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Pulished Date April, 2021
ID: 9894
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Magnetic Refrigeration Market Segmentation By Product (Refrigeration Systems, Air Conditioning Systems, and Heat Pumps), By Application (Domestic, Commercial, Transportation and Industrial), By Industry (Food & Beverage Processing, Storage, and Healthcare) and Region & Industry Forecast | 2021 to 2026

Pulished: April, 2021
ID: 9894
Pages: 175

Market Overview

The Global Magnetic Refrigeration Market is anticipated to grow in a significant way during the forecast period. It is estimated that the target market is growing to get valued around USD 2092.54 million by 2027 from USD 9.42 million in 2021, registering a CAGR of around 104.25% from 2021 to 2027.

Magnetic refrigeration technology is the cooling technique that is based on the effect of magnetocaloric. This technology is employed to attain the temperatures that are extremely low, as well as the ranges that are used in common refrigerators.

At present, the applications of these magnetic refrigeration technologies are very less, as are only utilized in the biological research centers because of its ultra-low operating temperature. However, the magnetic refrigeration systems are fully becoming commercialized over the coming years.

Recent Developments

  • Magnetic Refrigeration is getting forged ahead with the launch of the program of Cooltech’s patents, where the first licensee is the Ubiblue.
  • Cooltech Applications, one of the key players in the Global Magnetic Refrigeration Market, has announced that they are entering into the partnership with Carrefour, which is a leading supermarket chain, for installing a fully equipped magnetic cooling display cabinet at the head office of Carrefour.

Drivers and Restraints of Magnetic Refrigeration Market

The growing adoption of Magnetic refrigeration in various developed regions, owing to this technology being higher efficiency, environmental sustainability, and having a large temperature range when compared to the other counterparts that are conventional, is the major factor that was driving the growth of the Global Magnetic Refrigeration Market. Moreover, rising concerns about the ozone layer depletion and the implementation of strict guidelines for the usage of safe & environment-friendly refrigeration systems is propelling the adoption of these technologies, which is resulting in one of the major driving factors for the target market's growth.

Also, another factor pushing the growth of the magnetic refrigeration market is these refrigeration systems being lightweight, lower cost, and having the high life cycle of the magnetic refrigeration products.

However, the high expenses that are involved in the business of the equipment are the major restraint that was hampering the growth of the Global Magnetic Refrigeration Market. In addition, the lack of awareness about the benefits that are offered by the usage of magnetic refrigeration is another factor that was limiting the adoption of this technology, which is turning into a hindering factor for the target market's growth.

Nonetheless, rapid penetration of the magnetic refrigeration system owing to its free from harmful refrigerants is creating lucrative growth opportunities for the expansion of the players in the Global Magnetic Refrigeration Market.

Impact of COVID-19 on the Magnetic Refrigeration Market

The impact of the outbreak of coronavirus has affected the conditions of the Magnetic Refrigeration Market in a harsh way. This affects the pandemic is because of the slowed down economies of various nations owing to the lock-downs in various nations. The limiting spendable income of the consumers, all around the world, coupled with the high prices of the equipment of this technology is limiting the growth of the market. However, growing strategic initiatives of the players in the market are the sustainable factor of the magnetic refrigeration market.

Market Segmentation of Magnetic Refrigeration Market

Based on the type of Product, the global Magnetic Refrigeration market is segmented into Refrigeration Systems, Air Conditioning Systems, and Heat Pumps. The Refrigeration Systems segment is sub-segmented into Refrigerators, Cabinet Displays, Freezers, Beverage Coolers, and Ice Cream Cabinets. And the Air Conditioning Systems segment is sub-segmented into Stationary Air Conditioners, Mobile Air Conditioners, and Chillers.

And on the End-user, the global Magnetic Refrigeration market is segmented into Food & Beverage Processing, Storage, and Healthcare.

On the application segmentation, the global Magnetic Refrigeration market is segmented as Domestic, Commercial, Transportation, and Industrial. The Transportation segment is sub-segmented into Logistics, Automotive, Aerospace, and Marine. And the Industrial segment is su-segmented into Food & Beverage's Processing & Storage and Healthcare.

Magnetic Refrigeration Market Region wise analysis

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

In the regional analysis of the Global Magnetic Refrigeration Market, the Western Europe is one of the growing markets and is also estimated to continue its dominance over the forecast period. Moreover, the North America Magnetic Refrigeration Market is the market that is expected to emerge as a potential and fastest-growing region for the growth of the market. The expansion of the target market and its high growth rate are attributed to the stringent refrigerant regulation that is getting implemented by the governments in this region. And, Asia-Pacific market is another regional market that is witnessing the growth and is expected to contribute very highly to the global magnetic refrigeration business because of the high demand for the magnetic refrigeration technologies in the areas. In the country-wise outlook, the magnetic refrigeration market in the US is expected to have growth opportunities, whereas, the other countries like Japan, Germany, the U.K, China, Canada, Brazil, Italy, France, and India are also estimated to be expanded in the coming years. Further, the growing significance of this technology in the regions such as North America and Europe is propelling the global magnetic refrigeration market.

