Ice Maker Market size worth over $2.5bn by 2025
Published Date: November 7, 2019 Authors: Ankita Bhutani, Prasenjit Saha
Ice Maker Market size is set to surpass USD 2.5 billion by 2025; according to a new research report by Global Market Insights, Inc.
The growing construction & infrastructure industry across the globe is driving the market growth. The equipment is primarily used for the concrete cooling process in large construction projects such as hydro dams, nuclear power plants, and ready-mix. The increasing adoption of advanced as well as cost-effective healing technologies in the healthcare industry is expected to propel ice making machines market demand over the forecast timeline.
Several companies including Hoshizaki, Manitowoc Ice, and Follett are developing healthcare application-specific ice-making machines, attributing to the industry development. For instance, Manitowoc Ice has developed RFF2500A flake ice machine, which is specially designed for cold therapy/healthcare applications.
The rising trade of perishable goods in the European countries including the UK and Germany is expected to support the consumption of ice machines over the forecast timeline. The demand for marine transport refrigerated vessels is increasing rapidly across Asia Pacific due to growing maritime transport activities across the region. However, the lack of product awareness in economically stabilizing countries including India, Thailand, Brazil, and Vietnam is posing a challenge to the market development.
Growing demand for flake ice in industrial applications
Flake ice is primarily used in food processing and seafood & meat transportations. The increasing trade & transportation activities of seafood & meat products, majorly in Asia Pacific and European countries will drive the demand for commercial flake ice systems over the forecast timeline. Additionally, flake ice is gaining popularity in the chemical industry due to its quick melting properties, enabling the fastest heat transfer for sensitive chemical processes. It is utilized in the manufacturing of optical brighteners used in soaps, some colors of water soluble and azo dyes, and few herbicides. It is also used in chemical and dyestuff manufacturing applications that require rapid cooling and where the addition of ice to the product is not harmful. Moreover, flake ice is significantly used in the bakery industry for dough mixtures to minimize heating effects on yeast and other ingredients, supporting the ice maker market growth.
Growing consumer spending on leisure activities due to the rising household disposable income
Residential ice makers are used for household applications to produce ice in smaller quantities. Primarily, ice cube makers are used in residential applications to be served with beverages. Built-in or undercounter ice making systems are increasingly being deployed in residential kitchens due to their convenience, easy operability & installation, and less maintenance requirements. Consumers are increasingly spending on constructing residential bars to enhance the luxury of homes, supporting the adoption of household ice making systems to prepare ice cubes for beverages.
Browse key industry insights spread across 162 pages with 155 market data tables and 23 figures & charts from the report, “Ice Maker Market Size By Product (Ice Cubes, Ice Flakes, Ice Nuggets), By Application (Residential, Commercial [Food Service, Healthcare], Industrial), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Companies operating in the market share are focusing on the development of under counter/built-in ice maker systems that can be easily integrated into kitchens or home bars. For instance, in April 2019, FirstBuild announced the launch of its new Forge Clear Ice System, which is specially designed to produce clear ice. The system produces gem-shaped ice, which is then turned into sphere shape through heated press integrated into the system. Additionally, the rising consumer spending on leisure activities is expected to drive the demand for portable household ice maker systems.
Flourishing e-commerce industry in Asia Pacific
E-commerce is becoming India’s fastest growing and most dynamic channel for commercial transactions. The country’s e-commerce sector is anticipated to surpass the U.S. to become the second largest e-commerce market across the globe in the coming years. As per the data revealed by the International Trade Administration, the sector is expected to reach USD 64 billion by the end of 2020 and USD 200 billion by 2026. Foreign e-commerce companies are investing heavily in the Indian e-commerce sector to gain growth opportunities in the emerging Indian market. For instance, in August 2018, Walmart acquired the Indian e-commerce platform Flipkart for USD 16 billion. Similarly, in June 2019, Amazon announced an investment of around USD 28 billion in the Indian e-commerce market. The rapidly growing e-commerce sector along with increasing government initiatives in India will provide lucrative opportunities to players operating in the ice maker industry to introduce their products in the country.
The companies operating in the ice maker market are majorly focusing on developing energy-efficient products with natural refrigerants. For instance, in July 2019, Scotsman announced the launch of its new NW507 ice maker system under its EcoX series. The system utilizes R290 (Propane) gas, which has almost zero impact on both ozone depletion concerns and global warming concerns. The equipment manufacturing companies are offering products in various sizes and production capabilities to meet diversified customer requirements. Manufacturers are also offering comprehensive support systems and energy-efficient products. They are investing huge amounts in R&D activities to enhance operational efficiency and develop industry-specific products as per requirements.
Several services are offered by industry participants including equipment training, repair & maintenance, extended warranties & guarantees, parts & components, etc., to enhance customer satisfaction. Some of the key players in ice maker market share include North Star Ice Equipment Corporation, Whynter, LLC., Kold-Draft, ITV Ice Makers Inc., Howe Corporation, Brema Group S.p.A., AB Electrolux, Direct Catering Products Ltd., Manitowoc Ice, and Middleby Corporation.