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
- South Africa
- Egypt
- Saudi Arabia
- United Arab Emirates
- Israel
- Rest of Middle East & Africa