The Global Magnetic Refrigeration Market is projected to reach a value of over USD 1.8 billion by 2027 at a CAGR of around 106.2%.
Magnetic refrigeration is refer to an environment friendly technology which is based upon magnetic solid. It is used for attain low temperature and common refrigerators temperature. It helps to improve device efficiency, reduce CO2 production with energy saving and its efficient. As well as it is one of the innovative, emerging and low carbon technology.
Hence, these will enhance the cooling technology with high energy efficiency and work as environmentally friendly refrigerants.
Market Driver:
With the growing demand of green technology is witness to increase the demand of the market as it consumes less power to eliminate the use of hazardous fluids. By this, it helps to increase the adoption for the emerging environmentally friendly technology and improve the market growth. Also, it has the potential to reduce energy use by 30% and required no refrigerant. However, it also has the capacity to decrease the operational and maintenance cost with the compared to compressor based refrigeration.
Furthermore, it advance the food industries, pharmaceutical and chemical for the storage purpose of food, medicine, food production and also retailing purpose.
Market Challenges:
One of the major key concern of the magnetic refrigeration market is high investment cost for the manufacturing the magnetic refrigerate alloy which will lead to hinder the growth of the market. Also, the magneto caloric materials are the rare earth materials, hence it present increase the disadvantages for the magnetic refrigeration market. Whereas, these materials are need to develop to allow large frequency of rotary magnetic refrigerators.
Hence, the change in temperature are also limited which may also hamper the growth of the market in the projected period.
The report on the magnetic refrigeration market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Materials Type, Component, Product Type, Application and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Magnetic Refrigeration Market, by Materials Type
Magnetic Refrigeration Market, by Component
Magnetic Refrigeration Market, by Product Type
Magnetic Refrigeration Market, by Application
Magnetic Refrigeration Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MAGNETIC REFRIGERATION MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY