Magnetic Refrigeration Market by Product, Application, and Geography - Global Forecast to 2027
DUBLIN, Nov. 5, 2020 /PRNewswire/ -- The "Magnetic Refrigeration Market by Product (Refrigeration Systems (Beverage Cooler, Cabinet Display, Refrigerator), Air Conditioning Systems), Application (Domestic, Commercial, Transportation, and Industrial), and Geography - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The magnetic refrigeration market is expected to be commercialized by 2022 at USD 4.5 million, and it is expected to grow at a CAGR of 105.4% from 2022 to 2027 to reach USD 165.8 million by 2027.
One of the advantages of the magnetic refrigeration system is the compactness where solid substances are used as working materials and thus do not occupy a prominent place. This also reduces maintenance costs to a great extent and ensures smooth functioning. Secondly, magnetic refrigeration has higher energy efficiency than conventional refrigerators - the attainable efficiency of the former is in the range of 30-60% while that of the latter, according to a Carnot cycle, is only 5-10%.
High initial investment and limited field strength of permanent magnets are expected to restrain the growth of the magnetic refrigeration market. Moreover, the need for suitable magnetocaloric materials and a lack of awareness of the benefits of magnetic refrigeration technology acts as challenges to market growth.
The magnetic refrigeration technology comes with several advantages in order to attain sustainable change, which is environmentally friendly. Despite its advantages, this technology is still mostly in the development phase and is yet to be commercialized. Once a clean energy technology is created and has been determined to have the potential of a strong market competitor, the focus shifts toward establishing the market by building product awareness and demand. Early adopters may already be eager to purchase the technology once it hits the market, but considerable efforts will be needed to expand the market to the average consumer, who is naturally reluctant to change. Therefore, it is very important to raise public awareness regarding the technological, energy-saving, and environmental benefits of magnetic refrigeration.
Refrigeration System: The largest shareholder of the product segment of the magnetic refrigeration market.
Refrigeration system is expected to be the major contributor to the magnetic refrigeration market since companies such as Ubiblue (France), BASF SE (Germany), Camfridge Ltd. (UK), VACUUMSCHMELZE GmbH & Co. KG (Germany), and Magnotherm Solutions (Germany) are expected to come up with products such as beverage coolers and cabinet displays in next few years. The demand is also likely to be driven by players focusing on entering the market with refrigeration systems. Magnetic refrigeration systems do not use compressors and refrigerants; therefore, they have reduced operational and maintenance expenses, along with increased energy efficiency. Many countries are focusing on phasing out environmentally harmful refrigerants such as HCFCs. Products for air conditioning systems are expected to be commercialized in 2023. Improved energy efficiency, environmental compatibility, and safety are the most important features of the magnetic refrigeration technology that are expected to drive the market and enable its adoption in a wide range of products.
Commercial: The largest application segment of the magnetic refrigeration market.
The commercial application includes places that are used for business, such as offices, malls, and shops. This sector is poised to grow significantly in the coming years with the commercialization of magnetic refrigeration technology. From a technological point of view, magnetic refrigeration is a clean technology that has revolutionized cooling systems, and it needs to be available in the market. There are various potential applications of magnetic refrigeration systems. Initial developments have been orientated toward the commercial and domestic refrigeration markets, and include display cases, beverage coolers, and commercial or domestic fridges.
Europe: The largest-growing region in the global magnetic refrigeration market.
