Global Magnetic Refrigeration Market Overview:
Magnetic refrigeration is a cooling technology which is based on the magnetocaloric effect. This technique can be used to manage extremely low temperatures (i.e below 1 kelvin), depending on the design of the system the ranges are used in common refrigerators. Ferromagnets tend to heat up when a magnetic field is applied and when the field is removed it cools down as the magnetic moments become randomly oriented. Magnetic refrigeration compromise of environmental benefits and energy efficiency, lower cost, longer life, lower weight and higher efficiency because it only requires one moving part-the rotating disc on which the magneto caloric material is mounted. Some of the key players profiled in the study are Whirlpool Corporation (United States), Toshiba (Japan), Astronautics Corporation of America (United States), Samsung Electronics (South Korea), General Electric (United States), BASF (Germany), Camfridge (United Kingdom), Eramet (France), Haier (China), Cooltech Applications (France), VACUUMSCHMELZE GMBH & CO. KG (Germany) and Sigma-Aldrich Corporation (United States).
On the basis of geography, the market of Magnetic Refrigeration has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Magnets will boost the Magnetic Refrigeration market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Concerns of Ozone Layer Depletion
- Increasing Focus on Green Technology
- Low Energy Consumption by Magnetic Refrigeration Systems
- High Initial Investment
- Alternative to air conditioners and heat pumps
- Increasing Adoption of Magnetic Refrigeration in the Transportation Sector
- Requirement for Appropriate Magnetocaloric Materials
Major Market Developments:
On April 30, 2019 VACUUMSCHMELZE (VAC) announced that the magnetocaloric material CALORIVAC® is now ready for series production and available on a large scale.
Magnetic Refrigeration Market is grounded on new product launches. The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail competitive advantage through combined synergies to increase their footprints in the market.
Manufacturers of Magnetic Refrigeration, Suppliers of Magnetic Refrigeration, Wholesalers, Distributors and Retailers of Magnetic Refrigeration, Industry Associations, Research Organization and Governmental Bodies
Major Objectives Focused through this Study
To define, describe, and forecast the Global Magnetic Refrigeration market on the basis of product [Refrigerators, Cabinet Displays, Freezers, Beverage Coolers, Ice Cream Cabinets, Air Conditioning Systems, Chillers and Heat Pumps] , application [Camfridge Ltd , Astronautics Corporation of America , Whirlpool Corporation , Qingdao Haier Co., Ltd , Industrial, Domestic, Healthcare, Food and Beverages Industries and Others [Automotive, Refrigerated Transportation & Logistics, Aerospace, Marine]], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Magnetic Refrigeration market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Magnetic Refrigeration industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Magnetic Refrigeration market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.