Global Magnetic Refrigeration Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Magnetic Refrigeration Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global magnetic refrigeration market report has been segmented on the basis of product, application, and region.

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Global Magnetic Refrigeration Market: Overview

Magnetic refrigeration is one type of technology which is based on the magnetocaloric effect (also known as adiabatic demagnetization). This technique used in refrigerators to attain exceptionally low temperatures. Magnetic refrigeration is quieter, safer, compact, cooling efficient, and eco-friendly as compared to conventional applications for the magnetic refrigeration are similar to that of conventional refrigeration. The magnetic refrigeration avoids using dangerous or harmful and ozone-depleting coolant gases.

Global Magnetic Refrigeration Market: Dynamics

Growing environment concerns regarding carbon emissions and ozone layer depletion, along with stringent regulations and guidelines for the use of safe and environment-friendly refrigeration system are expected to drive growth of the target market. Furthermore, increasing pressure from the government from various countries to eliminate the use of harmful greenhouse gases from hotels, retail stores, bakeries, confectionaries, and restaurants is expected to foster growth of the target market. Moreover, growing demand for lower cost, lightweight, and higher product life cycle, along with free from harmful refrigerants, manufacturers are promoting products by showcasing the higher efficiency and environmental sustainability. This factor expected to boost demand for magnetic refrigeration. In addition, high energy efficiency and increasing focus on green technology are expected to support growth of the target market.

Adoption of magnetic refrigeration in the transportation sector is increasing, which is estimated to create a new opportunity for the target product manufactures. Whereas, the high initial investment for installation as compared with conventional refrigeration, which in turn is projected to hinder growth of the magnetic refrigeration market. In addition, the unavailability of magnetocaloric materials that is estimated a major challenge for the magnetic refrigeration technology manufacturers in the future.

Global Magnetic Refrigeration Market: Segment Analysis

Among the product segments, the refrigeration systems segment is anticipated to hold a considerable share in the global market over the forecast period.

Among the application segments, the commercial segment is estimated to hold a substantial share in the target market.

Global Magnetic Refrigeration Market: Regional Analysis

The market in Europe accounts for significant market share in terms of revenue to the global magnetic refrigeration market. This attributed to government initiatives to reduce ozone depletion and global warming by banning high-GWP refrigerants. In 2015, European Union passed a new F-gas regulation focusing on limiting or reducing the total amount of F-gases that can be sold and banning the use of F-gases in equipment such as air conditioners, fridges, aerosols, and foams.

The magnetic refrigeration market in the Asia Pacific is accounted for second-highest revenue share in the global market, followed by markets in North America, Middle East & Africa, Latin America, respectively. The major reason for growth of the market is the rising importance of magnetic refrigeration and increasing awareness about global warming.

Global Magnetic Refrigeration Market Segmentation:

Segmentation by Product:

Refrigeration Systems
Refrigerators
Cabinet Displays
Freezers
Beverage Coolers
Ice Cream Cabinets
Air Conditioning Systems
Stationary Air Conditioners
Mobile Air Conditioners
Chillers
Heat Pumps

Segmentation by Application:

Domestic
Commercial
Transportation
Logistics
Automotive
Aerospace
Marine
Industrial
Food & Beverage Processing and Storage
Healthcare