The Undercounter Ice Makers Market is experiencing robust growth, driven primarily by the escalating demand from commercial establishments. These efficient ice-making units have become indispensable in restaurants, bars, and various other hospitality businesses, ensuring a constant and reliable supply of ice for diverse applications. As the hospitality industry continues to flourish and the number of food service establishments steadily rises, the market for undercounter ice makers is poised to witness substantial expansion in the foreseeable future.
In 2023, the global Undercounter Ice Makers market is anticipated to be worth US$ 774.5 million. The overall scope for undercounter ice makers market is expected to increase at a CAGR of 3.9% between 2023 and 2033, totaling roughly US$ 1,135.4 million by 2033, due to rising demand for premium and customised items.
One of the key drivers of the market growth is the increasing demand from commercial establishments. Undercounter ice makers are commonly used in restaurants, bars, and other commercial establishments that require a steady supply of ice. With the growth of the hospitality industry and the increasing number of food service establishments, the demand for undercounter ice makers is expected to grow significantly in the coming years.
The growing popularity of home bars and entertainment areas is accelerating the demand for Undercounter Ice Makers. Many homeowners are investing in home bars and entertainment areas, which often include an undercounter ice maker as a key component. With the increasing popularity of home entertainment, the demand for undercounter ice makers is expected to grow in the coming years.
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Another factor such as technological advancements is also expected to boost the market prospects. Undercounter ice makers are becoming increasingly advanced, with features such as touchless dispensing, built-in water filtration systems, and Wi-Fi connectivity. As these machines become more advanced and convenient to use, the demand for them is likely to increase.
The increasing emphasis on hygiene and safety is a major factor that is likely to create lucrative opportunities for market growth. With the ongoing COVID-19 pandemic, there is an increased emphasis on hygiene and safety in commercial and residential settings. Undercounter ice makers that feature built-in antimicrobial protection or touchless dispensing are likely to become more popular as consumers seek out products that help them maintain a safe and clean environment.
The increasing availability of financing options is anticipated to propel the growth of the market. Undercounter ice makers can be a significant investment for commercial and residential users. The increasing availability of financing options, such as leasing or instalment plans, makes it easier for consumers to purchase these machines and is likely to drive demand in the coming years.
Key Takeaways from the Market Study
- Global Undercounter Ice Makers Market was valued at US$ 745.4 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.2%.
- North America is expected to hold the highest CAGR of 3.8% during the forecast period.
- By equipment type, the self-contained unit segment is expected to constitute a CAGR of 3.8% in 2033.
- On the basis of distribution channels, the offline store’s segment is expected to dominate the market with a CAGR of 3.7% in 2033.
“Rising environmental awareness, as well as the increasing demand for convenience, are the major factors that are expected to propel the growth of the Undercounter Ice Makers market in the near future”, remarks an FMI analyst.
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Competitive Landscape
Prominent players in the undercounter ice makers market are Avallon, EdgeStar, Hestan, Ice-O-Matic, IMI Cornelius, KD Industries, Hoshizaki, Manitowoc, Scotsman, Snowsman, Summit, and Avanto Ice machines, among others.
- In 2021, Scotsman Ice Systems, a leading manufacturer of commercial ice machines, introduced a new line of undercounter ice machines, called the Essential Nugget and Essential Flaker series. These machines feature improved energy efficiency, antimicrobial technology, and simplified controls.
- In 2021, Manitowoc Ice, a global leader in ice machine manufacturing, announced several new under counter ice maker models, including the Indigo NXT and NEO models. These machines feature advanced technology like touchless dispensing, built-in water filtration, and programmable ice production.
- In the same year, Ice-O-Matic, a manufacturer of commercial ice machines and dispensers, introduced a new line of under-counter ice makers called the Elevation Series. These machines feature a modular design for easy installation and maintenance, as well as improved energy efficiency and reliability.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global Undercounter Ice Makers market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the Undercounter Ice Makers market, the market is segmented on the basis of equipment type (ice-making head, remote condensing unit, and self-contained unit), by ice maker type (continuous, and batch), by cooling media (air-cooled, and water-cooled), by distribution channel (offline stores, and online retail stores), across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Covered in the Undercounter Ice Makers Industry Analysis
By Equipment Type:
- Ice Making Head
- Remote Condensing Unit
- Self-Contained Unit
By Ice Maker Type:
- Continuous
- Nuggets
- Flakes
- Batch
By Cooling Media:
- Air Cooled
- Water Cooled
By Distribution Channel:
- Offline Stores
- Hypermarkets/Supermarkets
- Independent Store
- Multi-brand Store
- Specialty Stores
- Online Retail Stores
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