Magnetic Refrigeration Market

Magnetic Refrigeration Market Size

[170+ Pages Research Reports] to surpass USD 23559.3 million by 2032  from USD 23.27 million in 2021 at a CAGR of 87.7% in the coming years, i.e., 2022-32.

Magnetic Refrigeration is a cooling technique that depends on the magnetocaloric effect. This method is used to competently reach the temperature ranges including extremely low temperatures found in regular refrigerators. When a magnetic field is applied, a magnetocaloric substance warms up. Changes in the material's intrinsic condition that release heat cause the warming. The material returns to its initial state after the magnetic field is taken away, reabsorbs the heat, and reaches its initial temperature. The material is allowed to radiate heat while it is heated by magnetization in order to achieve refrigeration. The material then cools down below its original temperature, removing the magnetic. Without a refrigerant, magnetic refrigeration has the potential to cut energy consumption by 30%.

Market Highlights

The Magnetic Refrigeration Market is expected to project a notable CAGR of 87.7% in 2032.

Magnetic Refrigeration to surpass USD 23559.3 million by 2032 from USD 23.27 million in 2021 at a CAGR of 87.7% in the coming years, i.e., 2022-32. Government measures to promote green technology are on the rise, and magnetic refrigeration technology's low maintenance costs, small size, and great energy efficiency are the main drivers propelling the Magnetic Refrigeration Market. The application of a magnetic field aligns the atom's magnetic moments, which results in a warming magnetocaloric effect. The magnetic refrigeration market is being driven forward by this component globally.

Magnetic Refrigeration Market: Segments

The Refrigeration Systems segment is expected to grow with a higher CAGR during 2022-32

Magnetic Refrigeration Market is categorized on the basis of Product Type into Heat Pumps, Refrigeration Systems, and Air Conditioning Systems. The refrigeration systems segment is anticipated to have a bigger market share. This is due to its widespread use in hotels, restaurants, retail outlets, and bakeries as well as its low energy consumption. The demand for freezers and coolers is growing as a result of rising temperatures and increasing COVID-19 cases across the nations, which are both driving up the segment growth.

The Commercial segment is expected to grow with a higher CAGR during 2022-32

Magnetic Refrigeration Market is categorized on the basis of Industry Vertical into Commercial, Automotive and Transportation, Food and Beverages, Healthcare, Chemical, and Others. The commercial application category had the largest market share in 2021, and it is anticipated to remain dominant throughout the forecast period. The global Magnetic Refrigeration Market is being driven by the fact that it saves energy, enhances the quality and safety of food with refrigeration maintenance, and lowers expensive emergency risks.

Market Dynamics

Growth Drivers: The Growing Government Support and Wide Use in the Food and Beverages Industry

Owing to the rising concern over pollution around the world, governments are making more efforts to promote the development of green technology, and these efforts are helping businesses reduce their carbon footprints. These factors are hence driving the global Magnetic Refrigeration Market. Other leading factors driving the Magnetic Refrigeration Market include the increased awareness of ozone layer depletion, which has led to tight regulations imposed for use of environmentally beneficial magnetic refrigeration systems, as well as the systems' associated energy efficiency. In contrast, this technology is also used in freezers, beverage coolers, and ice cream cabinets to preserve large quantities of food and beverages, which increases overall profitability in the food and beverage business.

Speedy Growth of Industrial and Commercial Sectors is Increasing the Adoption of Magnetic Refrigeration Technology

The key players in the Magnetic Refrigeration Market are experiencing significant growth due to the expanding use of magnetic refrigeration in commercial settings like offices, stores, and malls as well as the modern cooling technologies visible in beverage domestic or commercial fridges and coolers. In addition, it has a variety of industrial uses, including heat pumps and the storage of medications and vaccines in the healthcare sector. New opportunities for the magnetic refrigeration business will be opened up by the robust growth of the industrial and commercial magnetic refrigeration system, including shops, hotels, bakeries, and confectioneries.

Restraint: Low Awareness among Developing Economies about the Benefits Offered by the Technology

The Magnetic Refrigeration Market growth rate will be slowed down by the high initial cost of purchase. The lack of knowledge about the advantages of magnetic refrigeration technology in small and middle-class economies will further impede market expansion. There are a finite number of magnetocaloric materials that can be employed to make magnetic freezers. This would further hamper the growth of the market.

Recent Developments

• France Brevets, in January 2020, launched the licensed program Kione for a number of patents specifically related to magnetic refrigeration technology. The French firm specializes in the evaluation and protection of high-potential technological discoveries and the promotion of patents in Europe.
• High-speed magnetic centrifugal chillers (HSWA) were introduced in Mumbai in March 2019 by Trane, one of the industry leaders in HVAC systems. These chillers offer a steady working range that is 40% more than the AHRAE 90.1 Standard.
• To showcase its magnetic cooling technology, Camfridge Ltd. took part in a roadshow in the Zhejiang Province (China) in October 2019. A highly qualified audience made up of Chinese authorities, investors, businesses, entrepreneurs, and specialists attended the event.

Magnetic Refrigeration Market: Key Players

• Samsung

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• General Electric
• Toshiba Corp.
• BASF SE
• Haier Inc.
• Whirlpool Corp.
• Sigma-Aldrich Co.
• Eramet
• Astronautics Corp. America
• Camfridge Ltd.
• Cooltech Application
• VACUUMSCHMELZE GmbH & Co. KG
• Magnotherm Solutions
• Ubiblue
• AMT&C Group
• Other Prominent Players

Magnetic Refrigeration Market: Regions

Magnetic Refrigeration Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2021, Europe accounted for the larger market share for all magnetic refrigeration and is predicted to continue its dominance during the projected period as well.

The fact that it is replacing traditional techniques of data collection and also the existence of significant important market players in this region are two factors influencing the growth of the European market. Rising demand for refrigeration in logistics-related and frozen food applications, as well as initiatives to lessen global warming and ozone depletion by banning high GWP refrigerants, are all driving factors in the global Magnetic Refrigeration Market.

Impact of Covid-19 on the Magnetic Refrigeration Market

The need for magnetic refrigeration has decreased across the board since Covid-19 entered the global market since there are fewer or no needs from the industries. Restaurants, cafes, hotels, and other businesses have been forced to temporarily close due to the global lockdown. However, when these sectors go out of business, the early phases of a pandemic see a decrease in demand for freezers. Due to the ease with which governments have made it easier to open cafes and restaurants and also the slow growth rate of Covid-19 cases worldwide, the Magnetic Refrigeration Market is projected to experience rising demand in the upcoming years.

Magnetic Refrigeration Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Magnetic Refrigeration Market report also contains analysis on:

Magnetic Refrigeration Market Segments:

• By Product Type 
  • Heat Pumps
  • Refrigeration Systems
  • Air Conditioning Systems
• By Application 
  • Temperature Monitoring
  • Storage
  • Others
• By Industry Vertical
  • Commercial
  • Automotive and Transportation
  • Food and Beverages
  • Healthcare
  • Chemical
  • Others 
• Magnetic Refrigeration Market Dynamics
• Magnetic Refrigeration Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Magnetic Refrigeration Market Report Scope and Segmentation

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