Ice Maker Market

Ice Maker Market Outlook (2024 to 2034)

Worldwide revenue from the sales of ice makers is estimated to stand at US$ 4.04 billion in 2024 and is evaluated to increase at a CAGR of 3.9% to reach US$ 5.93 billion by 2034.

The use of smart technology in ice makers allows for remote diagnosis, control, and monitoring, which is one of the growing market trends. Smart features in smartphone applications or cloud-based platforms let users watch ice levels, change ice production parameters, and get alerts when maintenance is needed. In the market, customization has also been quite important. Customized ice cubes, nugget ice, and mimicking ice are becoming more popular in the foodservice and specialty beverage industries. Manufacturers are currently developing ice makers that generate diverse types of ice to satisfy a broad range of client preferences.

The market for processed food is expanding because of the growing consumer demand for healthful foods. Demand is further driven by the rising consumption of processed foods and drinks. Ice makers are becoming an ideal choice for hotels as they provide various sizes and shapes to serve beverages.

The growing need for refrigerators in residential as well as businesses is driving the worldwide refrigerator industry market growth. This is restricting the market expansion for ice makers. One of the main factors limiting the demand for ice makers is the growing usage of refrigerators in homes and businesses. Recent technological advancements and improved refrigerator quality are driving their sales but negatively affecting the demand growth for ice makers.

Report Attributes	Details
Ice Maker Market Size (2024E)	US$ 4.04 Billion
Forecasted Market Value (2034F)	US$ 5.93 Billion
Global Market Growth Rate (2024 to 2034)	3.9% CAGR
ASEAN Market Share in South Asia & Pacific (2024E)	15.4%
Western Europe Market Value (2024E)	US$ 440.5 Million
Industrial Segment Value (2024E)	US$ 1.69 Billion
Large Capacity Segment Value (2034F)	US$ 2.11 Billion
Key Companies Profiled	Hoshizaki Corporation; Manitowoc Ice; Cornelius Inc.; Whynter LLC; NewAir; Direct Catering Products Ltd; ITV Ice Makers; Howe Corporation

The ice makers market is gaining momentum with the widening range of commercial applications of ice makers in the food & beverage industry. The manufacturing and marketing strategies adopted by the leading market players active in the ice makers market depend on the versatility of end-user applications of ice makers in the food & beverage industry. Manufacturers are introducing a variety of categories of ice makers, which include cube-type ice makers, automatic commercial ice makers, batch-type ice makers, air-cooled ice makers, and water-cooled ice makers, to target a large number of end-users.

According to the Energy Star, a voluntary program introduced by the United States Environmental Protection Agency (EPA), the purchasing behavior of consumers is mainly driven by the end-user applications and energy efficiency of ice makers.

The energy efficiency of ice makers is becoming an important factor in influencing sales in developed economies such as the U.S. and Europe. Consumers are becoming more aware of the importance of improving the energy efficiency of food equipment, which also reduces the operating costs of equipment such as ice makers.

Taking into account the factors that are prominently driving the purchasing decisions of consumers, manufacturers, and distributors of ice makers are adopting innovative manufacturing and marketing strategies that reduce the energy consumption of ice makers. Thereby, the demand for energy-efficient and application-specific ice makers is expected to remain high in the food & beverage industry.

Future of Food Industry and Restaurants Industry Indicates Rising Demand for Ice Makers

Refrigerating systems are used in various industrial applications such as food preservation, distinct heating and cooling applications, medical processes, and energy-related applications. Taking into account the importance of industrial refrigeration processes, leading manufacturers in the ice makers market are making products for their specific commercial applications. Among all the other industries where ice makers are used, the QSR (quick service restaurant) industry remains the biggest end-user industry owing to the numerous food and beverage applications of ice makers.

Depending on the changing lifestyle and dietary habits of consumers, the number of food chains, restaurants, and cafes is likely to increase rapidly in the upcoming years. The growth parameters of the QSR industry will influence the expansion of the ice makers market shortly.

The National Restaurant Association stated that the restaurant industry witnessed sales of over US$ 683 billion across around 1 million locations in the year 2014. Later, with the improvements in the global economy, increased discretionary income, and a fast-paced consumer lifestyle, the restaurant industry grew at a rapid pace.

Excellent growth of the QSR industry is likely to augment the growth of the ice makers market. In addition, with the changing growth parameters of the food retailing sector and the increasing popularity of e-Commerce, the use of ice makers for food preservation is likely to upsurge in the next few years.

Wide Range of Commercial Applications Inducing Demand for Energy-efficient Ice Makers

Owing to the increasing demand for ice in food and beverage applications, demand for ice is likely to remain high among restaurants, bars, cafes, and other types of food chains. The rapid growth of the QSR (quick service restaurant) industry is further widening the range of commercial applications of ice makers, boosting the growth of the ice makers market.

Manufacturers are introducing a variety of ice makers according to the consumer needs associated with the types of ice, such as crushed, nugget, flaked, cubed, and diced ice. According to the food and beverage applications, manufacturers are producing ice makers to meet the exact needs of consumers.

As commercial applications of ice makers outnumber their non-commercial or residential applications, demand for ice makers with high capacities is more. Consumers are critical about their choice of the air compressor and cooling mechanisms of ice makers. Above all, due to the increasing electricity prices and environmental concerns, the energy consumption of ice makers remains the primary factor that influences consumers’ decisions the most.

Manufacturers are adopting technological solutions to optimize the use of electricity in ice makers and offer energy-efficient ice makers to attract a larger consumer base. Apart from producing energy-efficient ice makers, manufacturers in the ice makers market are offering ice maker accessories, such as ice scoops, ice totes, and ice caddies, to stand out in the cutthroat competition in the market.

Growing Investments in Finding Alternatives for HCFC to be an Emerging Trend in the Ice Maker Market

Hydrochlorofluorocarbons (HCFCs) are among the most extensively used refrigerants in air cooling systems as well as in refrigerating systems. However, HCFC-22 has been added to the list of Ozone-depleting substances by the EPA (the United States Environment Protection Agency). Under Section 609 of the Clean Air Act (CAA), the EPA has imposed some rules to control the release of HCFC-22 through refrigerating systems such as ice makers.

Not just in the United States, but the European Commission has developed some regulations and standards to limit the use and emission of HCFC-22. Both the EPA and European Commission have stated that the production and imports of HCFC-22 will be phased out completely, by 2020. Furthermore, the production, import, and use of HCFC-22 in ice makers will be banned by 2030, which have a huge impact on the development of the ice makers market.

Leading manufacturers in the ice makers market are making investments in their R&D capacities to discover environment-friendly alternatives to HCFCs. EPA allows the use of Ozone-friendly HCFCs and other eco-friendly alternatives of HCFC-22 in ice makers under its Significant New Alternatives Policy (SNAP). Also, increasing environmental awareness among consumers is influencing their purchasing decisions. Subsequently, manufacturers in the ice maker market are making efforts to produce eco-friendly and energy-efficient ice makers to attract more consumers.

This analytical research study imparts an all-inclusive assessment of the market while propounding historical intelligence, actionable insights, and industry-validated & statistically upheld market forecasts. A verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report have been delivered in weighted chapters. A thorough analysis has been offered by the report on

• Market Dynamics
• Market Size
• Market Segments
• Demand & Supply Trends
• Current Issues and Challenges
• Companies and Competitor Landscape
• Value Chain
• Technology

Regional Segments Analyzed Include

• North America
  • U.S.
  • Canada
• Latin America
  • Mexico
  • Brazil
• Western Europe
  • Germany
  • Italy
  • France
  • U.K
  • Spain
• Eastern Europe
  • Poland
  • Russia
• Asia Pacific
  • China
  • India
  • ASEAN
  • Australia & New Zealand
• Japan
• Middle East and Africa
  • GCC
  • S. Africa
  • N. Africa

Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessments by leading industry experts and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. The qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.

Segmentation of Ice Maker Market Research

• By Type :

  • Freestanding
  • Built-In
  • Countertop
  • Modular
  • Under-Counter

• By Application :

  • Residential
  • Commercial
  • Industrial

• By Production Capacity :

  • Small
  • Medium
  • Large

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa