Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
An icemaker, ice generator, or ice machine may refer to either a consumer device for making ice found inside a home freezer, a stand-alone appliance for making ice, or an industrial machine for making ice on a large scale. The term ice machine usually refers to a stand-alone appliance. The basic components of an ice maker include condenser, evaporator, throttle valve, and a compressor. This device is used for making ice in the residential, commercial and industrial sectors. The increasingly sedentary lifestyle owing to the growing jobs in the service sector in emerging economies, including China and India, has led to the development and growth of fast-food chain restaurants and bars. Thus, the growing demand for storing predictable food and serving chilled beverages to customers has led to an increasing demand for products from the foodservice industry globally. Furthermore, the factors contributing to the demand for ice makers are the rapidly growing healthcare sector and the good growth of the e-commerce industry across the globe.
The increasing sedentary lifestyle owing to the growing jobs in the service sector in emerging economies like China and India, has led to the development and growth of the food service industry. The food service industry has evolved owing to the rise in the trend of eating away from home. The use of advanced techniques and technologies has also helped the food service providers increase their production and streamline their activities to enhance overall efficiency. The increase in the millennial working population, changing preferences for ready-to-eat foods, and the growing need for customized and newer food and chilled beverage options have propelled the demand for ice makers in the foodservice industry. Also, the growing demand for storing predictable food and serving chilled beverages to customers has led to increasing demand for products from the food service industry globally. The continuous population growth, rapid urbanization, and increasing disposable income are among the significant factors expected to positively influence the demand for ice makers globally. Besides, the increasing consumption of ice cubes in bars is likely to drive the market growth. The rising popularity of alcoholic beverages, such as whiskey, and an increasing number of people have started to opt for chilled drinks, thereby driving the ice maker demand. The icemaker is used to lower the whiskey's temperature a few notches, making it more palatable.
The increasing expenditure on the healthcare system by various governments across the globe in the wake of the recent coronavirus outbreak is expected to drive the demand for ice makers in hospitals. The expansion of the healthcare industry and growing investments in the public and private healthcare industries are projected to stimulate growth. One of the major factors propelling the industry's growth is the growing demand for ice in the healthcare sector to store organs and help with recovery procedures. Ice is used for organ storage, as if the cells and tissues of the organ breakdown too much, the organ will not function properly, or at all. To slow the breakdown, organs are rinsed with a preservation solution and cooled to a temperature between 32-9 degrees Fahrenheit. This process delays the breakdown of cells and creates a window of time during which the organ can be outside of the body without causing irreversible damage. Further, the growing healthcare industry is fuelling the adoption of ice makers for healing and treatment applications. The increasing utilization of ice in cold therapy is one of the major factors augmenting the ice maker’s industry.
However, the high price of the product restrains market growth. For instance, the pellet ice makers on the market are made for commercial settings like restaurants and gas stations. As such, they have to produce enough ice to satisfy hundreds of customers a day. That kind of capacity calls for a large, heavy, well-insulated machine, which imposes a substantial material cost.
Raw material shortage is one of the major challenging factors in the Ice maker market. Fluctuations in raw material prices and disruptions in the supply chain due to the pandemic restrict the growth of the market. The global shortage of raw materials has led to supply bottlenecks across all sectors.
The report provides in-depth analysis of the global Ice maker market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for different ice maker in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2023-2029.
The global Ice maker market comprises of different market segments like type, source, application and geography.
On the basis of type, the ice maker market includes
Cube ice maker type segment held a significant share in the ice maker market in 2022. A cubed ice is a small piece of ice. Ice cubes are products of mechanical refrigeration and are usually produced to cool beverages. Cubed ice is generally available at convenience or grocery stores. The cost of cubed ice or bagged ice is generally pretty cheap, and this may vary based on the size of the bags. Shaved ice machine that use cubed ice are very easy to maintain, and they shave ice fairly quickly. A cubed ice maker machine is an excellent ice maker for a residential and commercial application. It can help to prepare a variety of foods, from salads and sandwiches to drinks and beverages. Residential cube ice makers are is more in demand now. They are like a kitchen appliance dedicated to making a large amount of ice in the comfort of home. It is a simple solution for ice-making in the home. The home ice maker is installed in the kitchen, much like a refrigerator, dishwasher, or range would be – except smaller, of course – and it is always there, automatically taking care of your ice needs. Increasing demand for automatic ice maker machine has led to significant growth of the global cube ice maker market in the forecast period.
The condensing units used in ice makers are
Air cooled condensing unit segment held a significant share in ice maker market in 2022. The air-cooled condenser is an extremely hot refrigerant vapor that cools and turns back into a high-pressure liquid. An air-cooled ice machine uses a fan internally to cool the unit. It takes in air from the surrounding environment to cool the condenser and other areas of the refrigeration system. Further, a water-cooled ice segment is expected to register the fastest growth. Air-cooled ice makers work best in a clean, temperature-controlled environment. Air cooled ice machine production is dependent on the environment it is in. Air cooled ice machine work best in clean, temperature-controlled environments. When used in hot environments, the already warm air passing over the condenser coils will not remove as much heat as cooler air, thus slowing down the rate at which the machine can produce ice.
