Global Magnetic Refrigeration Market Overview with Demographic Data and Industry Growth Trends 2018-2026
Global Magnetic Refrigeration MarketBy Product {refrigeration systems (Refrigerators, Cabinet Display Freezers, Beverage Coolers, Ice Cream Cabinets), Air Conditioning Systems (Stationary Air Conditioners, Mobile Air Conditioners, Chillers)
Market Definition: Global Magnetic Refrigeration Market
Magnetic refrigeration is based on the principle of Magnetocaloric Effect (MCE). Magnetocaloric effect is a phenomenon where Magnetocaloric materials gets heated up when they are immersed in the magnetic field and cool down when removed from it, almost instantly. Magnetic refrigeration is safer, compact, and quieter and it is higher cooling efficient as compared to the traditional gas compression refrigeration. A series of the magnetization-demagnetization cycles to the magneto caloric alloys is applied in a magnetic refrigeration system.
Market Analysis: Global Magnetic Refrigeration Market
Global Magnetic Refrigeration Market is expected to rise from its initial estimated value of USD 23.71 billion in 2018 to an estimated value of USD 5669.09 billion by 2026, registering a CAGR of 98.3% in the forecast period of 2019-2026.This rise in market value can be attributed to the increasing concerns of parking amid growth in the number of refrigerators.
Competitive Analysis:
Global magnetic refrigeration market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of magnetic refrigeration market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Few of the major competitors currently working in the magnetic refrigeration market are Cooltech Applications (France), Camfridge Ltd (UK), Astronautics Corporation of America (US), Whirlpool Corporation (US), Haier lnc (China), BASF SE (Germany), eramet. (France), SAMSUNG (South Korea), Toshiba Corporation (Japan), VACUUMSCHMELZE GMBH & CO. KG (Germany), and Sigma-Aldrich Co. l(US ).
Market Drivers:
Low energy consumption by magnetic refrigeration systems is going to drive the growth of this market
Increasing focus on green technology is going to drive the growth of this market
Market Restraints:
High cost of equipment is expected to act as a restraint to the market growth
Lack of awareness regarding the benefits of magnetic refrigeration is also expected to act as a restraint to the market growth
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