According to Future Market Insights (FMI), the global air-cooled cube ice machine market is forecast to grow by 8% between 2023 and 2033, reaching USD 3.63 billion by 2033, estimates FMI. There was significant growth in sales between 2018 and 2022, growing at a CAGR of 5%.
Ice machines with air cooling are most commonly found under counters or built-in ice makers. Due to their energy-efficient properties and cost-effectiveness, air-cooled cube ice machines are expected to remain in high demand.
Stringent government regulations are also contributing to the market’s growth. For instance, the ENERGY STAR program was launched by the US Environmental Protection Agency to certify energy-efficient appliances based on the amount of energy they consume. An ENERGY STAR certificate is awarded to a significant number of air-cooled ice machines, which effectively means that the machines consume less energy than their less energy-efficient counterparts.
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Clean and temperature-controlled environments are the best environments for air-cooled ice machines. Due to this, air-cooled cube ice machines are becoming increasingly popular on the market. In order to combat the heat, companies are spending more on cooling equipment, which has led to a shift in spending patterns in the market. This leads to purchasing more specialized ice cube machines, air coolers, and other cooling devices.
Increased innovation and research are also responsible for developing highly sophisticated and affordable air-cooled ice cube machines. Changing consumer preferences and rising disposable income drive demand for innovative air-cooled cube ice machine components in the market.
Globally, research activity and technological developments have led to the production of inexpensive and innovative air-cooled cube ice machines. Additionally, demand for air-cooled cube ice machines is growing for floor-standing and under-counter machines.
As the market for air-cooled cube ice machines has grown in recent years, service companies in the market offering ice machine subscription programs have also grown in demand. Additionally, several governments are adopting these solutions to meet the growing demand for easy-to-use products.
Key Takeaways from the Market Study
- The global market size of air-cooled cube ice machines was valued at USD 1.6 million in 2022.
- The air-cooled cube ice machine s industry in the United States is anticipated to exhibit a market share of 18 % through 2023.
- According to forecasts, China will hold a CAGR of 4% share of the global air-cooled cube ice machine market by 2023.
- India’s air-cooled cube ice machine market is expected to grow rapidly over the forecast period, at a CAGR of 5.3%.
- According to estimates, the multi-brand store will be the dominant player in 2033 with 45% of market value.
“Energy savings and demand for innovative ice cube machines will boost demand for air-cooled cube ice machines in food & beverage sectors in years.” comments a Future Market Insights analyst.
Competitive Landscape
Air-cooled cube ice machine companies often acquire new companies through mergers and acquisitions. Markets with the fastest growth are attracting both new and existing investors and businesses. In addition to expanding into new regions, mergers & acquisitions are usually triggered by new opportunities.
In order to expand their business, purchasing new companies in new areas is a great way to extend their brand. Financial flexibility and a disciplined approach are essential components of a company’s long-term strategy for acquiring new businesses.
- Pentair Plc. announced in July 2022 that it had completed its previously announced acquisition of Manitowoc Ice from Welbilt, Inc. for $1.6 billion, pending customary adjustments. Ice makers manufactured by Manitowoc Ice are among the best on the market.
- The Manitowoc Ice company provides Pentair with a complementary global commercial footprint that expands the company’s global commercial footprint. With 800 employees and an installed base of about 1 million units, Pentair offers end-to-end water filtration and ice solutions to food service customers.
Key Companies Profiled
Snooker, Snowsman, Brema Ice Makers, Whirpool, Scotsman, IMI Cornelius, Manitowoc, Howe Corp., Ice-O-Matic, Danfoss AS, Follett.
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Key Segments Profiled in the Air Cooled Cube Ice Machine Market Industry Survey
By Installation Type
(Floor standing Machine, Under counter Machine, Countertop Machine)
By Equipment Type
(Ice Making Head, Remote Condensing Unit, Self Contained Unit)
By Component Type
(Compressor, Reciprocating Compressor, Scroll Compressor, Condenser, Expansion Device, Thermal Expansion Valves, Electronic Valves, Capillary Tubes, Evaporator, Heat Exchanger, Liquid line, Suction line)
By Distribution Channel
(Offline Stores, Multi Brand Stores, Independent Stores, Hypermarkets/ Supermarkets, Specialty Stores, Online Retail Stores)
By Region
(North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)
Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers’ shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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