Ice Maker Market Worth $5 Billion by 2019
Expansion of fast food chains across the globe is primarily driving ice maker market growth
PUNE, India — The global ice maker market is forecast to be worth $5 billion by 2019, growing at a compound annual growth rate (CAGR) of 7.9 percent from 2014 to 2019, according to a research report now available from ReportsnReports.
Expansion of fast food chains across the globe is primarily driving ice maker market growth. The Americas dominate the global ice maker market, making up 38 percent of the total market share. Much of this region’s growth can be attributed to the presence of established supermarkets and retail chains. Ice makers are predominantly used in the food services and health care industries in this region.
According to the report, manufacturers are making major investments in various R&D approaches to increase the operational life of ice makers. Companies are experimenting with various types of evaporator plates to increase machine life and reliability. Recently, Hoshizaki has introduced plates made of stainless steel to increase durability. Vendors are also introducing machines that are waterproof and dirt and corrosion resistant, with UV disinfection.
Of the three types — ice cube, ice flake, and ice nugget — ice cube makers dominate the ice maker market, comprising around 39 percent of the total market. The rising number of restaurants across the globe has triggered the demand for ice cube makers. Besides residential and food services end-users, ice cubes are used in grocery stores for cold storage purposes. This is expected to be the fastest growing segment in the ice maker market during the forecast period, posting a market growth rate of 8 percent.
The key players in the global ice maker market include Hoshizaki, Ice-O-Matic, Manitowoc, and Scotsman. Competition in this market is based on brand recognition, quality of the product, innovation, performance, and price. Diversified vendors are considered to have a competitive advantage over other companies as they can offer a broad range of service at a competitive price.
More information on the report is available here.
Publication date: 10/23/2015