Press release
Magnetic Refrigeration Market worth $165 million by 2027
The 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", 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.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=243034247
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.
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.
Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=243034247
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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Magnetic Refrigeration Market worth $165 million by 2027 here
News-ID: 2186190 • Views: …
More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for…

With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth.
Download PDF Brochure @…

Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing…

Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of…
More Releases for Europe
2019 Strategy Consulting Market Analysis | McKinsey, The Boston Consulting Group …
Strategy Consulting Market reports also offer important insights which help the industry experts, product managers, CEOs, and business executives to draft their policies on various parameters including expansion, acquisition, and new product launch as well as analyzing and understanding the market trends
Need for strategic planning in highly competitive environment and to develop business capabilities to meet & exceed the emerging requirements are the major drivers which help in surging…
Strategy Consulting Market 2025 | Analysis By Top Key Players: Booz & Co. , Rola …
Global Strategy Consulting Market 2019-2025, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The key players covered in this study
McKinsey , The Boston Consulting Group , Bain & Company , Booz & Co. , Roland Berger Europe…
Digital Strategy Consulting Market is Thriving Worldwide with Deloitte, McKinsey …
A Digital Strategy is a form of strategic management and a business answer or response to a digital question, often best addressed as part of an overall business strategy. A digital strategy is often characterized by the application of new technologies to existing business activity and focus on the enablement of new digital capabilities to their business.
A new report as a Digital Strategy Consulting market that includes a comprehensive analysis…
Strategy Consulting Market 2019: By McKinsey, The Boston Consulting Group, Bain …
This report studies the global Strategy Consulting market, analyzes and researches the Strategy Consulting development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like
• McKinsey
• The Boston Consulting Group
• Bain & Company
• Booz & Co.
• Roland Berger Europe
• Oliver Wyman Europe
• A.T. Kearney Europe
• Deloitte
• Accenture Europe
Get Sample Report@ https://www.reporthive.com/enquiry.php?id=1247388&req_type=smpl&utm_source=AB
Market segment by Type, the product can be split into
• Operations Consultants
• Business Strategy Consultants
• Investment Consultants
• Sales and…
Strategy Consulting Market Analysis 2018: McKinsey, The Boston Consulting Group, …
Orbis Research Present’s “Global Strategy Consulting Market” magnify the decision making potentiality and helps to create an effective counter strategies to gain competitive advantage.
The global Strategy Consulting status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Strategy Consulting development in United States, Europe and China.
In 2017, the global Strategy Consulting market size was million US$ and it is expected to reach million…
Influenza Vaccination Market Global Forecast 2018-25 Estimated with Top Key Play …
UpMarketResearch published an exclusive report on “Influenza Vaccination market” delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 115 pages which highly exhibits on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability. This report focuses on the Influenza Vaccination market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This…