Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global magnetic refrigeration market is expected to value USD 5.03 million in 2021 and is expected to grow at a CAGR of 102.76% during the forecast period, according to a recent market study by Quince Market Insights. Refrigeration is a new, environmentally friendly technique based on a magnetic solid that serves as a refrigerator due to the magneto-caloric effect (MCE).
The magnetic moments of the atom are aligned by the magnetic field application, causing MCE to warm. Increasing government attempts to promote the creation of green technology as a result of growing worldwide concerns about pollution, and green technologies are assisting firms in lowering carbon footprints. As a result, these elements are propelling the worldwide magnetic refrigeration market forward.
However, even with these advantages, there are certain challenges that are limiting the global market's future growth, such as high initial investment prices for magnetic refrigeration equipment. In addition, manufacturers' experiments with various substitutes to replace gadolinium are projected to raise the cost of the systems.
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Moreover, the growing adoption of magnetic refrigeration in commercial sectors such as shops, offices, and malls, as well as modern cooling technologies displayed in beverage coolers, domestic or commercial fridges, are creating significant opportunities for the magnetic refrigeration market's key players.
The restricted supply of magneto caloric materials, which are utilized in the manufacturing of magnetic refrigeration, is posing a challenge to the magnetic refrigeration market's overall expansion.
Impact of COVID-19 on Global Magnetic Refrigeration Market
The QMI is closely monitoring the impact of COVID-19 on magnetic refrigeration market.
Due to less or no needs from the industries since the arrival of Covid-19 over the world, the entire market for magnetic refrigeration has declined. As a result of the global shutdown, restaurants, hotels, cafes, and other businesses have been forced to close temporarily. However, when these industries close, demand for freezers falls during the early stages of a pandemic.
As a result, the market is likely to see increased demand in the next years, thanks to the ease with which governments have made it easier to open restaurants and cafes, as well as the sluggish growth rate of Covid-19 cases around the world.
Global Magnetic Refrigeration Market, by Product
Based on product, the magnetic refrigeration market is segmented into refrigeration systems and air conditioning systems. Further, refrigeration systems are segmented into freezers, refrigerators, cabinet displays, beverage coolers, and ice cream cabinets. Further, air conditioning systems are segmented into chillers, mobile air conditioners, and stationery air conditioners.
The refrigeration systems segment contributed for the biggest market share in 2021, and it is expected to continue to be the largest market during the forecast period. Increased temperatures and rising Covid-19 instances across the country are contributing to the rise of the refrigeration segment, as people are staying indoors for longer periods of time, raising demand for refrigerators and coolers.
Moreover, as consumers place a greater emphasis on health and hygiene, preferring for anti-bacterial products, the demand for refrigerators is increasing day by day, encouraging the worldwide magnetic refrigeration market growth.
Global Magnetic Refrigeration Market, by Application
Based on application, the magnetic refrigeration market is segmented into industrial, transportation, domestic, and commercial. Further industrial is segmented into healthcare and food & beverage. Further, transportation is segmented into automotive, aerospace, marine, and logistics.
In 2021, the commercial application category had the greatest market share, and it is expected to continue to have the largest market share during the forecast period. Commercial sector growth is attributable to the fact that it saves energy, improves the quality and safety of food with refrigeration maintenance, and reduces costly emergency risks, all of which are driving the global magnetic refrigeration market.
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Global Magnetic Refrigeration Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these, Europe captured the largest market share for global magnetic refrigeration in 2021 and it is anticipated to remain largest market during the forecast period.
Factors contributing to the growth of the European market include the fact that it is replacing conventional methods for collecting data as well as the presence of large key market payers in this area. The global magnetic refrigeration market is also being driven by rising demand for refrigeration in logistics-related and frozen foods applications, as well as efforts to reduce global warming and ozone depletion by banning high GWP refrigerants.
Recent Developments in the Global Magnetic Refrigeration Market
- January 2020 – France Brevets has announced its launch of license program Kione for a series of patents specialized in magnetic refrigeration technology.
Major Companies: Ubiblue, Astronautics Corporation of America, Haier Smart Home Co., Ltd., BASF SE, Toshiba Corporation, VACUUMSCHMELZE GmbH & Co. KG, Samsung Electronics Co., Ltd, and Whirlpool Corporation.
For more information on this topic please visit our website report titled, “Global Magnetic Refrigeration Market, By Product (Refrigeration Systems {Freezers, Refrigerators, Cabinet Displays, Beverage Coolers, and Ice Cream Cabinets} Air Conditioning Systems {Chillers, Mobile Air Conditioners, and Stationery Air Conditioners}), By Application (Industrial {Healthcare and Food & Beverage}, Transportation {Automotive, Aerospace, Marine, and Logistics}, Domestic, and Commercial), By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)” — in-depth analysis along with the table of contents (ToC).
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