Share
Magnetic Refrigeration Market by Product Type (Heat Pumps, Refrigeration Systems, Air Conditioning Systems), by Application (Temperature Monitoring, Storage, Others), by Industry Vertical (Commercial, Automotive and Transportation, Food and Beverages, Healthcare, Chemical, Others) and Region - Global Analysis of Market Size, Share & Trends for 2021-2022 and Forecasts to 2032
Magnetic Refrigeration is a cooling technique that depends on the magnetocaloric effect. This method is used to competently reach the temperature ranges including extremely low temperatures found in regular refrigerators. When a magnetic field is applied, a magnetocaloric substance warms up. Changes in the material's intrinsic condition that release heat cause the warming. The material returns to its initial state after the magnetic field is taken away, reabsorbs the heat, and reaches its initial temperature. The material is allowed to radiate heat while it is heated by magnetization in order to achieve refrigeration. The material then cools down below its original temperature, removing the magnetic. Without a refrigerant, magnetic refrigeration has the potential to cut energy consumption by 30%.
Magnetic Refrigeration to surpass USD 23559.3 million by 2032 from USD 23.27 million in 2021 at a CAGR of 87.7% in the coming years, i.e., 2022-32. Government measures to promote green technology are on the rise, and magnetic refrigeration technology's low maintenance costs, small size, and great energy efficiency are the main drivers propelling the Magnetic Refrigeration Market. The application of a magnetic field aligns the atom's magnetic moments, which results in a warming magnetocaloric effect. The magnetic refrigeration market is being driven forward by this component globally.
Magnetic Refrigeration Market is categorized on the basis of Product Type into Heat Pumps, Refrigeration Systems, and Air Conditioning Systems. The refrigeration systems segment is anticipated to have a bigger market share. This is due to its widespread use in hotels, restaurants, retail outlets, and bakeries as well as its low energy consumption. The demand for freezers and coolers is growing as a result of rising temperatures and increasing COVID-19 cases across the nations, which are both driving up the segment growth.
Magnetic Refrigeration Market is categorized on the basis of Industry Vertical into Commercial, Automotive and Transportation, Food and Beverages, Healthcare, Chemical, and Others. The commercial application category had the largest market share in 2021, and it is anticipated to remain dominant throughout the forecast period. The global Magnetic Refrigeration Market is being driven by the fact that it saves energy, enhances the quality and safety of food with refrigeration maintenance, and lowers expensive emergency risks.
Owing to the rising concern over pollution around the world, governments are making more efforts to promote the development of green technology, and these efforts are helping businesses reduce their carbon footprints. These factors are hence driving the global Magnetic Refrigeration Market. Other leading factors driving the Magnetic Refrigeration Market include the increased awareness of ozone layer depletion, which has led to tight regulations imposed for use of environmentally beneficial magnetic refrigeration systems, as well as the systems' associated energy efficiency. In contrast, this technology is also used in freezers, beverage coolers, and ice cream cabinets to preserve large quantities of food and beverages, which increases overall profitability in the food and beverage business.
Speedy Growth of Industrial and Commercial Sectors is Increasing the Adoption of Magnetic Refrigeration Technology
The key players in the Magnetic Refrigeration Market are experiencing significant growth due to the expanding use of magnetic refrigeration in commercial settings like offices, stores, and malls as well as the modern cooling technologies visible in beverage domestic or commercial fridges and coolers. In addition, it has a variety of industrial uses, including heat pumps and the storage of medications and vaccines in the healthcare sector. New opportunities for the magnetic refrigeration business will be opened up by the robust growth of the industrial and commercial magnetic refrigeration system, including shops, hotels, bakeries, and confectioneries.
The Magnetic Refrigeration Market growth rate will be slowed down by the high initial cost of purchase. The lack of knowledge about the advantages of magnetic refrigeration technology in small and middle-class economies will further impede market expansion. There are a finite number of magnetocaloric materials that can be employed to make magnetic freezers. This would further hamper the growth of the market.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Magnetic Refrigeration Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In 2021, Europe accounted for the larger market share for all magnetic refrigeration and is predicted to continue its dominance during the projected period as well.
The fact that it is replacing traditional techniques of data collection and also the existence of significant important market players in this region are two factors influencing the growth of the European market. Rising demand for refrigeration in logistics-related and frozen food applications, as well as initiatives to lessen global warming and ozone depletion by banning high GWP refrigerants, are all driving factors in the global Magnetic Refrigeration Market.
The need for magnetic refrigeration has decreased across the board since Covid-19 entered the global market since there are fewer or no needs from the industries. Restaurants, cafes, hotels, and other businesses have been forced to temporarily close due to the global lockdown. However, when these sectors go out of business, the early phases of a pandemic see a decrease in demand for freezers. Due to the ease with which governments have made it easier to open cafes and restaurants and also the slow growth rate of Covid-19 cases worldwide, the Magnetic Refrigeration Market is projected to experience rising demand in the upcoming years.
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
USD 23.27 million |
|
Revenue Forecast in 2032 |
USD 23559.3 million |
|
Growth Rate |
CAGR of 87.7% from 2022 to 2032 |
|
Base Year for Estimation |
2021 |
|
Quantitative Units |
Revenue in USD million and CAGR from 2022 to 2032 |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments Covered |
Product Type, Application, Industry Vertical, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key Companies Profiled |
Samsung, General Electric, Toshiba Corp., BASF SE, Haier Inc., Whirlpool Corp., Sigma-Aldrich Co., Eramet, Astronautics Corp. America, Camfridge Ltd., Cooltech Application, VACUUMSCHMELZE GmbH & Co. KG, Magnotherm Solutions, Ubiblue, AMT&C Group, and Other Prominent Players |
The Magnetic Refrigeration Market size was estimated at USD 23.27 million in 2021 and is expected to reach USD 23559.3 million in 2032.
Magnetic Refrigeration is a cooling technique that depends on the magnetocaloric effect. This method is used to competently reach the temperature ranges including extremely low temperatures found in regular refrigerators.
The Refrigeration Systems and Commercial segments accounted for the larger share of the Magnetic Refrigeration Market.
Key players in the Magnetic Refrigeration Market are Samsung, General Electric, Toshiba Corp., BASF SE, Haier Inc., Whirlpool Corp., Sigma-Aldrich Co., Eramet, Astronautics Corp. America, Camfridge Ltd., Cooltech Application, VACUUMSCHMELZE GmbH & Co. KG, Magnotherm Solutions, Ubiblue, AMT&C Group, and Other Prominent Players.
Government measures to promote green technology are on the rise, and magnetic refrigeration technology's low maintenance costs, small size, and great energy efficiency are the main drivers propelling the Magnetic Refrigeration Market.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
