IMARC Group’s recent report, entitled “Ice Maker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimated the global ice maker market reached a value of US$ 4.35 Billion in 2018. Ice maker, commonly known as an ice machine, may refer to both a stand-alone appliance and industrial machine which produce ice for both residential as well as commercial uses. Depending on the requirement of the consumer, it is available in different sizes, ranging from small to large. Some of the basic components which are used in the production of an ice maker include motor, valves, blades, thermostat, heater terminal, evaporator, condenser, compressor and throttle valve.
The global ice maker market is observing a positive growth on account of emerging demand from the healthcare industry. This can be accredited to the widening applications of ice in the industry, particularly for storing organs and assisting in rehabilitating procedures. Apart from this, ice maker finds diverse applications in biotechnology, microbiology, biochemistry and genetic engineering laboratories, for storing biological samples and necessitating transportation to other facilities. Moreover, the increasing popularity of cryotherapy (cold therapy) has resulted in the growth of the ice maker market. Furthermore, the demand for ice makers is proliferating in the fast-food sector due to constant growth in the industry as well as inflating incomes of the consumers. However, high initial investment acts as a major hindrance which is abstaining the growth of the market. Looking forward, the market is expanding at a CAGR of around 6% during 2019-2024, exhibiting a value of US$ 6.16 Billion by 2024.
Market Summary:
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