Europe is expected to be the largest market for magnetic refrigeration technology due to the increased awareness about global warming and ozone-depleting refrigerants. The presence of major players in the region that are involved in magnetic refrigeration technology, such as Ubiblue (France), BASF SE (Germany), and Camfridge Ltd. (UK), is also one of the reasons behind the growth of the European market. These companies are initially focusing on local customers to sell their products and gradually create awareness among global customers. The growing market for packaged food and the rising concern for environmental issues is also expected to drive the European market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Magnetic Refrigeration Market
4.2 Market in Europe, by Product and Application
4.3 Market, by Type
4.4 Magnetic Refrigeration Market, by Country
5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Increasing Government Initiatives on Green Technology
5.1.1.2 Low Maintenance Costs
5.1.1.3 Compact Design and High Energy Efficiency
5.1.2 Restraints
5.1.2.1 High Initial Investment
5.1.2.2 Limited Field Strength of Permanent Magnets
5.1.3 Opportunities
5.1.3.1 Adoption of Magnetic Refrigeration in Commercial Sector
5.1.3.2 High Potential in Industrial Sector
5.1.4 Challenges
5.1.4.1 Need for Suitable Magnetocaloric Materials
5.1.4.2 Lack of Awareness of Benefits of Magnetic Refrigeration
5.2 Value Chain Analysis
5.3 Government Regulations Related to Refrigeration & Air-Conditioning
5.4 Technology Analysis
5.5 Patent Analysis
5.6 Use Cases for Magnetic Refrigeration
5.7 Asp Analysis of Magnetic Refrigeration System
5.8 Ecosystem for Refrigeration Industry
6 Magnetic Refrigeration Market, by Product
6.1 Introduction
6.2 Refrigeration System
6.2.1 Beverage Coolers
6.2.1.1 Compactness and Energy Efficiency to Drive Market Growth
6.2.2 Cabinet Displays
6.2.2.1 Higher Efficiency and Greater Reliability to Propel Market Growth
6.2.3 Ice Cream Cabinets
6.2.3.1 Ice Cream Cabinets Induced with Magnetic Cooling Technology to Have Lower Maintenance Costs, Leading to Better Roi
6.2.4 Freezers
6.2.4.1 Rising Government Initiatives to Phase Out Harmful Refrigerants to Drive Market Growth
6.2.5 Refrigerators
6.2.5.1 Refrigerators to Grow at Highest CAGR
6.3 Air Conditioning Systems
6.3.1 Stationary Air Conditioners
6.3.1.1 Stationary Air Conditioners to Hold Largest Market Size for Air Conditioning Systems
6.3.2 Mobile Air Conditioners
6.3.2.1 Mobile Air Conditioners' Compact Design to Drive Market Growth
6.3.3 Chillers
6.3.3.1 Chillers Possess Huge Scope for Industrial Applications
6.4 Impact of COVID-19 on Refrigeration Industry
7 Magnetic Refrigeration Market, by Application
7.1 Introduction
7.2 Commercial
7.2.1 Commercial Application to Hold Highest Market Share
7.3 Industrial
7.3.1 Food & Beverage
7.3.1.1 Growing Global Market for Processed Food and Increasing Concerns to Maintain Their Quality to Drive Market
7.3.2 Healthcare
7.3.2.1 Need to Monitor and Store Critical Pharmaceuticals to Create Need for Advanced Cooling Solutions Globally
7.4 Transportation
7.4.1 Logistics
7.4.1.1 Need for Maintaining Quality of Commodity Throughout Value Chain Drives Market Growth
7.4.2 Automotive
7.4.2.1 Reduced Energy Consumption Trait of Magnetic Refrigeration Technology to Provide Opportunity
7.4.3 Aerospace
7.4.3.1 Lower Consumption of Energy by Magnetic Refrigeration Systems Helps Lower Overall Operational & Maintenance Costs
7.4.4 Marine
7.4.4.1 Marine Application to be Commercialized Later Than Other Applications
7.5 Domestic
7.5.1 Demand for Low Power Consumption in Household Appliances to Drive Market
7.6 Impact of COVID-19 on Refrigeration Applications
8 Materials Used for Magnetic Refrigeration
8.1 Introduction
8.2 Gadolinium
8.3 Dysprosium Alloys
8.4 Erbium
8.5 Others
9 Magnetic Refrigeration System, by Type
9.1 Introduction
9.2 Reciprocating Type
9.3 Rotary Type
10 Geographic Analysis
10.1 Introduction
10.2 North America
10.3 Europe
10.4 APAC
10.5 Row
11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis, 2022
11.3 Company Evaluation Matrix
11.3.1 Star
11.3.2 Emerging Leader
11.3.3 Pervasive
11.3.4 Participant
11.4 Product & Business Footprint Analysis of Top Players
11.5 Key Market Developments
11.5.1 Product Prototype Launches & Developments
11.5.2 Partnerships & Collaborations
11.5.3 Acquisitions
12 Company Profiles
12.1 Introduction
12.2 Key Players
12.2.1 Ubiblue
12.2.2 Haier Smart Home Co., Ltd
12.2.3 Camfridge Ltd
12.2.4 Astronautics Corporation of America
12.2.5 Vacuumschmelze GmbH & Co. Kg
12.2.6 BASF SE
12.2.7 Eramet
12.2.8 Samsung Electronics Co., Ltd
12.2.9 Toshiba Corporation
12.2.10 Whirlpool Corporation
12.3 Right to Win
12.4 Other Key Players
12.4.1 CCS SA
12.4.2 Cemafroid
12.4.3 General Engineering & Research
12.4.4 Kirsch
12.4.5 Kiutra
12.4.6 Magnotherm Solutions
12.4.7 Millipore Sigma
12.4.8 TCS Micropumps Ltd
12.4.9 VCU Innovation Gateway
13 Appendix
13.1 Discussion Guide
13.2 Knowledge Store: The Subscription Portal
13.3 Available Customizations
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