Key Players of Magnetic Refrigeration Market

The key players of the Global Magnetic Refrigeration Market includes Cooltech Applications (France), Camfridge Ltd (UK), Astronautics Corporation of America (US), Whirlpool Corporation (US), Qingdao Haier Co. Ltd. (China), BASF SE (Germany), Eramet S.A. (France), Samsung Electronics Co., Ltd. (South Korea), Toshiba Corporation (Japan), VACUUMSCHMELZE GMBH & CO. KG (Germany), and Sigma-Aldrich Corporation (US).

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Magnetic Refrigeration Market, By Product           

                    6.1.1 Refrigeration Systems        

                    6.1.2 Air Conditioning Systems   

                    6.1.3 Heat Pumps   

                    6.1.4 Market Size Estimations & Forecasts (2019-2024)        

                    6.1.5 Y-o-Y Growth Rate Analysis         

                    6.1.6 Market Attractiveness Index         

          6.2 Magnetic Refrigeration Market, By Application                

                    6.2.1 Domestic       

                    6.2.2 Commercial   

                    6.2.3 Industrial       

                    6.2.4 Transportation         

                    6.2.5 Market Size Estimations & Forecasts (2019-2024)        

                    6.2.6 Y-o-Y Growth Rate Analysis         

                    6.2.7 Market Attractiveness Index         

          6.3 Magnetic Refrigeration Market, By Industry          

                    6.3.1 Food & Beverage Processing         

                    6.3.2 Storage

                    6.3.3 Healthcare     

                    6.3.4 Market Size Estimations & Forecasts (2019-2024)        

                    6.3.5 Y-o-Y Growth Rate Analysis         

                    6.3.6 Market Attractiveness Index         

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     

                              7.2.1.1 USA

                              7.2.1.2 Canada

                    7.2.2 By Product     

                    7.2.3 By Application

                    7.2.4 By Industry    

          7.3 Europe             

                    7.3.1 By Country     

                              7.3.1.1 UK

                              7.3.1.2 France

                              7.3.1.3 Germany

                              7.3.1.4 Spain

                              7.3.1.5 Italy

                              7.3.1.6 Rest of Europe

                    7.3.2 By Product     

                    7.3.3 By Application

                    7.3.4 By Industry    

          7.4 Asia Pacific                 

                    7.4.1 By Country     

                              7.4.1.1 China

                              7.4.1.2 India

                              7.4.1.3 Japan

                              7.4.1.4 South Korea

                              7.4.1.5 South East Asia

                              7.4.1.6 Australia & NZ

                              7.4.1.7 Rest of Asia-Pacific

                    7.4.2 By Product     

                    7.4.3 By Application

                    7.4.4 By Industry    

          7.5 Latin America             

                    7.5.1 By Country     

                              7.5.1.1 Brazil

                              7.5.1.2 Argentina

                              7.5.1.3 Mexico

                              7.5.1.4 Rest of Latin America

                    7.5.2 By Product     

                    7.5.3 By Application

                    7.5.4 By Industry    

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                              7.6.1.1 Middle East

                              7.6.1.2 Africa

                    7.6.2 By Product     

                    7.6.3 By Application

                    7.6.4 By Industry    

8. Key Player Analysis                           

          8.1 Cooltech Applications            

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 Camfridge Ltd            

          8.3 Astronautics Corporation of America                   

          8.4 Whirlpool Corporation           

          8.5 Qingdao Haier Co. Ltd          

          8.6 BASF SE            

          8.7 Eramet S.A                 

          8.8 Samsung Electronics Co., Ltd          

          8.9 Toshiba Corporation             

          8.10 Sigma-Aldrich Corporation            

9. Market Outlook & Investment Opportunities                     

Appendix                         

          List of Tables          

          List of Figures                  

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by type, by application, by end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market.
  1. Global Magnetic Refrigeration Market By Region, From 2021-2026 ( USD Billion )
  2. Global Magnetic Refrigeration Market By Product, From 2021-2026 ( USD Billion )
  3. Global Refrigeration Systems Market By Region, From 2021-2026 ( USD Billion )
  4. Global Air Conditioning Systems Market By Region, From 2021-2026 ( USD Billion )
  5. Global Heat Pumps Market By Region, From 2021-2026 ( USD Billion )
  6. Global Magnetic Refrigeration Market By Application, From 2021-2026 ( USD Billion )
  7. Global Domestic Market By Region, From 2021-2026 ( USD Billion )
  8. Global Commercial Market By Region, From 2021-2026 ( USD Billion )
  9. Global Industrial Market By Region, From 2021-2026 ( USD Billion )
  10. Global Transportation Market By Region, From 2021-2026 ( USD Billion )
  11. Global Magnetic Refrigeration Market By Industry, From 2021-2026 ( USD Billion )
  12. Global Food & Beverage Processing Market By Region, From 2021-2026 ( USD Billion )
  13. Global Storage Market By Region, From 2021-2026 ( USD Billion )
  14. Global Healthcare Market By Region, From 2021-2026 ( USD Billion )

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