The ice maker market is expected to grow by USD 1.05 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200909005528/en/
Technavio has announced its latest market research report titled Global Ice Maker Market 2020-2024 (Graphic: Business Wire)
Request challenges and opportunities influenced by COVID-19 pandemic Request a Free Sample Report on COVID-19 Impacts
The average spending by consumers at retail establishments such as supermarkets, hypermarkets, and convenience stores has increased significantly over the years. For instance, the expenditure by consumers in the US at supermarkets and grocery stores is expected to reach around USD 43 billion by the end of 2020. The increase in consumer spending is leading to the expansion of supermarket and hypermarket chains across the world. This is creating more floor space to accommodate food displays, a major area where ice flakes are used. Ice maker vendors in the market are leveraging this opportunity to develop high-quality and energy-efficient ice flake makers and expand their customer base. All these factors are contributing to the growth of the global ice maker market.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44402
As per Technavio, the growing applications of ice makers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Ice Maker Market: Growing Applications of Ice Makers
Ice makers find a large number of applications in various industries. For instance, in the healthcare industry, they are used in various critical applications such as storing organs and for rehabilitation procedures. They are also used in a number of biochemistry, microbiology, biotechnology, and genetic engineering laboratories to store biological samples. Similarly, in the food and beverage industry, ice makers are used in QSRs, juice bars, cafes, and bars that serve chilled beverages such as carbonated drinks, smoothies, cold drinks, juices, and shakes. The increasing use of ice makers across several applications is expected to fuel the growth of the global ice maker market during the forecast period.
"The rising popularity of cryotherapy and increase in the number of foodservice establishments will further boost market growth during the forecast period", says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Technavio's SUBSCRIPTION platform
Ice Maker Market: Segmentation Analysis
This market research report segments the ice maker market by Product (Ice cube, Ice flake, and Ice nugget), Geography (North America, Europe, APAC, South America, and MEA), and End-user (Foodservice, Retail, and Healthcare).
The North American region led the ice maker market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of key vendors in the region.
Technavio's sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200909005528/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/