According to the ‘Global Magnetic Refrigeration Market Report 2018’, the magnetic refrigeration market is poised to reach at a compound annual growth rate (CAGR) of 98.8% by 2024.
The ‘Global Magnetic Refrigeration Market Report 2018’ from DataBridge Market Research presents an in-depth assessment of the magnetic refrigeration market including enabling technologies, key trends, market drivers, challenges, standardisation, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. It provides a comprehensive overview of the market, its dynamics, structure, characteristics, main players, growth and demand drivers.
The global magnetic refrigeration market accounted to USD6-billion in 2016 and is predicted to grow at a CAGR of 98.8% during the forecast period of 2017 to 2024.
Magnetic refrigeration is based on the principle of Magnetocaloric Effect (MCE). Magnetocaloric effect is a phenomenon where Magnetocaoric materials are 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. A series of the magnetisation-demagnetisation cycles to the magnecto caloric alloys is applied in a magnetic refrigeration system.
The 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 footprint in this market. The report includes market shares of flow cytometry market for global, Europe, North America, Asia Pacific and South America.
Scope of the report
- 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. The 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 and South America, Europe, Asia-Pacific and the Middle East and Africa. Some of the major countries covered in this report are US, Canada, Germany, France, the UK, 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.