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Magnetic Refrigeration Market (Product - Heat Pumps, Refrigeration Systems, and Air Conditioning Systems; Application - Domestic, Commercial, Transportation, and Industrial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : CGP112

  • Category : Consumer Goods and Packaging

  • Status : Published

A recent report published by Infinium Global Research on magnetic refrigeration market provides in-depth analysis of segments and sub-segments in the global as well as regional magnetic refrigeration market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional magnetic refrigeration market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global magnetic refrigeration market. According to the report, the global magnetic refrigeration market is projected to grow at a CAGR of 104.5% over the forecast period of 2020-2026.

 

Market Insight

The world energy demand for refrigeration and air conditioning represents nearly 20% of energy consumption. As well as current vapor compression refrigeration systems (VCRS) having negative impacts on the environment and low energy efficiency. The AMR (active magnetic regenerator) technology is the first milestone of the magnetic refrigeration system (MRS) after this technology researchers start to think about the possibility of commercialization of MRS in the current market. Magnetic refrigeration systems work on the principle of the magnetocaloric effect. The working cycles used for MCE refrigeration are magnetic Carnot cycle, magnetic Starling cycle, magnetic Ericsson cycle, and magnetic Brayton cycle. The progress of magnetic refrigeration research is on its way and it is going on worldwide consistently. With the goal of providing society an environment-friendly, energy-efficient, and low-cost refrigerator and air conditioner, three conclusions are made.

 

Magnetic refrigeration requires no refrigerant and has the potential to reduce energy use by 30%. Magnetic refrigeration is one such rising, modern, and potential low carbon technology. It is an alternative to conventional vapor compression and the interest in it has grown considerably as new heating or cooling technology over the past 15 years. Increasing investments in R&D activities, product innovation, and entry of smaller players in matured economies characterize the global magnetic refrigeration market. Changing the lifestyle of consumers, increasing the number of female professionals, increasing demand for packaged foods & beverages drives the growth of the magnetic refrigeration market. The strict regulations regarding the use of toxic refrigerants and the promotion of eco-friendly refrigerants by governments are anticipated to drive the growth of the magnetic refrigeration market. However, High initial investment is restraining the global magnetic refrigeration market. Magnetic refrigeration devices will have a larger construction cost than vapor compression devices, due to the permanent magnet material needed to provide the magnetic field in the device. Moreover, the Adoption of magnetic refrigeration in the commercial sector is providing lucrative growth opportunities to the market players. The current concern over the spread of coronavirus is expected to have a negative impact on the industrial 3D printing market. The unending COVID-19 epidemic has unpleasantly affected the electronics and semiconductor industry with manufacturing operations provisionally suspended across major manufacturing hubs, leading to a generous slowdown in production. Several key players have deferred their manufacturing operations in countries such as China, India, South Korea, and Europe.

 

The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. The European region dominates the global magnetic refrigeration market. The countries such as U.K, Germany, and France hold a major share of the market owing to growing awareness about global warming and banning high-GWP refrigerants in different industrial applications. North America is the second-largest magnetic refrigeration market as the U.S. is expected to be the largest demand for magnetic refrigeration. The magnetic refrigeration market in the Asia Pacific is expected to witness relatively faster growth, during the second half of the forecast period. It is fueled by rising environmental awareness, favorable government policies, and the boom across multiple industrial verticals. Since this region is home to a set of nations with colossal populations such as China and India, the food & beverage industries in these countries have been exploding.

 

Segment Covered

The report on global magnetic refrigeration market covers segments such as product, and application. On the basis of product, the sub-markets include heat pumps, refrigeration systems, and air conditioning systems. On the basis of application, the sub-markets include domestic, commercial, transportation, and industrial.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Astronautics Corporation America, Qingdao Haier Co., Ltd., Whirlpool Corp., Camfridge Ltd., Samsung Electronics Co., Ltd., Eramet S.A., Toshiba Corporation, Ubiblue, and BASF SE.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of magnetic refrigeration market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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