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Magnetic Refrigeration Market

Magnetic Refrigeration Market

By Type (Hardware, Software, and Service), Product Type (Refrigerators, Air-Conditioning Systems, Chillers, Ice making Machinery, Display Cases, and Heat Pumps), Application (Temperature Monitoring, Storage, and Others), and Industry Vertical (Commercial, Automotive and Transportation, Food & Beverages, Healthcare, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2027

Report Code: A08173
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Mar 2023 | 2652 Views
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Magnetic Refrigeration Market Outlook - 2027

Magnetic refrigeration is a cooling technology based on magnetocaloric effect that can be used to attain extremely low temperature in conventional refrigeration systems. Magnetocaloric effect is a phenomenon in which temperature of magnetocaloric materials such as Gd, FeRh increases on experiencing a sharp fall while the magnetic field applied on the material is stopped instantly. 

Magnetic refrigeration system finds large scale application in the communication sector such as cooling of infrared sensors in surveillance satellites as it is environment-friendly with lower noise emission and does not use harmful, ozone-depleting coolant gases with reduced CO2 production. This technology is widely used in different commercial system such as air conditioner, freezer, chiller as it is light-weight, safe, compact with higher cooling efficiency and product life-cycle due to low power consumption than conventional gas-compression refrigeration. 

Magnetic refrigeration technique is progressively conservative with high temperature range, requires less maintenance due to low rotation of unit parts and saves energy thus enhancing product quality standards in market. Further advancements in this energy-saving technology offering low operational cost over its conventional counterparts facilitates the magnetic refrigeration market share to undergo exponential growth in coming years.

Covid Scenario Analysis:

  • China is the manufacturing hub of semiconductor and electronic items. In addition, owing to COVID-19 outbreak, most of manufacturing units have been shut down, creating a no-growth environment. The ultimate impact in China and globally due to effect of coronavirus on sales loss is still uncertain.
  • On the other hand, as demand for refrigeration drops in hotels, restaurants, this reduction might be offset by greater demand of fridges, freezers to preserve vast amount of food. Refrigeration systems are also in demand in packed up hospitals to prevent drugs, vaccines from being spoilt as well as to keep virus infected patients stable. Rising demand for energy in data centers require efficient magnetic refrigeration system to provide efficient cooling.
  • Global sourcing and manufacturing strategy need to be established to minimize the disruption or interruption in customer support and product delivery at global front during COVID-19. In March 2020, Haier India stated that warranty on all its products expiring on March or April 2020 would be further extended by two months after lockdown is lifted. Organizations are offering effective assistance through demo videos on websites to remotely guide customers enjoy a hassle-free experience during this time of crisis. Due to spiking demand of cooling system in every sector the magnetic refrigeration market is anticipated to make fast rebound after the short-term downfall in revenue.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Rise in awareness regarding ozone-layer depletion leading to strict guidelines imposed for use of environment-friendly magnetic refrigeration system and energy-efficiency related to this system are primary factors propelling magnetic refrigeration market growth. However, high cost of this equipment and lack of awareness regarding benefits of this system hinders magnetic refrigeration market growth.

On the contrary, this technology is also used in freezers, ice-cream cabinets, beverage coolers to preserve huge amount of food, drinks in the food and beverage industry boosts the overall revenue. In addition, it is used in healthcare industry to store drugs and vaccines as well as in heat pumps among industrial applications. Robust growth in the industrial and commercial magnetic refrigeration system such as hotels, retail stores, bakeries, confectionaries will pave new avenues to magnetic refrigeration industry.

New product launches to flourish the market

Key magnetic refrigeration market players have adopted necessary steps to improve accuracy, efficiency, and overall performance of nonregenerative magnetic refrigeration system. 

In March 2019, Trane, one of the global leaders in heating ventilation and air conditioning systems (HVAC), launched high speed magnetic centrifugal chillers (HSWA) in Mumbai. These chillers have stable operating range which exceed AHRAE 90.1 Std by 40%. In addition, it comprises of CHIL evaporator, next-generation heat exchanger that optimizes refrigerant flow and reduces charge. The magnetic centrifugal chiller is equipped with oil-free magnetic bearing compressor that reduces the operational cost. It also has Genyue 5th Generation full DC Inverter VRF System that saves 30% installation space and offers 26% better efficiency than conventional system.

Surge in use in automotive and industrial applications

Active magnetic regenerative refrigerator design and working parameters fulfil the needs of a vehicle with minimum electric consumption and device mass. 

This technology is used in an electric vehicle that depends on batteries for their operations. The behavior of magnetocaloric regenerator is coupled with circulating fluid as a means to optimize efficiency of a system. This technology is used as a solution for improvements in energy efficiency, compactness, noise level, and reduction in environmental impacts which is anticipate to replace vapor-compression technology in the future.

Key benefits of the stakeholders:

  • The study gives an analytical overview of the Magnetic Refrigeration market forecast with current trends and future estimations to determine imminent investment pockets.
  • The report provides information related to key drivers, restraints, and opportunities along with detailed magnetic refrigeration market analysis.
  • The current magnetic refrigeration market trends are quantitatively analyzed from 2021 to 2027.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 

Questions answered in the Magnetic Refrigeration Market research report:

  • Who are the leading players in the Magnetic Refrigeration market?
  • What are the current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
  • What would be the detailed impact of COVID-19 on the market?

Magnetic Refrigeration Market Report Highlights

Aspects Details
By Type
  • Hardware
  • Software
  • Service
By Product Type
  • Refrigerators
  • Air-conditioning system
  • Chillers
  • Ice making Machinery
  • Display cases
  • Heat Pumps
By Application
  • Temperature Monitoring
  • Storage
  • Others
By Industry Vertical
  • Commercial
  • Automotive and Transportation
  • Food and Beverages
  • Healthcare
  • Chemical
  • Others
By Region
  • North America  (US, Canada, Mexico)
  • Europe  (Germany, UK, France, Russia, rest of Europe)
  • Asia Pacific  (India, Japan, China, rest of Asia Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Cooltech Application, Camfridge Ltd., Whirlpool Corp., Astronautics Corp. America, BASF SE, Haier Inc., General Electric, Toshiba Corp., Sigma-Aldrich Co., Eramet.

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