The different applications of Ice maker are
The food services segment dominated the market and accounted for a highest market share. The growing food service industry drives the demand for ice maker. The growing hotel and quick service restaurant industries are expected to drive the market. Quick service restaurants and fast-food restaurants have evolved as major providers of this mass-produced food, which has been attracting an increasing number of people towards experiencing and enjoying their services. Thus, the growing food service industry expected to drive the market. In 2019, the hotel and quick service restaurant industries increased at a rate of 7% globally. In 2016, a survey carried out among Americans aged 18 years and older determined how frequently they eat at quick-service restaurants. 20% of the respondents said they dine out at quick-service restaurants once per week, while 18% stated that they dine out several times per week.
The global Ice maker market is studied for the following regions
Asia Pacific is anticipated to witness increasing demand for Ice maker. The Asia-Pacific ice makers Market is projected to register a CAGR of 6.04% during the forecast period 2023-2029. This region primarily includes countries like China, India and Japan. The Asia Pacific region is expected to witness the fastest growth over the forecast period due to population growth, rapid urbanization, and increasing purchasing power of a large portion of the population in developing countries, which are some of the major factors driving the expansion of the ice makers' market. According to the report, Asia has the 3rd highest population growth rate of 0.83% for 2020, below Africa and Oceania. Western Asia is the fastest-growing sub region in Asia. Also, 1 July 2021, the population of Asia is projected at almost 4.68 billion or 4,680 million or 4,679,660,580 people. Changing consumer lifestyles, rising disposable incomes, and the need to stockpile perishable products such as groceries are some of the factors that keep the industry moving forward. Large fast-food chains are increasingly using this product, leading to the industry’s growth around the world. Besides, rising living standards along with the rapid development of the restaurant and fast food service industries in the region are boosting the growth of the ice machine industry.
The repercussions of the pandemic have been described in detail in this report. The varied observations made by the Axiom market researchers provide accurate information about each point surrounding the growth of the Ice maker market. Report provides complete analysis of changes in the global market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, and GDP and marketing strategies of key players present in the market. COVID-19 has various impact in different countries depending on their cultural norms, mitigation efforts, and health infrastructure. The economies in low and middle-income countries is affected negatively due to loss of income, the shutdown of business, human and goods movement restrictions imposed by governments, de-globalization and breakdown of markets because of both demand shocks and supply constrain. During the lockdown, the Ice maker manufacturers followed a series of mandates and procedures to battle the crisis and keep a healthy workplace environment. However, the Ice maker market is gaining a lot of momentum across the globe owing to the ease of lockdowns due to a decrease in the number of COVID-19 cases. After the third wave of COVID-19, some countries have lifted stringent regulations aimed at providing lucrative growth opportunities for market players. Also, key market manufacturers are adopting various marketing strategies, such as product innovation, regional expansion and new product launches to sustain the competitive market and meet the changing trends. Adopting such strategic marketing policies by various key players is anticipated to contribute towards the growth of the market in the past COVID-19 era.
The competitive landscape analysis of Ice maker market is primarily focused on expanding the global growth of Ice maker industry through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Ice maker sector, which has led to growing demand for the market. Besides, the market offers a range of products in different application to fulfil the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
September 2022: Shenzhen Brother Ice System (ICESTA) has successfully tested the First one-stop Integrated Ground Refrigeration Supply System for High-speed Rail Project, which consists of (316L stainless steel) flake ice plants with automatic ice storage & delivery & Slurry ice mixing system.
September 2022: CBFI has opened a new ice plant with 50T flake ice rake automatic system. The project is located in Morocco. Morocco is extremely rich in fishery resources. The export of sardines ranks first in the world, and it is the largest fish-producing country in Africa. The solution system we provide to customers integrates automatic ice making, ice storage.
On the basis of type, the ice maker market includes cube, tube ice, flake ice, and block ice. Cube ice maker is expected to dominate the market over the forecast period. The condensing units used in ice makers are air-cooled, water-cooled, and remotely cooled. Air cooled condensing units are anticipated to lead the market, the gaining majority of the market share in 2022 and is expected to maintain their dominance over the estimated time period. Ice maker finds its application in food service, healthcare, the chemical industry and others. Food services are expected to gain increasing demand for Ice maker over the estimated time period. The global Ice maker market is studied for the following regions: North America, Europe, Asia-Pacific and the Rest of the World (RoW). Asia-Pacific is anticipated to witness increasing demand for Ice maker owing to presence to well established market players.
| Market Sizing for Year: | 2019-2029 |
| Base Year: | 2022 |
| Forecast Period: | 2023-2029 |
| Value: | USD Million |
| Market Segment studied: | Type Condensing Unit Type Application |
| Market Players and its Competitors: | A&V Refrigeration Patkol Morris and Associates Fujian Snowman CBFI Focusun RECOM AB Electrolux Ali Group BREMA GROUP S.p.A. Hoshizaki Corporation Gurdev Icecans Refrigeration Industries Chirag Ice Factory Pvt Limited Mello ZIEGRA Eismaschinen GmbH Middleby Corporation Shenzhen Brother Ice System Icetro America Manitowoc Ice |
FREQUENTLY ASKED QUESTIONS
What are the drivers for Ice maker market?
The key driving factors of the market is increase in adaptation of ice makers in healthcare industry.
Which is the leading application segment for Ice maker market?
food services has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2023-2029)?
Asia Pacific is expected to gain major market share during the forecast period (2023-2029).
