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Global Ice Maker Market Fostered by Thriving Healthcare Sector

Published on Oct 05, 2018

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:

  • Based on type, the market has been segmented as ice cube maker, ice flake maker and ice nugget maker. At present, ice cube maker accounts for the largest market share as it is used in innumerable food-service establishments.
  • On the basis of end-use, the market has been segregated as food service, retail, healthcare, residential and others. Amongst these, the food service sector exhibits a clear dominance in the market due to a rise in the consumption of fast food, especially among the youngsters.
  • Region-wise, North America is the biggest market, holding the majority of the market share. This can be attributed to an increase in the demand for commercial ice makers, specifically in the healthcare and food-service industries. Besides North America, other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
  • On assessing the import and export scenario of the market, it has been found that the United States represents the largest importer of ice maker, followed by Germany, France, United Kingdom and Canada. Whereas, China is the biggest exporter followed by Mexico, Italy, United States and Korea.
  • The competitive landscape of the market has also been evaluated with some of the major global players being Hoshizaki, Manitowoc, Scotsman, Whynter, Ice-O-Matic, Himalyan Equipment Manufacturing Co. (HEMCO), MaxxIce, Newair, Zhejiang Litian Industrial Co. Ltd., SPT, Changshu Lingke Electric Appliance Co. Ltd. and Cornelius.

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