Global Magnetic Refrigeration Market, By Type (Refrigerators, Heat Pumps, Air Conditioning Systems),

Published Date: | Report Code : EQ1922717

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Magnetic Refrigeration Market Dynamic:

Magnetic refrigeration technology is utilized for cooling purposes using the magnetocaloric effect, otherwise called adiabatic demagnetization. The innovation is regularly utilized in refrigerators to accomplish outstandingly low temperatures. Magnetic refrigeration doesn’t use hydrofluorocarbons, which are generally harmful and ozone-depleting coolant gases.

Segment Analysis:

Magnetic refrigeration, unlike conventional refrigerators, offers several advantages such as higher efficiency, lower cost, broad temperature range, environmental sustainability, and higher product lifecycle. Increasing environmental concerns over the impact of conventional refrigerants are adding up to the demand for alternative technologies. These factors are driving the global magnetic refrigeration market.

Key Factors Impacting Market Growth:

  • High product lifecycle, improved efficiency, low maintenance cost, etc., are fueling market growth
  • Concerns over ozone layer depletion are resulting in stricter regulations on refrigerants
  • High market potential in industrial and transportation sectors
  • Need for proper magnetocaloric materials can be a challenge for market growth

Regional Analysis:

Major regions for the magnetic refrigeration market are estimated to North America, Western Europe, and Asia Pacific. North America and Western Europe have been traditional markets for magnetic refrigeration owing to the strong presence of the industrial sector. The industrial sector has been one of the key contributors to the economies in these regions. Major industries application in these regions is industrial refrigeration, domestic refrigeration, commercial refrigeration, refrigerated transportation & logistics, food & beverage processing, automotive HVAC, healthcare, and others. These industries have an established base resulting in stable market demand. Moreover, most of these industries have been witnessing a transition in terms of product development and production methods. These factors are expected to drive the demand for the magnetic refrigeration market in the North America and Western Europe region. Major markets by country in these regions include the US, Germany, France, UK, Canada, Spain, and others. The Asia Pacific and Middle East region has witnessed tremendous growth in the industrial sector in recent years. Major companies operating in this market have made strategic developments to improve market presence in these regions. This is expected to drive the growth of the magnetic refrigeration market directly or indirectly in the region. Eastern Europe consisting of Russia and Turkey promises a stable demand for the magnetic refrigeration market during the forecast period. Rest of the World including South America and Africa are estimated to be a developing market with strong potential in strategic future.

Companies Covered: Whirlpool Corporation, Toshiba, Astronautics Corporation of America, Samsung Electronics, General Electric, BASF, Camfridge, Eramet, and Haier… 

Market Segmentation:

By Type:

  • Refrigerators
  • Heat Pumps
  • Air Conditioning Systems

By Application:

  • Industrial Refrigeration
  • Domestic Refrigeration
  • Commercial Refrigeration
  • Refrigerated Transportation & Logistics
  • Food & Beverages Processing
  • Automotive HVAC
  • Healthcare
  • Others

By Region:

  • North America
    • By Country (US, Canada, Mexico, Rest of North America)
    • By Type
    • By Application
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Type
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Type
    • By Application
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Type
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Type
    • By Application

Reasons To Buy This Report:

  • Market size estimation of the magnetic refrigeration market on a regional and global basis
  • Unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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