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According to the latest report by IMARC Group, titled “Ice Maker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global market reached a value of US$ 4.6 Billion in 2021. An ice maker refers to a consumer appliance that is used for preparing ice cubes. It is widely equipped in refrigerators or industrial machines for producing ice on a large scale. It is usually integrated with a condenser, compressor, electric motor, evaporator, expansion valve and heating elements. Some of the popular ice maker variants available include portable and countertop, built-in and undercounter, modular and self-contained machines. Due to the easy availability of the product via offline and online organized retail channels, it is gaining widespread prominence among the masses.
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Global Ice Maker Market Trends:
The global market is primarily driven by the rising demand for the product across the food and beverage (F&B) industry. This is supported by the escalating consumption of chilled non-alcoholic and alcoholic beverages among the masses. Along with this, significant growth in the hospitality sector and the proliferation of pubs and bars, full-service restaurants and quick-service food joints have provided a boost to the sales of ice makers across the globe. Moreover, the widespread utilization of the product for storing organs, vaccines and medicines in the healthcare industry is acting as another growth-inducing factor. In line with this, the increasing adoption of ice makers across biotechnology and genetic engineering laboratories for storing biological samples is further contributing to the market growth. Additionally, multiple leading players are heavily investing in incorporating innovative features with ice makers, which is creating a positive market outlook. Other factors, including continual technological advancements in the manufacturing processes, the increasing number of diagnostic centers and laboratories, continual improvements in the healthcare infrastructure and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, Looking forward, IMARC Group expects the market to reach US$ 6.1 Billion by 2027, exhibiting at a CAGR of 4.66% during 2022-2027.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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