Rising Demand Drives Magnetic Refrigeration Market Healthy Growth by 2022
Chicago, IL -- (SBWIRE) -- 09/08/2017 -- In the current scenario, the magnetic refrigeration applications is quite limited to some type of cryogenic refrigerator that are utilized in biological research centers due to its especially low operating temperature. The light weight, lower cost, and maximum product life cycle of magnetic refrigeration is anticipated to be leading drivers compelling the market growth of magnetic refrigeration during the forecast period. Magnetic refrigeration has numerous benefits, such as large temperature range, higher efficiency, and environmental sustainability over its predictable counterparts.
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The report tracks the major market events including product launches, technological developments, mergers & acquisitions, and the innovative business strategies opted by key market players. Along with strategically analyzing the key micro markets, the report also focuses on industry-specific drivers, restraints, opportunities and challenges in the magnetic refrigeration market. The scope of this report covers the magnetic refrigeration market by its major segments, which include the types, applications, and the major geographic regions.
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KEY PREMIUM INDUSTRY INSIGHTS
1. The major factors driving the market growth of magnetic refrigeration include escalating focus on green technology as well as high energy efficiency. Magnetic refrigeration has vast opportunities in the past few years in commercial application including users of retail stores, confectionaries, hotels, bakeries, and restaurants.
2. The consumption of low energy by the systems used for magnetic refrigeration systems is the key factor behind the high demand of these systems in the commercial application. The environment related benefits and energy efficiency of magnetic refrigeration are projected to be leading factors fueling the market growth of magnetic refrigeration globally in the developed countries.
3. The magnetic refrigeration systems that are used commercially anticipated to expand with fast pace in the coming years while those used for industrial purpose is also projected to observe a robust growth in the coming years.
Regionally, the global market for magnetic refrigeration is segmented into Asia Pacific, Latin America, Europe, North America, and Middle East & Africa. Among these, Western Europe is anticipated to be the market leader in the global magnetic refrigeration market in the coming years. North America region is also expected to be largest market of magnetic refrigeration and will grow fast in the regional market over the forecast period. The increasing market growth rate in the developing economies is owing to strict regulations of refrigerant in these countries.
This report analyzes the magnetic refrigeration market by the following segments:
Magnetic Refrigeration Market, by Product
1. Refrigeration Systems
2. Air Conditioning Systems
3. Heat Pumps
Magnetic Refrigeration Market, by Application
KEY MARKET PLAYERS
Key players in the magnetic refrigeration market include:
1. Cooltech Applications
2. Camfridge Ltd
3. Astronautics Corporation of America
4. Whirlpool Corporation
5. Qingdao Haier Co., Ltd
6. BASF SE
7. Eramet S.A.
8. Samsung Electronics Co., Ltd
9. Vacuumschmelze GmbH & Co. Kg
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