Global Magnetic Refrigeration Market to Grow with a CAGR of 5.3% through 2028
The
Global Magnetic Refrigeration Market is driven by various factors such as
rising environmental concerns among customers, energy efficiency imperatives,
and technological advancements.
According
to the TechSci Research report, “Magnetic
Refrigeration Market – Global Industry Size, Share, Trends, Competition, Opportunity,
and Forecast, 2018-2028F”, the Global Magnetic Refrigeration market
stood at USD130.12 million in 2022 and is anticipated to grow with a CAGR of 5.3%
in the forecast period, 2024-2028. The global magnetic refrigeration market is
an emerging and promising sector within the broader refrigeration and cooling
industry. This innovative technology is poised to revolutionize the way they cool
and heat various applications, from household refrigerators to industrial
processes.
Magnetic
refrigeration is a novel cooling technology that relies on the magnetocaloric
effect, a phenomenon wherein certain materials heat up when exposed to a
magnetic field and cool down when the field is removed. This concept was first
discovered over a century ago, but recent advancements in materials science and
technology have propelled magnetic refrigeration into the spotlight.
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One
of the primary drivers is the growing concern over the environmental impact of
traditional refrigeration methods. Conventional refrigeration systems typically
rely on hydrofluorocarbon (HFC) refrigerants, which are potent greenhouse
gases. Magnetic refrigeration, on the other hand, uses water-based coolants and
magnets, making it a greener and more sustainable option. Energy
efficiency is a critical consideration in today's world. Magnetic refrigeration
systems have the potential to be significantly more energy-efficient than
conventional compression-based systems, leading to reduced electricity
consumption and operating costs. Stringent regulations and policies aimed at
reducing greenhouse gas emissions have led to the phasing out of HFC
refrigerants. This regulatory environment creates an opportunity for
alternative cooling technologies like magnetic refrigeration to gain traction.
Magnetic
refrigeration is versatile and can be applied in various sectors, including
domestic appliances, commercial refrigeration, air conditioning, and industrial
processes. This versatility broadens the potential market for magnetic
refrigeration systems. Magnetic
refrigeration systems can be more expensive to manufacture and implement
compared to traditional refrigeration systems. This initial cost can be a
barrier to adoption for some consumers and businesses. The efficiency of
magnetic refrigeration depends heavily on the magnetocaloric materials used.
Ongoing research and development efforts are needed to discover and optimize
materials that can provide better cooling performance and operational
stability. Scaling
up magnetic refrigeration systems for commercial and industrial applications
presents engineering challenges. Ensuring that the technology is practical and
cost-effective at larger scales is essential for widespread adoption. The
refrigeration industry is well-established, and conventional compression-based
systems have a dominant market presence. Convincing consumers and businesses to
switch to a relatively new and unfamiliar technology can be a significant
hurdle.
The
global magnetic refrigeration market is segmented based on type, end use, and
region. Based
on the type, the market is segmented into refrigerators, air conditioning
systems & heat pumps. Among these, the refrigerators segment has a
significant share in the global magnetic refrigeration market during the
forecast period. Magnetic refrigeration technology offers several advantages
that make it an attractive choice for refrigeration applications, and this is
particularly evident in the refrigerators segment. Based
on region, the market is segmented into North America, Europe, Asia Pacific,
Middle East & Africa, and South America. Among these, Europe region has a
significant share of the global magnetic refrigeration market during the
forecast period. Europe has a long history of technological leadership in
various industries, including refrigeration and cooling. The region's research institutions,
universities, and companies have been at the forefront of developing and
advancing magnetic refrigeration technology.
Major
companies operating in the global magnetic refrigeration market are:
- Camfridge Ltd
- Whirlpool Corporation
- BASF SE
- Samsung Electronics Co., Ltd
- Vacuumschmelze GmbH & Co. Kg
- Cooltech Applications
- Astronautics Corporation of America
- Qingdao Haier Co., Ltd
- Eramet S.A.
- Toshiba Corporation
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“The
global magnetic refrigeration market is at the cusp of transformative growth.
While it faces challenges related to cost, materials development, and
competition with conventional technologies, the potential benefits, including
environmental sustainability and energy efficiency, make it a promising
contender in the refrigeration and cooling industry. Ongoing research,
partnerships, and advancements in materials science are paving the way for a
future where magnetic refrigeration systems become a mainstream and
environmentally responsible choice for cooling and heating applications
worldwide.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Magnetic Refrigeration Market By Type
(Refrigerators, Air Conditioning System & Heat Pumps), By End Use
(Domestic, Commercial, Transportation & Industrial), By Region, By
Competition Forecast & Opportunities, 2018-2028F, has
evaluated the future growth potential of the magnetic refrigeration market globally
and provides statistics and information on market structure, size, share, and
future growth. The report provides cutting-edge market intelligence and helps decision-makers
to make sound investment decisions. Besides, the report also identifies the
emerging trends along with essential drivers, challenges, and opportunities
present in the market of magnetic refrigeration globally.
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