Magnetic Refrigeration Market is expected to rise from its initial estimated value of USD 23.71 billion in 2018 to an estimated value of USD 5669.09 billion by 2026, registering a CAGR of 98.3% in the forecast period of 2019-2026. Magnetic Refrigeration market research report helps you staying informed about the trends and opportunities in the Semiconductors and Electronics industry very easily and quickly by saving a lot of time. The Magnetic Refrigeration report comprises of reviews about key players in the market, major collaborations, merger and acquisitions. The purpose of this Magnetic Refrigeration market research report is to endow you with an absolute insights and awareness of the greatest market opportunities into the applicable markets. SWOT analysis and Porter’s Five Forces analysis are preferred by the businesses due to their potential in generating market research report.This rise in market value can be attributed to the increasing concerns of parking amid growth in the number of refrigerators. Global Magnetic Refrigeration Market By Product {refrigeration systems (Refrigerators, Cabinet Display Freezers, Beverage Coolers, Ice Cream Cabinets), Air Conditioning Systems (Stationary Air Conditioners, Mobile Air Conditioners, Chillers), Heat Pumps} Application{ Domestic, Commercial, Transportation(Logistics, Automotive, Aerospace, Marine), Industrial(Food & Beverage Processing and Storage, Healthcare), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
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Top Prominent players like –
Cooltech Applications (France),
Camfridge Ltd (UK),
Astronautics Corporation of America (US),
Whirlpool Corporation (US),
Haier lnc (China),
BASF SE (Germany),
eramet. (France),
SAMSUNG (South Korea),
Toshiba Corporation (Japan),
VACUUMSCHMELZE GMBH & CO. KG (Germany), and Sigma-Aldrich Co. l(US ).
Magnetic refrigeration is based on the principle of Magnetocaloric Effect (MCE). Magnetocaloric effect is a phenomenon where Magnetocaloric materials gets 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 magnetization-demagnetization cycles to the magneto caloric alloys is applied in a magnetic refrigeration system.
Market Segmentation
By Product
Refrigeration systems
Refrigerators
Cabinet Display Freezers
Beverage Coolers
Ice Cream Cabinets
Air Conditioning Systems
Stationary Air Conditioners
Mobile Air Conditioners
Chillers
Heat Pumps
By Application
Domestic
Commercial
Transportation
Logistics
Automotive
Aerospace
Marine Parking Sensors
By Industry
Food & Beverage Processing
Storage
Healthcare
Regional Analysis
This Magnetic Refrigeration research report presents the region wise analysis of the Market such as
South America
North America
Asia and Pacific region
Middle east and Africa
Europe
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Competitive Rivalry
Each Key players in the market in examined thoroughly in the Magnetic Refrigeration research report. The major factors driving the growth of this market were documented and the business partners and end operators were long winded.
Global magnetic refrigeration market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of magnetic refrigeration market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Market Drivers:
Low energy consumption by magnetic refrigeration systems is going to drive the growth of this market
Increasing focus on green technology is going to drive the growth of this market
Market Restraints:
High cost of equipment is expected to act as a restraint to the market growth
Lack of awareness regarding the benefits of magnetic refrigeration is also expected to act as a restraint to the market growth
Key Developments in the Market:
In 10th September 2016, Cooltech Applications, S.A. S., a leading magnetic refrigeration company, launched its first commercial magnetic refrigeration system (MRS). The magnetic cooling system uses a water coolant instead of a refrigerant gas which is an innovative approach that consumes minimal energy and eco-friendly in nature.
On 5th January 2015, Haier, Astronautics, and BASF presented the first prototype of a magnetocaloric wine cooler at the International Consumer Electronics Show in Las Vegas/Nevada. Partners demonstrate the functional principle of innovative technology for energy efficient cooling.
What makes it necessary to purchase this Magnetic Refrigeration research report?
The Magnetic Refrigeration report is inclusive of the market view. It also includes the business development predicted and achieved subsequently over the prospective years.
Various Analyzing tools such as SWOT analysis, Porter Five force analysis, Industry value chain analysis are used in which the threats and weakness of the market are analyzed.
The report describes the market demand including demand situation, regional demand assessment/evaluation and demand forecast.
It deals with industry environment, industry chain structure, industry overall, industry and investment analysis, manufacturing cost structure, raw materials and suppliers
In the end, the Magnetic Refrigeration report is inclusive of the column analysis of the market segmentation. When the market segmentation is combined with qualitative as well as quantitative analysis it incorporates the economic and non-economic aspects of the market impact.
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