Magnetic Refrigeration Market

Magnetic Refrigeration Market by Product ((Refrigeration Systems (Beverage Cooler, Cabinet Display, Refrigerator), Air Conditioning Systems)), Application (Domestic, Commercial, Transportation, and Industrial), and Geography - Global Forecast to 2027

Report Code: SE 3653 Oct, 2020, by marketsandmarkets.com

[180 Pages Report]The magnetic refrigeration market is expected to be commercialized by 2022 at USD 4 million, and it is expected to grow at a CAGR of 105.4 % from 2022 to 2027 to reach USD 165 million by 2027.

Some of the key driving factors of the magnetic refrigeration market are increasing government initiatives on green technology, low maintenance costs, compact design, and high energy efficiency offered by magnetic refrigeration technology.

Magnetic Refrigeration Market

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Magnetic refrigeration market

The magnetic refrigeration market includes major Tier I and II players like Ubiblue, Camfridge Ltd, Astronautics Corporation of America, Haier Smart Home Co., Ltd, VACUUMSCHMELZE GmbH & Co. KG, and others. These players have taken various initiatives & R&D efforts to develop magnetic refrigeration technology. For instance, GE Appliances, a Haier company, and the Office of Energy & Renewable Energy (US) collaborated on a project to successfully harness the Magneto Caloric Effect (MCE) at the Oak Ridge National Laboratory (US). The project was initiated in June 2017 and planned to finish by June 2020, with the outcome of achieving cooling through MCE.

Magnetic refrigeration market Dynamics

Driver: Increasing government initiatives on green technology

The impact of global warming is one of the major challenges faced by the refrigeration and air conditioning (RAC) industry as the existing technology is not environmentally friendly. Increasing global concerns to reduce polluting emissions, especially gases that are harmful to the Earth’s environment, has created the need for some alternative source for cooling purposes. Magnetic refrigeration offers a green cooling technology that would enable manufacturers to reduce their carbon footprint. Magnetic refrigeration-based products do not use refrigerants such as chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and other gases such as ammonia and chlorine, thereby reducing their direct gas emissions. Currently, the majority of refrigerants available in the market have a high global warming potential (GWP), and especially those releasing chlorine largely lead to the depletion of the ozone layer. Refrigerants with low GWP, such as ammonia and CO2, have been introduced but have safety-related issues such as flammability, toxicity, pressure, and temperature limitations.

Restraint: High initial investment

Magnets and magnetocaloric materials contribute greatly to the cost of magnetic refrigeration equipment. A device with a high coefficient of performance (COP) would use more magnet and magnetocaloric materials. The development of a device with high efficiency requires more materials, thereby leading to an increase in the cost of the device. The magnetocaloric material that is considered most suitable for the magnetic refrigeration system, as of now, is gadolinium, which is a rare earth metal and too expensive for mass production. Although companies are experimenting on other substitute alloys that can replace gadolinium, the cost of these is also expected to be comparatively higher than that of traditional refrigerants used in compressor systems.

Opportunity: Adoption of magnetic refrigeration in the commercial sector

The commercial application includes places that are used for business, such as offices, malls, and shops. This sector is poised to grow significantly in the coming years with the commercialization of magnetic refrigeration technology. From a technological point of view, magnetic refrigeration is a clean technology that has revolutionized cooling systems, and it needs to be available in the market. There are various potential applications of magnetic refrigeration systems. Initial developments have been orientated toward the commercial and domestic refrigeration markets, and include display cases, beverage coolers, and commercial or domestic fridges.

Challenge: Need for suitable magnetocaloric materials

Magnetocaloric material is the most important component of a magnetic refrigeration system. The most suitable material must be applied for application areas to deliver high efficiency. One of the main issues is the supply of magneto caloric materials, which are available in limited quantities. Identifying new materials or reducing the content of MCE would increase the viability of this technology.

Refrigeration system to hold the largest market size of magnetic refrigeration market during the forecast period

Magnetic refrigeration has a huge potential for the refrigeration market as it does not use refrigerants and consumes less energy. Moreover, magnetic refrigeration systems do not require a lot of maintenance and are also quieter than traditional units and create fewer vibrations. The different types of refrigeration systems include beverage coolers, cabinet displays, ice cream cabinets, freezers, and refrigerators. Of them, beverage coolers are expected to lead in the segment. These products can be used in domestic, commercial, transportation, and industrial applications. The demand is also likely to be driven by players focusing on entering the market with refrigeration systems.

