Magnetic Refrigeration Market Worth at Strong CAGR of 98.3% by 2026 Key Player Cooltech Applications, Astronautics Corporation of America, Whirlpool Corporation, Haier, BASF SE, SAMSUNG, Toshiba Corporation

Global Magnetic Refrigeration Market is expected to rise from its initial estimated value of USD 23.71 billion in 2018 to an estimated value of USD 5669.09 billion by 2026, registering a CAGR of 98.3% in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing concerns of parking amid growth in the number of refrigerators.

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} Application{ Domestic, Commercial, Transportation(Logistics, Automotive, Aerospace, Marine), Industrial(Food & Beverage Processing and Storage, Healthcare), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

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Key Market Competitors:

Few of the major competitors currently working in the magnetic refrigeration market are Cooltech Applications (France), Camfridge Ltd (UK), Astronautics Corporation of America (US), Whirlpool Corporation (US), Haier lnc (China), BASF SE (Germany), eramet. (France), SAMSUNG (South Korea), Toshiba Corporation (Japan), VACUUMSCHMELZE GMBH & CO. KG (Germany), and Sigma-Aldrich Co. l(US ).

Market Definition: Global Magnetic Refrigeration Market

Magnetic refrigeration is based on the principle of Magnetocaloric Effect (MCE). Magnetocaloric effect is a phenomenon where Magnetocaloric 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 magneto caloric alloys is applied in a magnetic refrigeration system.

Market Drivers:

• Low energy consumption by magnetic refrigeration systems is going to drive the growth of this market

• Increasing focus on green technology is going to drive the growth of this market

Market Restraints:

• High cost of equipment is expected to act as a restraint to the market growth

• Lack of awareness regarding the benefits of magnetic refrigeration is also expected to act as a restraint to the market growth

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Segmentation: Global Magnetic Refrigeration Market

By Product

• Refrigeration systems

o Refrigerators
o Cabinet Display Freezers
o Beverage Coolers
o Ice Cream Cabinets

• Air Conditioning Systems

o Stationary Air Conditioners
o Mobile Air Conditioners
o Chillers
• Heat Pumps

By Application

• Domestic
• Commercial
• Transportation

o Logistics
o Automotive
o Aerospace
o Marine Parking Sensors

By Industry

• Food & Beverage Processing
• Storage
• Healthcare

By Geography

• North America

• South America

• Europe

• Asia-Pacific

• Middle East & Africa

Key Developments in the Market:

• In 10th September 2016, Cooltech Applications, S.A. S., a leading magnetic refrigeration company, launched its first commercial magnetic refrigeration system (MRS). The magnetic cooling system uses a water coolant instead of a refrigerant gas which is an innovative approach that consumes minimal energy and eco-friendly in nature.

• On 5th January 2015, Haier, Astronautics, and BASF presented the first prototype of a magnetocaloric wine cooler at the International Consumer Electronics Show in Las Vegas/Nevada. Partners demonstrate the functional principle of innovative technology for energy efficient cooling.

Competitive Analysis:

Global magnetic refrigeration market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of magnetic refrigeration market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Insights in the report:

• Complete and distinct analysis of the market drivers and restraints

• Key market players involved in this industry

• Detailed analysis of the market segmentation

• Competitive analysis of the key players involved

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