According to a new market research report "Magnetic Refrigeration Market, by Product (Refrigeration, Air conditioning, Heat pumps), Application (Domestic, Commercial, Transportation & Industrial) & Geography - Global forecast to 2020", the magnetic refrigeration market is expected to reach USD 315.7 Million by 2022, growing at a CAGR of 98.7% between 2017 and 2022.
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Increasing concerns regarding the use of refrigerants that are ozone depleting and have a high global warming potential in refrigeration and air conditioning systems are expected to provide various growth opportunities for the magnetic refrigeration market. A magnetic refrigeration system’s simple design, low maintenance cost, green technology, and higher energy efficiency are some of the attributes which are likely to fuel the growth of the magnetic refrigeration market in the coming years. The magnetic refrigeration technology can replace the conventional refrigeration systems that are used in refrigerant based compressor systems in all refrigeration and air conditioning products such as refrigerators, cabinet displays, freezers, beverage coolers, stationary & portable air conditioners, and heat pumps.
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Magnetic refrigeration is a cooling technology which applies the magnetocaloric effect (MCE). The magnetic refrigeration technology does not involve the use of refrigerants and its coefficient of performance (COP) is estimated to be higher than that of a conventional refrigeration system. The market for magnetic refrigeration technology is expected to witness growth as the latter is more energy-efficient, uses no toxic or environmentally-harmful fluids, has a compact design for portable applications, and entails a lower maintenance cost. The magnetic refrigeration market has been segmented based on product (refrigeration, air conditioning, and heat pumps), application (domestic, commercial, transportation, and industrial) and geography.
The overall magnetic refrigeration market has been segmented based on product, application, and geography. The magnetic refrigeration market for commercial applications is expected to grow at an estimated CAGR of 82.7% between 2017 and 2022.
Geographically, the magnetic refrigeration market has been segmented into North America (the U.S., Canada, and Mexico), Europe (Germany, the U.K., France, Italy, and Spain), APAC (China, Japan, India, South Korea, and Australia), South America (Brazil, Argentina, and Others) and the Rest of the world (Africa and the Middle East). The European market for magnetic refrigeration is expected to account for a market share of ~52% in 2016 and is estimated to grow at a CAGR of 87.3% between 2017 and 2022. The studied market in the APAC region is expected to grow at the highest rate of 139.5% between 2017 and 2022.
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Some of the key players in the magnetic refrigeration market include Cooltech Applications (France), Camfridge Ltd (U.K.), Astronautics Corporation of America (U.S), Whirlpool Corporation (U.S.), General Electric CO. (U.S.), Qingdao Haier Co., Ltd (China), BASF SE (Germany), Eramet SA (France), Sigma-Aldrich Corporation (U.S.), Samsung Electronics Co., Ltd (South Korea), and Toshiba Corporation (Japan).
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