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The ice maker market share is expected to increase by USD 2.36 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8.99%.
This ice maker market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers ice maker market segmentations by product (ice cube, ice flake, and ice nugget), end-user (foodservice, retail, and healthcare), and geography (North America, Europe, APAC, South America, and MEA). The ice maker market report also offers information on several market vendors, including AB Electrolux, Biolab Scientific Ltd., Bionics Scientific Technologies (P) Ltd., Blue Star Ltd., Danfoss AS, Haier Smart Home Co. LTD., HOSHIZAKI Corp., Howe Corp., The Middleby Corp., and Whirlpool Corp. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growth in organized retail is notably driving the ice maker market growth, although factors such as phasing out of refrigerants may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ice makert industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Ice Maker Market Driver
The growth in organized retail is one of the key factors driving the growth of the global ice maker market. The increase in consumer spending at supermarkets and grocery stores has triggered the expansion of such store formats around the world. People are spending more at retail establishments such as supermarkets, convenience stores, and hypermarkets. The growth in consumers' spending at these retail outlets has influenced the various retail brands to expand. For instance, in March 2021, Samsung Electronics launched a 4-door flex refrigerator with a dual auto ice maker. The product comprises two separate ice makers that make regular cubed ice and smaller ice bites simultaneously. Such product development is expected to accelerate the workflow in restaurants, hotels, and food services. Supermarkets, hypermarkets, and convenience stores are expanding and are increasingly investing in better technologies to provide chilled food that is safe for consumers. The average size of retail stores is expected to increase for creating more floor space to accommodate food displays, a major area where ice flakes are used. The ice maker vendors can leverage this as an opportunity and develop high-quality and energy-efficient ice flake makers to accelerate growth.
Key Ice Maker Market Trend
The increasing focus on energy-efficient ice makers will fuel the global ice maker market growth. The end-users of the ice maker are largely inclining toward energy-efficient ice makers. Thus, the vendors are also focusing more on developing those technologies, which make the equipment ENERGY STAR qualified. For instance, Scotsman Ice Machines' ice cube maker model CU3030 PRODIGY is certified by the ENERGY STAR. The company claims that CU3030 PRODIGY saves up to 15% energy as compared with the standard ice makers, and on average, the equipment saves up to $198 annually. The vendors are also focusing on developing newer technologies to make the ice makers more energy efficient. For instance, Howe provides a programmable clock timer, which can be set up for ice flake makers to run longer time on the days when complete de-icing is required and run a shorter time when only a smaller quantity is needed, resulting in energy savings.
Key Ice Maker Market Challenge
The phasing out of refrigerants is a major challenge for the global ice maker market growth. Ice makers manufactured by the vendors are specifically designed and developed to make the equipment sustainable and efficient, and the refrigerants used in the ice makers have great significance. The US Environmental Protection Agency (EPA) has plans to phase out certain refrigerants that are contributing to global warming. Refrigerant R-22 is set to phase out from the US in 2020. R-22, which is an HCFC refrigerant, is readily used in the foodservice industry and has been linked to ozone depletion, and comes under intense scrutiny. The EPA has planned to phase out the R-22 manufacturing and importing in the US by allowing only around 10 million pounds in 2018, around five million pounds in 2019, and no new or imported R-22 allowed in 2020. While vendors are working on these challenges, it can consume significant time and resources owing to the problems of feasibility and economic justification. For instance, Hoshizaki is concerned regarding the volatility of R-290 and its effect on service technicians, who will be working on the units and their transport.
This ice maker market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global ice maker market as a part of the global household appliances market within the global household durables industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the ice maker market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the ice maker market encompasses successful business strategies deployed by the key vendors. The ice maker market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The ice maker market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the ice maker market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global household appliances market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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