Magnetic Refrigeration Market Worth $315.7 Million by 2022
Increasing concerns regarding refrigerants are providing growth opportunities
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.