Ice Maker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
Ice maker, also known as ice machine or ice generator, refers to an industrial and consumer device which produces ice. It is made of various components which include an evaporator, compressor, condenser and throttle valve. An ice maker comes in various sizes ranging from small to big as per the requirement of the consumers. In the current scenario, they are being increasingly used all over the world across different sectors. According to the latest report by IMARC Group, titled “Ice Maker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global ice maker market reached a value of nearly US$ 4.1 Billion in 2017.
Ice Maker Market Share
The global ice maker market is being primarily driven by the rising need for ice makers in numerous microbiology, genetic engineering, biochemistry and biotechnology laboratories for storing biological samples. In addition to this, the growing need for ice makers in cold compression therapies is further propelling the growth of the market. Moreover, there is a rise in fast food chains owing to sedentary lifestyles and an increase in disposable incomes which has resulted in an augmented demand for ice makers. Looking forward, the market value is projected to exceed US$ 5.9 Billion by 2023, expanding at a CAGR of more than 6.2% during 2018-2023.
Based on the product type, the market has been segmented into ice cube maker, ice flake maker, ice nugget maker and others. Amongst these, ice cube makers holds the majority of the market share due to an increase in the demand from various foodservice establishments such as quick service restaurants.
The market has been further segregated on the basis of end use sectors which include food service, retail, healthcare and residential along with other sectors. Currently, food service dominates the market owing to the shift in consumer preferences towards fast food items.
Region-wise, The market has been segmented as North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. North America currently represents the largest market. This is due to a rapid rise in the demand for commercial ice makers in the healthcare and foodservice industries.
On assessing the import and export scenario of the market, it is found that the United States is the largest importer of ice makers followed by Germany, France, the United Kingdom and Canada. On the other hand, China represents the biggest exporter followed by Mexico, Italy, the United States and Korea.
The competitive landscape of the market has also been examined with some of the key players being Hoshizaki, Manitowoc, Scotsman, Whynter, Ice-O-Matic, Himalyan Equipment Manufacturing Co., MaxxIce, Newair, Zhejiang Litian Industrial Co. Ltd., SPT, Changshu Lingke Electric Appliance Co. Ltd., Cornelius.
This report provides a deep insight into the global ice maker market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the ice maker market in any manner.
Key Questions Answered in This Report:
How has the global ice maker market performed so far and how will it perform in the coming years?
What are the key regions in the global ice maker market?
Which are the popular product types in the global ice maker market?
What are the key application segments in the global ice maker market?
What are the import and export trends of the global ice maker market?
What are the various stages in the value chain of the global ice maker market?
What are the key driving factors and challenges in the global ice maker market?
What is the structure of the global ice maker market and who are the key players?
What is the degree of competition in the global ice maker market?
How is ice maker manufactured?