Global Magnetic Refrigeration Market – Industry Trends and Forecast to 2026

Date: 15 April 2020

Global Magnetic Refrigeration Market By Product {refrigeration systems (Refrigerators, Cabinet Display Freezers, Beverage Coolers, Ice Cream Cabinets), Air Conditioning Systems (Stationary Air Conditioners, Mobile Air Conditioners, Chillers), Heat Pumps} Application{ Domestic, Commercial, Transportation(Logistics, Automotive, Aerospace, Marine), Industrial(Food & Beverage Processing and Storage, Healthcare), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026

Market Analysis: Global Magnetic Refrigeration Market

Global Magnetic Refrigeration Market is expected to rise from its initial estimated value of USD 23.71 billion in 2018 to an estimated value of USD 5669.09 billion by 2026, registering a CAGR of 98.3% in the forecast period of 2019-2026. This rise in market value can be attributed to the increasing concerns of parking amid growth in the number of refrigerators.

Market Definition: Global Magnetic Refrigeration Market

Magnetic refrigeration is based on the principle of Magnetocaloric Effect (MCE). Magnetocaloric effect is a phenomenon where Magnetocaloric materials gets heated up when they are immersed in the magnetic field and cool down when removed from it, almost instantly. Magnetic refrigeration is safer, compact, and quieter and it is higher cooling efficient as compared to the traditional gas compression refrigeration. A series of the magnetization-demagnetization cycles to the magneto caloric alloys is applied in a magnetic refrigeration system.

Market Drivers:

Low energy consumption by magnetic refrigeration systems is going to drive the growth of this market
Increasing focus on green technology is going to drive the growth of this market

Market Restraints:

High cost of equipment is expected to act as a restraint to the market growth
Lack of awareness regarding the benefits of magnetic refrigeration is also expected to act as a restraint to the market growth

Segmentation: Global Magnetic Refrigeration Market

By Product

Refrigeration systems
- Refrigerators
- Cabinet Display Freezers
- Beverage Coolers
- Ice Cream Cabinets
Air Conditioning Systems
- Stationary Air Conditioners
- Mobile Air Conditioners
- Chillers
Heat Pumps

By Application

Domestic
Commercial
Transportation
- Logistics
- Automotive
- Aerospace
- Marine Parking Sensors

By Industry

Food & Beverage Processing
Storage
Healthcare

By Geography

North America
- US
- Canada
- Mexico
South America
- Brazil
- Argentina
- Rest of South America
Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Russia
- Turkey
- Belgium
- Netherlands
- Switzerland
- Rest of Europe
Asia-Pacific
- Japan
- China
- South Korea
- India
- Australia
- Singapore
- Thailand
- Malaysia
- Indonesia
- Philippines
- Rest of Asia Pacific
Middle East & Africa