Magnetic Refrigeration Market worth $165 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 20, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the Magnetic Refrigeration Market is expected to be commercialized by 2022 at USD 4 million. It is expected to grow at a CAGR of 105.4 % from 2022 to 2027 to reach USD 165 million by 2027. Increasing government initiatives on green technology, low maintenance costs, and compact design and high energy efficiency are the factors driving the growth of the magnetic refrigeration market. The adoption of magnetic refrigeration in the commercial sector and high potential across the industrial sector provide opportunities to the magnetic refrigeration market players during the forecast period.
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The magnetic refrigeration market includes players like Ubiblue (France), Haier Smart Home Co., Ltd (China), Camfridge Ltd (UK), Astronautics Corporation of America (US), and VACUUMSCHMELZE GmbH & Co. KG (Germany). Currently, only a few companies are involved in the manufacturing of magnetic refrigeration technology. However, many players are expected to enter this market in the coming years as magnetic refrigeration is expected to create a high demand owing to its advantages over conventional refrigeration systems. Based on primary responses, the magnetic refrigeration market for the refrigeration system is assumed to be commercialized by 2022, and for the air conditioning system, the market is assumed to be commercialized by 2023.
Increased government initiatives on green technology
The impact of global warming is one of the major challenges faced by the refrigeration and air conditioning (RAC) industry as the existing technology is not environmentally friendly. Increasing global concerns to reduce polluting emissions, especially gases that are harmful to the Earth's environment, has created the need for some alternative source for cooling purposes. The European Union and the US have set up laws to bring down the current levels of CO2 emissions. In 2018, EPA regulations banned nonessential products, including all aerosol products, pressurized dispensers, and foam products containing, or manufactured with, chlorofluorocarbons (CFCs) or hydrochlorofluorocarbons (HCFCs). Magnetic refrigeration offers a green cooling technology that would enable manufacturers to reduce their carbon footprint.
Refrigeration system to hold the largest market size of magnetic refrigeration market during the forecast period
Magnetic refrigeration has a huge potential for the refrigeration market as it does not use refrigerants and consumes less energy. Moreover, magnetic refrigeration systems do not require a lot of maintenance and are quieter than traditional units and create fewer vibrations. The demand is also likely to be driven by players focusing on entering the market with refrigeration systems. Many countries are focusing on phasing out environmentally harmful refrigerants such as HCFCs. For instance, as a party to the Montreal Protocol, the US must incrementally decrease HCFC consumption and production, culminating in a complete HCFC phaseout by 2030. Such initiatives are expected to promote environment-friendly options for the refrigeration industry, which provides opportunities for the magnetic refrigeration market.
Commercial application to hold the largest market size of magnetic refrigeration market during the forecast period
Magnetic refrigeration for commercial applications is projected to be commercialized by 2022/2023 with products such as cabinet displays and beverage coolers. Many players are targeting this application to commercialize their products. Companies such as Ubiblue are already testing these products with retail partners and are expected to generate recognizable revenue by 2022. Increasing efforts of players to develop and offer various products based on the magnetic refrigeration technology for the commercial application is a major driving factor of the market. Magnetic refrigeration technology is energy efficient and environmentally friendly and reduces operational and maintenance costs as it does not require any refrigerants or components such as a compressor. Government support to develop magnetic refrigeration technology and strict regulations to reduce the use of refrigerants harmful to the environment are some important factors expected to drive market growth.
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Magnetic Refrigeration market in Europe to hold the highest share from 2022 to 2027
The imposition of bans on the use of conventional refrigerants is expected to contribute to the growing market for magnetic refrigeration as it gradually replaces the existing technology used for cooling. The European Union's initiative to check global warming and ozone depletion by banning high GWP refrigerants will be one of the major drivers for magnetic refrigeration in Europe. Moreover, the growing demand for frozen food and the increasing usage of refrigeration in logistics-related applications are expected to create opportunities. Being leading players based in Europe, the R&D efforts of European companies for the development of magnetic refrigeration technology and government support to develop green technology are expected to be primary driving factors making Europe a leader in this market.
Ubiblue (France), Haier Smart Home Co., Ltd (China), Camfridge Ltd (UK), Astronautics Corporation of America (US), VACUUMSCHMELZE GmbH & Co. KG (Germany), BASF SE (Germany), ERAMET (France), Samsung Electronics Co., Ltd (South Korea), Toshiba Corporation (Japan), Whirlpool Corporation (US), MagnoTherm Solutions (Germany), Millipore Sigma (US), General Engineering and Research (US), KIRSCH (Germany), CCS SA (Switzerland), TCS Micropumps Ltd (UK), Kiutra (Germany) and Cemafroid (France) are among a few of the key players in the magnetic refrigeration market.
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