Global Magnetic Refrigeration Market, By Product (Refrigeration Systems, Air conditioning Systems and Heat Pumps), Application (Domestic, Commercial and Transportation), Industry (Food and Beverage Processing, Storage and Healthcare), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Rising demand for packaged and processed food coupled with rising population is the prime reason for the rise in demand for magnetic refrigeration. Data Bridge Market Research analyses that the magnetic refrigeration market will exhibit a CAGR of 104.7% for the forecast period of 2021-2028.
Magnetic refrigeration is a cooling technology that is majorly used by the food and beverage processing industry, healthcare sector, storage and personal/domestic use. Magnetic refrigeration aims to protect the edibility of food and beverage items, provide storage space to food, beverages and medicines and maintain the right temperature for the medicine to be stored in. Magnetic refrigerators are more efficient and effective than traditional gas compression refrigeration systems as they offer safe, quitter and higher cooling effects. The magnetic refrigeration process works by applying a magnetic field to the magnetic materials causing them to heat up. The excess heat is removed from the system by water which enables the material to cool down and restore its original temperature.
Growth and expansion of the food and beverages industry and healthcare sector have led to the rise in demand for magnetic refrigeration systems. Low maintenance cost and initiatives by the government focusing on green technology will further propel growth in the demand for magnetic refrigeration. Also, the low energy consumption of magnetic refrigeration will further boost up its demand globally. The rising adoption of magnetic refrigeration in industrial and transportation sectors will further induce growth in the demand for magnetic refrigeration.
However, the high initial cost of acquisition will slow down the magnetic refrigeration market growth rate. Lack of awareness in the small and middle-class economies regarding the benefits of magnetic refrigeration technology will further derail the market growth. Magnetocaloric materials which are used in the manufacturing of magnetic refrigerators are available in limited quantity. This will further pose a challenge to the market growth.
This magnetic refrigeration market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on magnetic refrigeration market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Magnetic Refrigeration Market Scope and Market Size
The magnetic refrigeration market is segmented on the basis of product, application and industry. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the magnetic refrigeration market is segmented into refrigeration systems, air conditioning systems and heat pumps. Refrigeration systems are further sub-segmented into refrigerators, cabinet display freezers, beverage coolers and ice cream cabinets. Air conditioning systems are sub-segmented into stationery air conditioners, mobile air conditioners and chillers.
- On the basis of application, the magnetic refrigeration market is segmented into domestic, commercial and transportation. Transportation is further sub-segmented into logistics, automotive, aerospace and marine parking solutions.
- On the basis of industry, the magnetic refrigeration market is segmented into food and beverage processing, storage and healthcare.
Magnetic Refrigeration Market Country Level Analysis
The magnetic refrigeration market is analysed and market size, volume information is provided by country, product, application and industry as referenced above.
The countries covered in the magnetic refrigeration market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Europe dominates the magnetic refrigeration market in terms of market revenue and market share. The presence of major key players is one of the reasons for the induced growth in the demand for magnetic refrigeration. Rise in demand for packaged and processed food across countries in this region have further created lucrative market growth opportunities. Asia-Pacific on the other hand has shown great potential for growth and will project the highest growth rate during the forecast period owing to the growth and expansion of various end user verticals. Rising population has induced the demand for magnetic refrigerators for domestic purposes.
The country section of the magnetic refrigeration market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Magnetic Refrigeration Market Share Analysis
The magnetic refrigeration market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to the magnetic refrigeration market.
The major players covered in the magnetic refrigeration market report are BASF SE, Samsung, General Electric, Haier, Camfridge, TOSHIBA CORPORATION, Astronautics Corporation of America, Whirlpool Corporation., Ubiblue, VACUUMSCHMELZE GmbH & Co. KG, eramet, Sigma-Aldrich Co., Magnotherm Solutions among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.