Magnetic Refrigeration Market

Global Magnetic Refrigeration Market Size (2023 to 2028)

The global magnetic refrigeration market size is expected to be worth USD 9.42 Million in 2023. It is expected to grow at a CAGR of 104.25% during the forecast period and reach a value of USD 334.86 Billion by 2028.

Magnetic refrigeration technology is the cooling technique that is based on the effect of magnetocaloric. This technology is employed to attain 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 few, as they are only utilized in biological research centers because of their ultra-low operating temperature. However, magnetic refrigeration systems will fully become commercialized over the coming years.

MARKET DRIVERS:

The growing adoption of magnetic refrigeration in various developed regions, owing to this technology being more efficient, environmentally sustainable, and having a large temperature range when compared to the conventional counterparts are conventional, is the major factor that was driving the growth of the Global Magnetic Refrigeration Market. Moreover, rising concerns about ozone layer depletion and the implementation of strict guidelines for the usage of safe & environment-friendly refrigeration systems are 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.

MARKET RESTRAINTS:

However, the high expenses involved in the equipment business are the major restraint that is 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 being 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 outbreak of coronavirus has affected the conditions of the Magnetic Refrigeration Market in a harsh way. This affects the pandemic because of the slowed-down economies of various nations owing to the lockdowns in various nations. The limited disposable income of consumers all around the world, coupled with the high prices of the equipment of this technology, is limiting the growth of the market. However, the growing strategic initiatives of the players in the market are the sustainable factor of the magnetic refrigeration market.

REPORT COVERAGE:

This research report on the global magnetic refrigeration market has been segmented and sub-segmented into the following categories.

Global Magnetic Refrigeration Market – By Type of Product:

• Refrigeration Systems
  • Refrigerators
  • Cabinet Display
  • Freezers
  • Beverage Coolers
  • Ice Cream Cabinets
• Air Conditioning Systems
  • Stationary Air Conditioners
  • Mobile Air Conditioners
  • Chillers
• Heat Pumps

Global Magnetic Refrigeration Market – By End User:

• Food & Beverage Processing
• Storage
• Healthcare

Global Magnetic Refrigeration Market – By Application:

• Domestic
• Commercial
• Transportation
  • Logistics
  • Automotive
  • Aerospace
  • Marine
• Industrial
  • Food & Beverage Processing
  • Storage and Healthcare

Global Magnetic Refrigeration Market – By Region:

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

In the regional analysis of the global magnetic refrigeration market, 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 regulations that are being implemented by the governments in this region.

The Asia-Pacific market is another regional market that is witnessing growth and is expected to contribute very highly to the global magnetic refrigeration business because of the high demand for magnetic refrigeration technologies in the areas. In the country-wise outlook, the magnetic refrigeration market in the U.S. is expected to have growth opportunities, whereas other countries like Japan, Germany, the UK, China, Canada, Brazil, Italy, France, and India are also estimated to expand in the coming years. Further, the growing significance of this technology in regions such as North America and Europe is propelling the global magnetic refrigeration market.

KEY MARKET PLAYERS:

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), Sigma-Aldrich Corporation (US).

RECENT HAPPENINGS IN THE MARKET:

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