CHICAGO — The global magnetic refrigeration market is forecast to reach $315.7 million by 2022, growing at a compound annual growth rate (CAGR) of 98.7 percent between 2017 and 2022, according to a new market research report published by MarketsandMarkets.
Increasing concerns regarding the use of refrigerants that are ozone depleting and have a high global warming potential (GWP) in refrigeration and air conditioning systems are expected to provide growth opportunities for the magnetic refrigeration market. According to the report, a magnetic refrigeration system’s simple design, low maintenance cost, green technology, and higher energy efficiency are some of the attributes that are likely to fuel the growth of magnetic refrigeration in the coming years. The report says magnetic refrigeration technology can replace the conventional systems that are used in refrigeration and air conditioning products such as refrigerators, cabinet displays, freezers, beverage coolers, stationary and portable air conditioners, and heat pumps.
Geographically, the magnetic refrigeration market has been segmented into North America, Europe, Asia Pacific (APAC), South America, and rest of the world. The European market for magnetic refrigeration is expected to account for a market share of approximately 52 percent in 2016 and is estimated to grow at a CAGR of 87.3 percent between 2017 and 2022. The market in the APAC region is expected to grow at the highest rate of 139.5 percent between 2017 and 2022.
Some of the key players in the magnetic refrigeration market include Astronautics Corp. of America (U.S), BASF SE (Germany), Camfridge Ltd. (U.K.), Cooltech Applications (France), Eramet SA (France), General Electric Co. (U.S.), Qingdao Haier Co. Ltd. (China), Samsung Electronics Co. Ltd. (South Korea), Sigma-Aldrich Corp. (U.S.), Toshiba Corp. (Japan), and Whirlpool Corp. (U.S.).
More information on the report is available here.
Publication date: 8/20/2015