The global ice maker market reached a value of US$ 4.35 Billion in 2018. An ice maker, also known as an ice generator or ice machine, is an appliance that is used for producing ice in both the residential and commercial sectors. It is manufactured using various components, which include motors, compressors, condensers, evaporators, throttle valves and heating elements. Among these, the compressor cold compresses the low-pressure vapor to high-pressure vapor and directs it to the condenser. The condenser helps in condensing the high-pressure vapor into the high-pressure liquid, which is then drained out through the throttle valve. The liquid is then sent towards the evaporator wherein heat exchange takes place and results in the formation of ice.
One of the significant factors catalyzing the market growth include the rising demand for ice in the healthcare sector for storing organs and aiding rehabilitation procedures. Besides this, ice makers are also utilized in microbiology, biochemistry, biotechnology and genetic engineering laboratories to store biological samples and assist the transportation of these samples to other facilities. The growing popularity of cryotherapy (cold therapy) is further impelling the market growth. Additionally, there is an increase in the demand for the product in the food and beverage (F&B) industry, owing to the burgeoning sales of processed foods and inflating income levels of the individuals. This escalation in demand can also be accredited to the easy availability of ice makers in different sizes, depending on the requirements of the consumers. Looking forward, IMARC Group expects the market value to reach US$ 6.16 Billion by 2024, at a CAGR of around 6% during 2019-2024.
Breakup by Product Type:
Ice cube maker represents the most preferred product type as it produces rhomboid cubes which are utilized in various restaurants.
Breakup by End Use Sector:
At present, ice makers find myriad applications in the foodservice sector. This can be attributed to the rise in the frequency of eating-out at cafes, hotels and restaurants by the urban populace.
On the geographical front, North America represents the largest market. On assessing the import and export scenario of the market, it is found that the United States represents the largest importer of ice makers, whereas China is the biggest exporter.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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