Latest added Magnetic Refrigeration Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Ubiblue, Eramet, Toshiba, Cooltech Applications, Samsung Electronics Camfridge, Haier, Astronautics Corporation of America, Whirlpool Corporation, BASF, Camfridge. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
The Magnetic Refrigeration Market is expected to be commercialized by 2021 at USD 4 million, and it is expected to grow at a CAGR of 105.4 % from 2021 to 2027 to reach USD 165 million by 2027.
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Some of the key driving factors of the magnetic refrigeration market are increasing government initiatives on green technology, low maintenance costs, compact design, and high energy efficiency offered by magnetic refrigeration technology.
Magnetic refrigeration market
The magnetic refrigeration market includes major Tier I and II players like Ubiblue, Camfridge Ltd, Astronautics Corporation of America, Haier Smart Home Co., Ltd, VACUUMSCHMELZE GmbH & Co. KG, and others. These players have taken various initiatives & R&D efforts to develop magnetic refrigeration technology. For instance, GE Appliances, a Haier company, and the Office of Energy & Renewable Energy (US) collaborated on a project to successfully harness the Magneto Caloric Effect (MCE) at the Oak Ridge National Laboratory (US). The project was initiated in June 2017 and planned to finish by June 2020, with the outcome of achieving cooling through MCE.
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Magnetic refrigeration market Dynamics
Driver: Increasing government initiatives on green technology
The impact of global warming is one of the major challenges faced by the refrigeration and air conditioning (RAC) industry as the existing technology is not environmentally friendly. Increasing global concerns to reduce polluting emissions, especially gases that are harmful to the Earth’s environment, has created the need for some alternative source for cooling purposes. Magnetic refrigeration offers a green cooling technology that would enable manufacturers to reduce their carbon footprint. Magnetic refrigeration-based products do not use refrigerants such as chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and other gases such as ammonia and chlorine, thereby reducing their direct gas emissions. Currently, the majority of refrigerants available in the market have a high global warming potential (GWP), and especially those releasing chlorine largely lead to the depletion of the ozone layer. Refrigerants with low GWP, such as ammonia and CO2, have been introduced but have safety-related issues such as flammability, toxicity, pressure, and temperature limitations.
Restraint: High initial investment
Magnets and magnetocaloric materials contribute greatly to the cost of magnetic refrigeration equipment. A device with a high coefficient of performance (COP) would use more magnet and magnetocaloric materials. The development of a device with high efficiency requires more materials, thereby leading to an increase in the cost of the device. The magnetocaloric material that is considered most suitable for the magnetic refrigeration system, as of now, is gadolinium, which is a rare earth metal and too expensive for mass production. Although companies are experimenting on other substitute alloys that can replace gadolinium, the cost of these is also expected to be comparatively higher than that of traditional refrigerants used in compressor systems.
Opportunity: Adoption of magnetic refrigeration in the commercial sector
The commercial application includes places that are used for business, such as offices, malls, and shops. This sector is poised to grow significantly in the coming years with the commercialization of magnetic refrigeration technology. From a technological point of view, magnetic refrigeration is a clean technology that has revolutionized cooling systems, and it needs to be available in the market. There are various potential applications of magnetic refrigeration systems. Initial developments have been orientated toward the commercial and domestic refrigeration markets, and include display cases, beverage coolers, and commercial or domestic fridges.
Challenge: Need for suitable magnetocaloric materials
Magnetocaloric material is the most important component of a magnetic refrigeration system. The most suitable material must be applied for application areas to deliver high efficiency. One of the main issues is the supply of magneto caloric materials, which are available in limited quantities. Identifying new materials or reducing the content of MCE would increase the viability of this technology.
Refrigeration system to hold the largest market size of magnetic refrigeration market during the forecast period
Magnetic refrigeration has a huge potential for the refrigeration market as it does not use refrigerants and consumes less energy. Moreover, magnetic refrigeration systems do not require a lot of maintenance and are also quieter than traditional units and create fewer vibrations. The different types of refrigeration systems include beverage coolers, cabinet displays, ice cream cabinets, freezers, and refrigerators. Of them, beverage coolers are expected to lead in the segment. These products can be used in domestic, commercial, transportation, and industrial applications. The demand is also likely to be driven by players focusing on entering the market with refrigeration systems.
Commercial application to hold the largest market size of magnetic refrigeration market during the forecast period
Magnetic refrigeration for commercial applications is projected to be commercialized by 2022/2023 with products such as cabinet displays and beverage coolers. Many players are targeting this application to commercialize their products. Companies such as Ubiblue are already testing these products with retail partners and are expected to generate recognizable revenue by 2027. Increasing efforts of players to develop and offer various products based on the magnetic refrigeration technology for the commercial application is a major driving factor of the market. Government support to develop magnetic refrigeration technology and strict regulations to reduce the use of refrigerants harmful to the environment are some important factors expected to drive market growth.
Europe to lead magnetic refrigeration market during the forecast period
The imposition of bans on the use of conventional refrigerants is expected to contribute to the growing market for magnetic refrigeration as it gradually replaces the existing technology used for cooling. The European Union’s initiative to check global warming and ozone depletion by banning high GWP refrigerants will be one of the major drivers for the growth of magnetic refrigeration in Europe. Moreover, the growing demand for frozen food and the increasing usage of refrigeration in logistics-related applications are expected to create opportunities. Being leading players based in Europe, the R&D efforts of European companies for the development of magnetic refrigeration technology and government support to develop green technology are expected to be primary driving factors making Europe a leader in this market.
The magnetic refrigeration market is dominated by players such as Ubiblue (France), Haier Smart Home Co., Ltd (China), Camfridge Ltd (UK), Astronautics Corporation of America (US) and VACUUMSCHMELZE GmbH & Co. KG (Germany).
Scope of the report
The study categorizes the magnetic refrigeration market based on product and application at the regional and global level.
Magnetic Refrigeration market, By Product
- Refrigeration Systems
- Beverage Coolers
- Cabinet Displays
- Ice Cream Cabinets
- Air Conditioning Systems
- Stationary Air Conditioners
- Mobile Air Conditioners
Magnetic Refrigeration Market, By Application
- Food & Beverages
Magnetic Refrigeration Market, By Region
- North America
- Rest of the World
A comprehensive analysis of the market structure along with the forecast of the various segments and sub-segments of the market have been delivered through this Magnetic Refrigeration market report. The market research and analysis performed in this business report assists clients to forecast investment in an emerging market, expansion of market share or success of a new product. The market is greatly transforming because of the moves of the key players & brands including developments, product launches, joint ventures, mergers & acquisitions that in turn changes the view of the global face of industry.
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