Magnetic Refrigeration Market Size, Share, Outlook Trend, Application, Regional Analysis & Global Report Rate till 2027

The Global Magnetic Refrigeration Market was valued at USD 8.89 million in 2019 which expected to reach USD 2568.54 by 2027 at a CAGR 103.15%.

Magnetic refrigeration is a type of cooling technology based on the magnetocaloric effect. It is used to attain extremely low temperature and the ranges used in common refrigerators. The magnetic refrigeration provides various benefits such as improved device efficiency, reduced CO2 production from these energy savings, and eliminating greenhouse gas refrigerants. This is higher efficient as compared to the traditional gas compression refrigeration.

The increase in government initiatives on green technology is expected to boost the global magnetic refrigeration market growth. Furthermore, low energy consumption by magnetic refrigeration systems will positively influence the market growth over the forecast period. Also, the rise in adoption of magnetic refrigeration in the transportation and industrial sector is expected to drive the global magnetic refrigeration market growth.

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Moreover, the increase in environmental concerns regarding carbon emissions & ozone layer depletion with stringent rules and regulations for the use of safe and environment friendly refrigeration system are expected to propel the global magnetic refrigeration market growth. In add9ition, the rise in adoption of magnetic refrigeration in the transportation sector is increasing which is projected to create a new opportunity for the target product manufacturers.


High investment cost is the major restraint which expected to hamper the global magnetic refrigeration market growth. Also, limited filed strength of permanent magnets may limit the global magnetic refrigeration market growth.

Magnetic Refrigeration Market Segmentation 

The Global Magnetic Refrigeration Market is segmented into such as Heat Pumps, Refrigeration Systems, and Air Conditioning Systems. Further, market is segmented into application such as Industrial, Transportation, Domestic, and Commercial.

Also, the Global Magnetic Refrigeration Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players Analysis

Various key players are discussed in this report such as Whirlpool Corporation, Camfridge Ltd, Samsung Electronics Co., Ltd, Cooltech Applications, Qingdao Haier Co., Ltd,  Eramet S.A., Toshiba Corporation, Vacuumschmelze GmbH & Co. Kg, Astronautics Corporation of America etc.

Market Taxonomy

By Product

 

·         Heat Pumps

·         Refrigeration Systems

·         Air Conditioning Systems

By Application

·         Industrial

·         Transportation

·         Domestic

·         Commercial

By Region

·         North America

·         Latin America

·         Europe

·         Asia Pacific

·         Middle East & Africa

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About Us

QualiKet Research is a leading Market Research and Competitive Intelligence partner helping leaders across the world to develop robust strategy and stay ahead for evolution by providing actionable insights about ever changing market scenario, competition and customers. QualiKet Research is dedicated to enhancing the ability of faster decision making by providing timely and scalable intelligence. We use different intelligence tools to come up with evidence that showcases the threats and opportunities which help our clients outperform their competition.

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