Magnetic Refrigeration Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 - 2026
- Transparency Market Research
Magnetic refrigeration is one type of cooling technology which is based on the magneto caloric effect. This magnetic caloric effect is also known as adiabatic demagnetization. In 1933, magnetic refrigeration technology was first demonstrated by Dr. D.P. MacDougall and William F. Giauque. However, after the discovery of the magneto caloric effect, the advancement was very slow. This is mainly due to a lack of interest in the magnetic caloric effect and its possible applications. Across the globe, the adoption of magnetic refrigeration is growing at a rapid pace. This is mainly due to better reliability, compactness and lower operating cost among others factors by magnetic refrigeration are the major reason for its high demand in commercial application. In addition, there has been a growing interest in the widespread use of magnetic refrigeration in different commercial devices in industrial and domestic public facilities. This in turn is expected to trigger the demand of this technology in future. Furthermore, magnetic refrigeration technology is an advanced cooling technology that has the potential of high energy efficiency using environmentally friendly refrigerants. The market for magnetic refrigeration is anticipated to expand at a steady pace during the forecast period from 2018-2026.
The magnetic refrigeration market can be segmented based on components, application, end use industry and geography. Based on components, the market for magnetic refrigeration has been classified into various types which includes magnets, hot heat exchanger, cold heat exchanger and magneto caloric wheel & drive among others. The hot heat exchanger and cold heat exchanger segment is expected to hold the major share of the global magnetic refrigeration market in 2017 and projected to gain market share in the near future.
By application, the magnetic refrigeration market can be classified into refrigeration systems, air conditioning systems, beverage coolers, freezers and chillers among others. Again, air condition systems has been bifurcated into various types which includes stationary air conditioners and mobile air conditioners. Air condition systems segments held a major share of the global magnetic refrigeration market in 2017 and projected to gain market share in the near future. Moreover, mobile air condition segment is expected to expand at a high CAGR during the forecast period. By application, the magnetic refrigeration market can be bifurcated into food & beverages, logistic & transportation, aerospace, healthcare, commercial and industrial. In coming year, adoption of magnetic refrigeration in commercial and industrial application is expected to lead the market for magnetic refrigeration. Additionally, the food & beverage segment is likely to expand at a healthy CAGR rate during the forecast period. Furthermore, advantages over vapor absorption and vapor compression cycles is anticipated to trigger the demand for the magnetic refrigeration market during the forecast period. In coming years, adoption of magnetic refrigeration in the transportation sector is expected to create a new opportunity for the magnetic refrigeration manufactures. On the flip side, the high initial investment require for installation is more as compare with conventional refrigeration, which in turn is anticipated to hinder the growth of the magnetic refrigeration market. Additionally, the magneto caloric materials are rarely available materials that is estimated to create major challenges for the magnetic refrigeration technology manufacturers in future.
Based on geography, the magnetic refrigeration market can be segregated into North America, Asia Pacific, Europe, Middle East & Africa (MEA), and South America. Europe accounted for a significant share of the global magnetic refrigeration market in 2017. Within Europe, U.K, Germany and France hold a major share of the market due to increasing awareness about the global warming and banning high-GWP refrigerants in different industrial application are propelling the magnetic refrigeration market to a great extent. In addition, the magnetic refrigeration market in North America is projected to expand at a prominent CAGR during the forecast period, followed by Asia Pacific.
The magnetic refrigeration market is consolidated in nature. However, upcoming mergers & acquisition and new product development by leading players is expected to become the market more competitive in nature during the forecast period from 2018-2026. Key companies operating in the market include Astronautics Corporation America (the U.S), Qingdao Haier Co., Ltd. (China), Whirlpool Corp. (the U.S), Camfridge Ltd.(U.K), Samsung Electronics Co., Ltd.(South Korea), Eramet S.A. (France) and Toshiba Corporation (Japan) among others.
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