A
new research report by Transparency Market Research offers a
comprehensive evaluation of the global Magnetic
Refrigeration
Market. The
study, titled “Magnetic
Refrigeration Market - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast, 2018 - 2026”,
is available for sale on the firm’s website.
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.
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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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The
report offers a comprehensive evaluation of the market. It does so
via in-depth qualitative insights, historical data, and verifiable
projections about market size. The projections featured in the report
have been derived using proven research methodologies and
assumptions. By doing so, the research report serves as a repository
of analysis and information for every facet of the market, including
but not limited to: Regional markets, technology, types, and
applications.
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