Magnetic Refrigeration Market: Summary
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.
Magnetic Refrigeration Market: Drivers & Challenges
- Growing Demand of Green Technology
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.
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.
Magnetic Refrigeration Market: Key Segments
- Segmentation based on Materials Type: Gadolinium and Dysprosium Alloys, Erbium, Germanium and Aluminum.
- Segmentation based on Components: Hot Heat Exchanger, Cold Heat Exchanger, Magneto Caloric Wheel and Others.
- Segmentation based on Product Types: Heat Pumps, Refrigeration Systems and Air Conditioning Systems.
- Segmentation based on End-Use: Logistic & Transportation, Healthcare, Aerospace, Food & Beverages, Commercial and Industrial.
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Magnetic Refrigeration Market: Report Scope
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.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Materials Type, Component, Product Type, Application and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- Camfridge Ltd. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- BASF SE
- VACUUMSCHMELZE GmbH & Co. KG
- Astronautics Corporation of America
- Qingdao Haier Co., Ltd.
- Whirlpool Corporation
- TOSHIBA CORPORATION
- Cooltech Applications
- Other Key Companies
Magnetic Refrigeration Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Magnetic Refrigeration Market, by Materials Type
- Gadolinium And Dysprosium Alloys
Magnetic Refrigeration Market, by Component
- Hot Heat Exchanger
- Cold Heat Exchanger
- Magneto Caloric Wheel
Magnetic Refrigeration Market, by Product Type
- Heat Pumps
- Refrigeration Systems
- Air Conditioning Systems
Magnetic Refrigeration Market, by Application
- Logistic & Transportation
- Food & Beverages
Magnetic Refrigeration Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Magnetic Refrigeration Market Providers
- Magnetic Refrigeration Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Magnetic Refrigeration Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE MAGNETIC REFRIGERATION MARKET STUDY