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In 2023, dominant market players including Hoshizaki Corporation, Manitowoc Ice, Scotsman Ice Systems, Follet corporation, Cornelius, Inc. collectively held 20% - 25% market share. As the market is highly fragmented, these industry leaders are actively engaged in strategic initiatives such as mergers & acquisitions, facility expansion, and partnerships to broaden their product portfolios, reach a wider customer base, and strengthen their market presence. These companies continuously invest in research & development to improve their products and incorporate new technologies, allowing them to stay ahead of the competition.
Major players operating in the ice maker industry are: