Global Magnetic Refrigeration Market
The Global Magnetic Refrigeration Market was valued at USD 1.14 million in 2016 and is projected to reach USD 702.20 million by 2025, growing at a CAGR of 104.25% from 2017 to 2025.
Magnetic refrigeration is a cooling technology based on the magnetocaloric effect. This technique can be used to attain extremely low temperatures, as well as the ranges used in common refrigerators. There are several benefits of using Magnetic refrigeration system including - improved device efficiency, reduced CO2 production from these energy savings, eliminating greenhouse gas refrigerants, and is efficient.
1. Market Drivers
1.1 Increasing energy efficiency
1.2 Increasing focus on green technology
1.3 Low maintenance cost
1.4 Increasing adoption of magnetic refrigeration in the transportation and industrial sector
2. Market Restraints
2.1 High need for suitable magnetocaloric materials
2.2 High investment cost
2.3 Poor field of strength of permanent magnets
The Global Magnetic Refrigeration Market is segmented on the application, product, and region.
2. By Product:
2.1 Heat Pumps
2.2 Refrigeration Systems
2.3 Air Conditioning Systems
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Camfridge Ltd
2. Whirlpool Corporation
3. BASF SE
4. Samsung Electronics Co., Ltd
5. Vacuumschmelze GmbH & Co. Kg
6. Cooltech Applications
7. Astronautics Corporation of America
8. Qingdao Haier Co., Ltd
9. Eramet S.A.
10. Toshiba Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Magnetic Refrigeration Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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