It was estimated prior to this unanticipated outbreak Ice Maker Market will reach CAGR of 6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Ice Maker Market Insights
Ice maker market is likely to witness a healthy CAGR of 6% during the forecast period. The prime factors that are contributing to the demand for ice makers are the rapidly growing food & beverage industry, growing demand for ice makers in the healthcare sector, increasing demand for household ice making systems, and good growth of e-commerce industry in Asia Pacific and Latin America.
Market Share Analysis
Ice Maker Market Share: By Product Type
Based on the product type, the market is segmented as ice cube maker, ice flake maker, and ice nugget maker. The ice cube maker segment dominated the market in 2019, due to its increased use of these machines in residential and commercial segments. Also, the consumption of ice cubes along with cold alcoholic & non-alcoholic beverages increases the product sales.
Ice Maker Market Share: By Application Type
Based on the application type, the ice maker market is segmented as residential, commercial, and industrial. By application type, the commercial segment leads the market as ice maker systems form an essential part of foodservice or hospitality establishments as they maintain a constant production of clean and frozen ice.
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