A new report has predicted the magnetic refrigeration market to be worth £203m by 2022, due in part to concerns of the ozone impact of refrigerants.
According to the new market research report “Magnetic Refrigeration Market by Product (Refrigeration, Air conditioning, Heat pumps), Application (Domestic, Commercial, Transportation & Industrial) & Geography - Global forecast to 2020”,the magnetic refrigeration market is expected to grow at a CAGR of 98.7 per cent between 2017 and 2022.
In a statement by marketsandmarkets, who publish the report, it said: “Increasing concerns regarding the use of refrigerants that are ozone depleting and have a high GWP in refrigeration and air conditioning systems are expected to provide various growth opportunities for the magnetic refrigeration market.
A magnetic refrigeration system’s simple design, low maintenance cost, green technology, and higher energy efficiency are some of the attributes which are likely to fuel the growth of the magnetic refrigeration market in the coming years.
The magnetic refrigeration technology can replace the conventional refrigeration systems that are used in refrigeration based compressor systems in all refrigeration and air conditioning products such as refrigerators, cabinet displays, freezers, beverage coolers, stationary & portable air conditioners, and heat pumps.”
The European market for magnetic refrigeration is expected to account for a market share of ~52 per cent in 2016 and is estimated to grow at a CAGR of 87.3 per cent between 2017 and 2022.
The studied market in the APAC region is expected to grow at the highest rate of 139.5 per cent between 2017 and 2022.
Some of the key players identified in the magnetic refrigeration market include Cooltech Applications (France), Camfridge Ltd (U.K.), Astronautics Corporation of America (U.S), Whirlpool Corporation (U.S.), General Electric CO. (U.S.), Qingdao Haier Co., Ltd (China), BASF SE (Germany), Eramet SA (France), Sigma-Aldrich Corporation (U.S.), Samsung Electronics Co., Ltd (South Korea), and Toshiba Corporation (Japan).
To order the report CLICK HERE