1. Market Research
  2. > Electronics
  3. > Industrial Electronics Market Trends
Magnetic Refrigeration Market by Product, Application, and Geography - Global Forecast to 2023

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

  • July 2017
  • 158 pages
  • ID: 3176832
  • Format: PDF
  • By MarketsandMarkets


Table of Contents

Search Inside

“Magnetic refrigeration market expected to grow at a CAGR of 108.0% between 2018 and 2023”
The magnetic refrigeration market is expected to be valued at USD 163.7 million by 2023, growing at a CAGR of 108.0% between 2018 and 2023. This market growth can be attributed to the increasing pressure on the refrigeration industry to reduce the use of harmful refrigerants such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs). Also, the magnetic refrigeration system uses 40% less energy than traditional vapor compression system. Governments in the US as well as in European countries have been phasing out refrigerants to reduce their impact on the environment. Hydrofluorocarbon (HFC) refrigerants such as 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 such as HCFC-22 or R-22, which are commonly used in existing refrigeration systems, are also gradually being phased out. Developing countries such as China and India have also pledged under the Montreal Protocol to phase down the production and consumption of HFCs.

“Commercial application expected to hold the largest size of the market during the forecast period”
The commercial application includes places that are used for businesses such as offices, malls, and shops, among others. The commercial application is expected to lead the market for magnetic refrigeration in the coming years because most of the players in the field of magnetic refrigeration are focusing initially on the commercial application for launching their magnetic refrigeration products. Cooltech Applications (France) is even demonstrating and collaborating with commercial businesses such as hotels, retail stores, and restaurants for testing their MRS.

“Market in APAC likely to grow at the highest rate during the forecast period”
The magnetic refrigeration market in APAC is expected to grow at the highest rate during the forecast period. Factors such as the fast economic development of countries in APAC such as China and India, and the increasing demand for air conditioning systems in countries such as China and India are likely to contribute to the fastest growth of the market in APAC during the forecast period. In June 2013, the US and China proposed to work together under the Montreal Protocol to phase down the production and consumption of HFCs. In 2015, India submitted a proposal to amend Montreal Protocol to include HFCs. Companies such as Haier, Toshiba, and Samsung have been working toward developing magnetic refrigeration-based products, thereby contributing to the fastest growth of the market in APAC.

Breakdown of the profiles of primary participants:

• By Company: Tier 1 = 55 %, Tier 2 = 30%, and Tier 3 = 15%
• By Designation: C-Level Executives = 50%, Directors = 25%, and Managers = 25%
• By Region: North America = 35%, Europe = 25%, APAC = 30%, and RoW = 10%

The major players profiled in this report are as follows:

• Cooltech Applications (France)
• Camfridge Ltd (UK)
• Astronautics Corporation of America (US)
• Whirlpool Corporation (US)
• Qingdao Haier Co. Ltd. (China)
• BASF SE (Germany)
• Eramet S.A. (France)
• Samsung Electronics Co., Ltd. (South Korea)
• Toshiba Corporation (Japan)

Research Coverage
In this report, the magnetic refrigeration market has been segmented on the basis of products, application, and geography. The market has been segmented on the basis of products into refrigeration systems, air conditioning systems, and heat pumps. The magnetic refrigeration market based on application comprises domestic, commercial, transportation, and industrial. The study also covers the forecast of the market sizes for five main regions—North America, South America, Europe, APAC, and RoW.

Reasons to buy the report
The report would help the market leaders/new entrants in this market in the following ways.
1. This report segments the magnetic refrigeration market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different verticals and regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, opportunities, burning issues, and winning imperatives for the market.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, new product launches and developments, partnerships, and mergers and acquisitions carried out in the market.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.
Ahmad helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at researchadvisor@reportlinker.com to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - researchadvisor@reportlinker.com or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.


Reportlinker.com © Copyright 2020. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on