International. The global ice machine market is projected to reach a value of $5 billion in 2019, growing at a compound annual growth rate (CAGR) of 7.9% in 2014 through 2019, according to a research report available on ReportsnReports.
The expansion of fast food chains across the globe is mainly driving the growth of the ice machine market. The Americas dominate the global market, accounting for 38% of the total market share. Much of this region's growth can be attributed to the presence of established supermarkets and retail chains. Ice makers are mainly used in the food service and healthcare industries in this region.
According to the report, manufacturers are investing heavily in various research and development approaches to increase the lifespan of ice machines. Companies are experimenting with different types of evaporator plates to increase the life and reliability of the machine. Recently, Hoshizaki has introduced stainless steel plates to increase its durability. Vendors are also introducing machines that are resistant to water, dirt and corrosion, with UV disinfection.
Of the three types – ice cubes, flake ice, and ice nugget – ice-producing machines dominate the market, which comprises about 39% of the total market. The growing number of restaurants around the world has skyrocketed the demand for ice-producing machines. In addition to residential and food services to end users, ice cubes are used in grocery stores for cold storage purposes. This is expected to be the fastest growing segment in the ice machine market during the forecast period, recording a market growth rate of 8%.
