New York, US, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Ice Makers Market Overview
According to a comprehensive research report by Market Research Future (MRFR),"The global Ice makers market will reach USD 3, 165.1 million at a 4.07% CAGR by 2030”.
Ice makers are widely used in the food service industry. Restaurants, bars, cafés, and hotels account for a sizable portion of ice maker sales. Ice makers are preferred by food service providers for a variety of alcoholic and non-alcoholic beverages. Clear ice is preferred in the food industry due to its aesthetic appearance; additionally, clear, bubble-free, and impurity-free ice melts slowly compared to conventional ice, limiting dilution of beverages. The increased consumption of mocktails and cocktails at corporate conferences, social gatherings, and concerts is also increasing ice maker sales in the catering food service industry. The booming foodservice industry will bolster market growth over the forecast period.
Key Players
Eminent industry players profiled in the global ice makers market report include,
- NewAir (US)
- Koller refrigeration & Equipment (Hong Kong)
- Cornelius Inc. (US)
- North Star Equipment (US)
- Welbilt Inc. (US)
- Direct Catering Products (England)
- Fagor Industrial (Spain)
- Hoshizaki Corporation (Japan)
- ITV Ice Maker (US)
- Marel. (Iceland) and Others.
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Increasing Adoption in Healthcare Industry to offer Robust Opportunities
The increasing adoption of ice makers in the healthcare industry will offer lucrative opportunities for this market in the forecast period. The expanding healthcare industry is driving the use of ice makers for healing and treatment purposes. These machines are used to produce safe and fresh ice for storing organs for an extended period of time. One of the key factors driving the ice maker industry demand is the increased use of ice in tissue, cold compression therapy, and organ transplantation. Increased demand for energy-efficient ice machines to reduce water and electricity consumption in the healthcare industry will accelerate market representation.
Ice Makers Market Restraints and Challenges
High Initial Investments to act as Market Restraint
The capacity, size, and cost of ice makers vary. Setting up a new ice maker manufacturing plant necessitates large initial investments as well as working capital. Installation and maintenance of ice maker production lines necessitate substantial working capital because the type of clear ice maker varies depending on the end users, which include restaurants, cafés, households, hospitals, & bars, among others. Aside from being an expensive endeavor, manufacturing an ice maker necessitates professional expertise and skilled labor. High manufacturing costs translate into high product prices, further impeding market growth. Furthermore, the need for flexible production lines to meet fluctuating demand for various types of ice makers necessitates large investments. As a result, the high initial investment & working capital required to establish a clear ice maker manufacturing plant is a major factor impeding the global Ice Makers Market's growth.
Ice Makers Market Segmentation
The global ice makers market has been bifurcated based on distribution channel, end use, and type.
By type, modular ice maker will lead the market over the forecast period.
By end use, commercial will domineer the market in the assessment period.
By distribution channel, store based will spearhead the market over the forecast period.
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Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: USD 3, 165.1 million |
| CAGR during 2022-2030 | 4.07% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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COVID-19 Analysis
The COVID-19 epidemic has had a negative impact on the Ice Maker business and is expected to continue to do so. There are numerous risks associated with the COVID-19 pandemic outbreak. COVID-19 spread throughout the world in 2020 and continues to have an impact on economic activity around the world. COVID-19 caused disruption and volatility in global capital markets, as well as a 2020 economic slowdown. The COVID-19 pandemic, as well as the resulting economic uncertainty, had a negative impact on the Ice Makers Market in most geographies and across a wide range of customers. In response to COVID-19, governments around the world have implemented measures such as travel bans, business closures, bans on group events and gatherings, shelter-in-place orders, curfews, and recommendations to practice social distancing. These restrictions have weakened activity and forced the temporary closure of manufacturing facilities.
Ice Makers Market Regional Analysis
North America to Lead Ice Makers Market
North America is expected to account for 35.64% of the global Ice Makers Market in 2021, with the market developing at a CAGR of 3.95%. The North American market, which includes the United States, Canada, and Mexico, is expected to account for a sizable share of the global Ice Makers Market during the review period. North America is a desirable market for ice maker manufacturers. The presence of a well-established foodservice industry with a large number of bars and restaurants is to blame for the regional market's growth. The growing consumption of alcoholic & other beverages, manufacturers' expanding product portfolios, and the presence of a diverse consumer base are driving regional market growth.
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Europe to Have Admirable Growth in Ice Makers Market
Europe is expected to account for 33.05% of the global Ice Makers Market in 2021, with the regional market growing at a CAGR of 4.20%. The Ice Makers Market in Europe is expected to grow during the assessment period due to factors such as rising home appliance spending and the introduction of premium products. Germany will be the largest country-level market in 2021, with a market share of 21.45%; the German market is expected to grow at a CAGR of 4.44%. France's market is expected to grow at the fastest rate of 4.59%, accounting for 15.16% of the European market in 2021. The UK, Italy, & Spain were the other significant country-level markets, accounting for 18.21%, 11.23%, & 8.13% of the European market, respectively. Furthermore, the growing pharmaceutical industry in Europe, where ice is used in several processes, is propelling the regional market forward
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