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Global magnetic refrigeration market analysis to 2024 just published

The new report "Global Magnetic Refrigeration Market" accounted to USD 6 billion in 2016 growing at a CAGR of 98.8% during the forecast period of 2017 to 2024.

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The “Global Magnetic Refrigeration Market”, By Product{ refrigeration systems (Refrigerators, Cabinet Display Freezers, Beverage Coolers, Ice Cream Cabinets), Air Conditioning Systems (Stationary Air Conditioners, Mobile Air Conditioners, Chillers), Heat Pumps} By Application{ Domestic, Commercial, Transportation(Logistics, Automotive, Aerospace, Marine), Industrial(Food & Beverage Processing and Storage, Healthcare), By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024.

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Magentic refrigeration is based on the principle of Magnetocaloric Effect (MCE). Magnetocaloric effect  is a phenomenon where Magnetocaoric materials gets heated up when they are immersed in the magnetic field and cool down when removed from it, almost instantly.

Magnetic refrigeration is safer, compact, and quieter and it is higher cooling efficient as compared to the traditional gas compression refrigeration.

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A series of the magnetization-demagnetization cycles to the magnecto caloric alloys is applied in a magnetic refrigeration system.

Competitive Analysis: Magnetic Refrigeration Market

Global Magnetic Refrigeration Market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.

The report includes market shares of flow cytometry market for global, Europe, North America, Asia Pacific and South America.

Major Market Competitors: Magnetic Refrigeration Market

Some of the major players operating in Magnetic Refrigeration Market are Cooltech Applications, Camfridge Ltd, Astronautics Corporation of America, Whirlpool Corporation, Qingdao Haier Co. Ltd., BASF SE, Eramet S.A., Samsung Electronics Co., Ltd, Toshiba Corporation, VACUUMSCHMELZE GMBH & CO.

KG, Sigma-Aldrich Corporation, GE,.

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Major Market Drivers and Restraints:

Low energy consumption by magnetic refrigeration systems

Alternative to air conditioners and heat pumps

Increasing focus on green technology

Low awareness

High cost of equipment

Market Segmentation: Magnetic Refrigeration Market

On the basis of Product, the Magnetic Refrigeration Market is segmented into refrigeration systems, Air Conditioning Systems and heat pumps. The refrigeration systems are further segmented into Refrigerators, Cabinet Display Freezers, Beverage Coolers and Ice Cream Cabinets.

The air conditioning systems are further segmented into Stationary Air Conditioners, Mobile Air Conditioners, and Chillers. Air conditioned segmented market is expected to grow in the forecasted period.

On the basis of application the Magnetic Refrigeration Market is segmented into Residential Domestic, Commercial, Transportation and industrial. The transportation market is further segmented into Logistics, Automotive, Aerospace, and Marine.

The commercial market is expected to grow in the forecasted period.

On the basis of geography, Magnetic Refrigeration Market report covers data points for 28 countries across multiple geographies such as North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.

In 2017, North America is expected to dominate the market.

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