed the new design was "sort of revolutionary", and said he hoped that even "hard-headed businessmen or women responsible for washroom budgets" would appreciate the cost savings and lower environmental impact, it added.
The taps include a picture of hands on the dryer "wings", but Sir James said that in trials, "people get it even without the diagram".
It will initially be aimed at commercial washrooms, but Sir James said that he also expected some domestic installations when the product becomes available later this year, the report added.