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“Magnetic refrigeration market expected to grow at a CAGR of 108.0% between 2018 and 2023”
The magnetic refrigeration market is expected to be valued at USD 163.7 million by 2023, growing at a CAGR of 108.0% between 2018 and 2023. This market growth can be attributed to the increasing pressure on the refrigeration industry to reduce the use of harmful refrigerants such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs). Also, the magnetic refrigeration system uses 40% less energy than traditional vapor compression system. Governments in the US as well as in European countries have been phasing out refrigerants to reduce their impact on the environment. Hydrofluorocarbon (HFC) refrigerants such as R-134a, R-410a, or R-404a are already being phased out. The most common refrigerant, R-134a, was banned in the European Union in 2011. Refrigerants such as HCFC-22 or R-22, which are commonly used in existing refrigeration systems, are also gradually being phased out. Developing countries such as China and India have also pledged under the Montreal Protocol to phase down the production and consumption of HFCs.
“Commercial application expected to hold the largest size of the market during the forecast period”
The commercial application includes places that are used for businesses such as offices, malls, and shops, among others. The commercial application is expected to lead the market for magnetic refrigeration in the coming years because most of the players in the field of magnetic refrigeration are focusing initially on the commercial application for launching their magnetic refrigeration products. Cooltech Applications (France) is even demonstrating and collaborating with commercial businesses such as hotels, retail stores, and restaurants for testing their MRS.
“Market in APAC likely to grow at the highest rate during the forecast period”
The magnetic refrigeration market in APAC is expected to grow at the highest rate during the forecast period. Factors such as the fast economic development of countries in APAC such as China and India, and the increasing demand for air conditioning systems in countries such as China and India are likely to contribute to the fastest growth of the market in APAC during the forecast period. In June 2013, the US and China proposed to work together under the Montreal Protocol to phase down the production and consumption of HFCs. In 2015, India submitted a proposal to amend Montreal Protocol to include HFCs. Companies such as Haier, Toshiba, and Samsung have been working toward developing magnetic refrigeration-based products, thereby contributing to the fastest growth of the market in APAC.
Breakdown of the profiles of primary participants:
- By Company: Tier 1 = 55 %, Tier 2 = 30%, and Tier 3 = 15%
- By Designation: C-Level Executives = 50%, Directors = 25%, and Managers = 25%
- By Region: North America = 35%, Europe = 25%, APAC = 30%, and RoW = 10%
The major players profiled in this report are as follows:
• 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)
In this report, the magnetic refrigeration market has been segmented on the basis of products, application, and geography. The market has been segmented on the basis of products into refrigeration systems, air conditioning systems, and heat pumps. The magnetic refrigeration market based on application comprises domestic, commercial, transportation, and industrial. The study also covers the forecast of the market sizes for five main regions?North America, South America, Europe, APAC, and RoW.
Reasons To Buy the report
The report would help the market leaders/new entrants in this market in the following ways.
- This report segments the magnetic refrigeration market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different verticals and regions.
- The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, opportunities, burning issues, and winning imperatives for the market.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, new product launches and developments, partnerships, and mergers and acquisitions carried out in the market.