Hotel Ice Dispensers Market to Reach US$ 7,143.6 Million by 2033; Growing at a 6.8% CAGR | Future Market Insights, Inc. Study
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The North American Market for Hotel Ice Dispensers is Experiencing Significant Growth, as New Players and Products Continue to Enter the Market, Capturing a Substantial 40% Market Share in the Region. This Growth is Being Fueled by Rising Demand for Ice in the Food and Beverage Sector, Coupled With a Need for More Streamlined and Economical Solutions for Ice Production.
NEWARK, Del, April 26, 2023 (GLOBE NEWSWIRE) -- Global hotel ice dispenser market is likely to reach a valuation of US$ 3,700 million in 2023. According to Future Market Insights, the market is expected to grow at a 6.8% CAGR from 2023 to 2033, anticipated to be valued at US$ 7,143.6 million by the end of 2033.
Increase in electricity costs and environmental concerns, the energy consumption of ice makers is said to stay as the primary issue that might have the most influence on consumer decisions. The use of technology solutions by the manufacturers for optimizing electricity use in ice makers and introducing energy-efficient ice makers for attracting a bigger client base. This provides energy-efficient ice makers, and producers in the ice maker market offering ice maker accessories, like ice totes, ice scoops, and ice caddies, for distinguishing themselves from the intense rivalry of the market.
Manufacturing an ice maker requires some specialized work and professional knowledge, in addition to making it expensive. The rise in the costs of manufacturing results in an increase in product pricing, further constraining the expansion of the market. Huge expenditures are also necessary for creating flexible production lines that help in adaption to changes in consumer demand for different ice makers. As a result, one of the main factors hindering the growth of the ice maker market during the forecast period is the high initial investment and working capital that is needed to construct a clear ice maker manufacturing plant.
North America is said to dominate the ice maker market with maximum revenue share. The importance of penetration of ice in the food business, coffee shops, bars, and lounges acts as a major factor in the enlargement of the ice maker market. The regional market extension is expected to be driven by a raise in the adoption of modular kitchens with high-tech appliances in the commercial and residential sectors.
Key Takeaways from the Market Study
Hotel ice dispensers market grew at a CAGR of 5.8% from 2018 to 2022.
North American market for hotel ice dispensers holds 40% of the market share.
United Kingdom holds 22% of the European market share of the hotel ice dispenser market.
China leads the Asia Pacific market with 32% of the total market share.
Modular type of installation is said to dominate the market share.
Full-size cube shape of the ice is said to dominate the market share of the hotel ice dispenser market.
Some of The Important Developments of the Key Players in The Market Are:
In January 2023, Hoshizaki America Lancer Worldwide, and Jackson WWS will be exhibiting for the first time under the new name Hoshizaki Alliance at NAFEM next week in Orlando. The Hoshizaki Alliance members’ goal is to provide integrated solutions to customers through innovative quality products. There will be several new products from all three companies including the Lancer IBD Bold 30i beverage dispenser, Jackson’s NXP high and low temp under counters, and Hoshizaki’s new line of heated cabinets.
In March 2023, Accucold, a division of Felix Storch, Inc. (FSI), expanded its lineup of purpose-built vaccine refrigeration with the industry’s largest selection of cold storage equipment certified to the NSF/ANSI 456 Vaccine Storage Standard. Available in 9 sizes from 1 to 18 cu.ft., the Accucold Pharma-Vac Performance Series has been tested by an ANSI-accredited third-party laboratory to conform to the latest standard.
Some of the prominent players in the global hotel ice dispensers market are Suwhwea, Aoksee, Avantco Ice Machines, Cornelius, Follett Corporation, Hoshizaki, Ice-O-Matic, Manitowoc Ice, Scotsman Ice Systems, Servend, iceValet, Summit Appliances and others.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global hotel ice dispensers market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033. Key segments profiled in the hotel ice dispenser market as below.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
