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.
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.
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.
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.
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.