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Magnetic Refrigeration Market by Product, Application, and Geography - Global Forecast to 2023

Magnetic Refrigeration Market: Global Forecast until 2023

  • July 2017
  • 158 pages
  • ID: 3176832
In this report:
Europe is expected to account for the largest share of ##.##% of the magnetic refrigeration market in 2023, while North America is likely to account for the second-largest share of ##.##% of the magnetic refrigeration market.
Europe is expected to be the largest market for the magnetic refrigeration technology with a ##.##% share, followed by North America with a ##.##% share in 2018.

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"Magnetic refrigeration market forecasted to grow at a CAGR (Compound annual growth rate) of 108.00 percent between 2018 and 2023"

The magnetic refrigeration market is anticipated to be valued at $163.70M by 2023, increasing at a compound annual growth rate (CAGR) of 108.00 percent between 2018 and 2023. This market increase can be accredited to the growing pressure on the refrigeration sector to minimize the use of harmful refrigerants including hydrofluorocarbons and chlorofluorocarbons. Also, the magnetic refrigeration system uses 40.0 percent less energy than traditional vapor compression system. Governments in the US as well as in European countries have been phasing out refrigerants to minimize their impact on the environment. Hydrofluorocarbon refrigerants including R-134a, R-410a, or R-404a are already being phased out. The most common refrigerant, R-134a, was banned in the European Union in 2011. Refrigerants including HCFC-22 or R-22, which are commonly used in existing refrigeration systems, are also gradually being phased out. Developing countries including China and India (IN) have also pledged under the Montreal Protocol to phase down the production and consumption of HFCs.

"Commercial application forecasted to hold the biggest size of the market during the estimate period"

The commercial application includes places that are used for businesses including offices, malls, and shops, among others. The commercial application is anticipated to lead the industry for magnetic refrigeration in the next years because most of the actors in the field of magnetic refrigeration are focusing initially on the commercial application for launching their magnetic refrigeration products. Cooltech Applications is even demonstrating and collaborating with commercial businesses including hotels, retail stores, and restaurants for testing their MRS.

"Market in Asia-Pacific likely to grow at the highest level rate during the outlook period"

The magnetic refrigeration market in Asia-Pac is anticipated to grow at the maximal rate during the estimate period. Elements such as the quick economic development of countries in APAC including China and India (IN), and the growing demand for air conditioning systems in countries including China (CN) and India (IN) are likely to contribute to the quickest rise of the market in Asia-Pacific during the outlook period. In June 2013, the USA and China (CN) proposed to work together under the Montreal Protocol to phase down the production and consumption of HFCs. In 2015, India (IN) submitted a proposal to amend Montreal Protocol to include HFCs. Companies including Haier, Toshiba, and Samsung have been working toward developing magnetic refrigeration-based products, thereby contributing to the quickest increase of the market in Asia-Pac.

Breakdown of the profiles of primary members taking part:

• By Organization: Tier 1 = 55 %, Tier 2 = 30.0 percent, and Tier 3 = 15.0 percent

• By Description: C-suite executives = 50.0 percent, Directors = 25.0 percent, and Managers = 25.0 percent

• By Area: North America continent = 35.0 percent, EU = 25.0 percent, Asia-Pacific = 30.0 percent, and RoW = 10.0 percent

• Samsung Electronics Co., Limited

• Toshiba Corporation

• VACUUMSCHMELZE GMBH & CO. KG

Segment Research

In this business report, the magnetic refrigeration market has been split on the basis of products, application, and area. The market has been split on the basis of products into refrigeration systems, air conditioning systems, and heat pumps. The magnetic refrigeration market established on application comprises domestic, commercial, transportation, and industrial. The market research also includes the forecast of the market sizes for five main regions-North America, South America region, Europe (EU), Asia-Pac, and RoW.

Why acquiring this study can help you

The analysis would benefit the market top players/new sector entrants in this sector in these ways.

1. This document breaks down the magnetic refrigeration market comprehensively and offers the closest approximations of the global market size and those of the subsegments across several verticals and localities.

2. The market research would benefit partners distinguish the pulse of the sector and offer them with the info on key market drivers, market restraints, opportunities, alternatives, burning issues, and winning imperatives for the industry.

3. This industry report would benefit partners comprehend their players better and acquire additional insights to improve their rank in the business sector. The competitive outlook section includes competitor landscape, recent product launches and advancements, alliances, and mergers and acquisitions carried out in the sector.

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