Browse 65 Market Data Tables and 55 Figures spread through 156 Pages and in-depth TOC on "Magnetic Refrigeration Market - Global Forecast to 2023"
Northrook, IL -- (SBWIRE) -- 02/14/2020 -- The magnetic refrigeration market is expected to be valued at USD 163.7 Million by 2023, growing at a CAGR of 108.0% between 2018 and 2023. Some of the key factors driving the growth of this market are the increasing focus on green technology and high energy efficiency.
Magnetic refrigeration has a huge opportunity in the commercial application in initial years including users such as hotels, retail stores, bakeries, confectionaries, and restaurants. The commercial application is expected to lead the magnetic refrigeration systems by 2023. The low energy consumption by magnetic refrigeration systems is the main reason for the high demand from the commercial application.
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Magnetic refrigeration systems will be integrated first in refrigeration products such as refrigerators, beverage coolers, cabinet displays, freezers, and ice cream cabinets. The main reason for this is that companies are still working to solve the complexities related to air conditioners and heat pumps. The increasing pressure from governments to eliminate the use of harmful greenhouse gases is forcing the companies to find alternatives to vapor compressors. This is expected to create huge opportunities for the magnetic refrigeration systems in coming years.
Europe is expected to lead the magnetic refrigeration market during the forecast period. European Union's initiative to check global warming and ozone depletion by banning high-GWP refrigerants is the major driver for the growth of the magnetic refrigeration in the region. The European Union passed a new F-gas regulation in 2015 that stresses on limiting the total amount of F-gases that can be sold from 2015 onwards, banning the use of F-gases in equipment such as fridges in homes or supermarkets, air conditioners, and foams and aerosols, as well as to prevent the emissions of F-gases from existing equipment through regular checks and maintenance.
The major factors restraining the growth of the magnetic refrigeration market include the high initial investment and the limited field strength of permanent magnets. Magnets and magnetocaloric materials contribute greatly to the cost of magnetic refrigeration equipment. A device with a high coefficient of performance (COP) would use more magnetic and magnetocaloric materials. The development of a device with high efficiency requires more materials, thereby leading to an increase in the cost of the device. Also, a permanent magnet is the most commonly used magnet in magnetic refrigeration equipment as it does not require additional cooling systems or external power sources. However, the magnetic field generated by permanent magnets is lower, and their availability is limited.
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The key players in the magnetic refrigeration market include Cooltech Applications (France), Astronautics Corporation America (US), Camfridge Ltd (UK), and Whirlpool Corporation (US). The companies in the market are strengthening their product portfolios by increasing their R&D investments. The key players in this market are increasingly undertaking partnerships and collaborations to develop new technologies and appliances to be launched in the market.
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