Press release
Magnetic Refrigeration Market Expected CAGR is 98.8% by 2024 | Top Key Players are General Electric, Sigma-Aldrich, VACUUMSCHMELZE Gmbh & Co. KG, Toshiba, Samsung Electronics, Eramet, BASF, Qingdao Haier Co., Ltd., Whirlpool Corporation
Magnetic Refrigeration Market
Some of the major players operating in Magnetic Refrigeration Market are -
Cooltech Applications, Camfridge Ltd, Astronautics Corporation of America, Whirlpool Corporation, Qingdao Haier Co. Ltd., BASF SE, Eramet S.A., Samsung Electronics Co., Ltd, Toshiba Corporation, VACUUMSCHMELZE GMBH & CO. KG, Sigma-Aldrich Corporation, GE.
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Global Magnetic Refrigeration Market, By Product{ refrigeration systems (Refrigerators, Cabinet Display Freezers, Beverage Coolers, Ice Cream Cabinets), Air Conditioning Systems (Stationary Air Conditioners, Mobile Air Conditioners, Chillers), Heat Pumps} By Application{ Domestic, Commercial, Transportation(Logistics, Automotive, Aerospace, Marine), Industrial(Food & Beverage Processing and Storage, Healthcare), By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Forecast to 2024
Market Analysis: Magnetic Refrigeration Market
The Global Magnetic Refrigeration Market accounted to USD 6 billion in 2016 growing at a CAGR of 98.8% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
Market Drivers and Restraints:
• Low energy consumption by magnetic refrigeration systems
• Alternative to air conditioners and heat pumps
• Increasing focus on green technology
• Low awareness
• High cost of equipment
Market Definition: Magnetic Refrigeration Market
Magentic refrigeration is based on the principle of Magnetocaloric Effect (MCE). magnetocaloric effect is a phenomenon where Magnetocaoric materials gets heated up when they are immersed in the magnetic field and cool down when removed from it, almost instantly. Magnetic refrigeration is safer, compact, and quieter and it is higher cooling efficient as compared to the traditional gas compression refrigeration. A series of the magnetization-demagnetization cycles to the magnecto caloric alloys is applied in a magnetic refrigeration system.
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Market Segmentation: Magnetic Refrigeration Market
On the basis of Product:
• Refrigeration Systems
• Air Conditioning Systems
• Heat Pumps
The refrigeration systems are further segmented into:
• Refrigerators
• Cabinet Display Freezers
• Beverage Coolers
• Ice Cream Cabinets
The air conditioning systems are further segmented into:
• Stationary Air Conditioners
• Mobile Air Conditioners
• Chillers
On the basis of application:
• Residential Domestic
• Commercial
• Transportation
• Industrial
The transportation market is further segmented into:
• Logistics
• Automotive
• Aerospace
• Marine
On the basis of geography:
• North America
• South America
• Europe
• Asia-Pacific
• Middle East & Africa
Frequently Asked Questions:
- What will the market size be in 2024?
- What are the key factors driving the global market?
- What are the challenges to market growth?
- Who are the key players in the market?
- What are the market opportunities and threats faced by the key players?
- What will be the growth rate in 2024?
- Which strategies are used by top players in the Global Magnetic Refrigeration Market?
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