Commercial application to hold the largest market size of magnetic refrigeration market during the forecast period

Magnetic refrigeration for commercial applications is projected to be commercialized by 2022/2023 with products such as cabinet displays and beverage coolers. Many players are targeting this application to commercialize their products. Companies such as Ubiblue are already testing these products with retail partners and are expected to generate recognizable revenue by 2022. Increasing efforts of players to develop and offer various products based on the magnetic refrigeration technology for the commercial application is a major driving factor of the market. Government support to develop magnetic refrigeration technology and strict regulations to reduce the use of refrigerants harmful to the environment are some important factors expected to drive market growth.

Europe to lead magnetic refrigeration market during the forecast period

The imposition of bans on the use of conventional refrigerants is expected to contribute to the growing market for magnetic refrigeration as it gradually replaces the existing technology used for cooling. The European Union’s initiative to check global warming and ozone depletion by banning high GWP refrigerants will be one of the major drivers for the growth of magnetic refrigeration in Europe. Moreover, the growing demand for frozen food and the increasing usage of refrigeration in logistics-related applications are expected to create opportunities. Being leading players based in Europe, the R&D efforts of European companies for the development of magnetic refrigeration technology and government support to develop green technology are expected to be primary driving factors making Europe a leader in this market.

Magnetic Refrigeration Market in Europe

Magnetic Refrigeration Market by Region

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The magnetic refrigeration market is dominated by players such as Ubiblue (France), Haier Smart Home Co., Ltd (China), Camfridge Ltd (UK), Astronautics Corporation of America (US) and VACUUMSCHMELZE GmbH & Co. KG (Germany).

Scope of the report

Report Metric

Details

Market size available for years

2022-2027

Base year considered

2022

Forecast period

2022-2027

Forecast units

Value (USD Million)

Segments covered

By Product, By Application

Geographies covered

North America, Europe, APAC, Rest of the World

Companies covered

The major market players include Ubiblue (France), Haier Smart Home Co., Ltd (China), Camfridge Ltd (UK), Astronautics Corporation of America (US), VACUUMSCHMELZE GmbH & Co. KG (Germany), BASF SE (Germany), ERAMET (France), Samsung Electronics Co., Ltd (South Korea), Toshiba Corporation (Japan), Whirlpool Corporation (US)  (Total 19 players are profiled)

The study categorizes the magnetic refrigeration market based on product and application at the regional and global level.

Magnetic Refrigeration market, By Product

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

Magnetic Refrigeration Market, By Application

  • Commercial
  • Domestic
  • Transportation
    • Logistics
    • Automotive
    • Aerospace
    • Marine
  • Industrial
    • Food & Beverages
    • Healthcare

Magnetic Refrigeration Market, By Region

  • North America
  • Europe
  • APAC
  • Rest of the World

Recent Developments

  • In January 2020, France Brevets, a French company serving the valuation and protection of high-potential technological innovations and the promotion of patents in Europe, launched its license program Kione for a series of patents specialized in magnetic refrigeration technology. The first company licensed as part of this new program was Ubiblue.
  • GE Appliances, a Haier company, and the Office of Energy & Renewable Energy (US) collaborated on a project to successfully harness the Magneto Caloric Effect (MCE) at the Oak Ridge National Laboratory (US). The project was initiated in June 2017 and planned to finish by June 2020, with the outcome of achieving cooling through MCE. MCE has the potential to reduce energy consumption by 20–30% beyond vapor compression while also eliminating any risk of direct refrigerant emissions to the atmosphere.
  • In October 2019, Camfridge Ltd participated in a roadshow at the Zhejiang Province (China) to demonstrate its magnetic cooling technology. The event was attended by a highly qualified public composed of Chinese officials, investors, companies, entrepreneurs, and experts.
  • The refrigeration and air conditioning industry suffers from the gradual phasing out of the use of HFCs. Magnetocaloric cooling offers an energy-efficient, future-proof alternative without any greenhouse gases. To that end, VACUUMSCHMELZE launched the magnetocaloric material CALORIVAC for series production in April 2019.
  • In June 2016, Haier Smart Home completed the acquisition of General Electric’s (US) GE Appliances unit. This would help the company to further strengthen its technical capabilities and increase its customer base.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 23)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION AND SCOPE
    1.3 STUDY SCOPE
           1.3.1 MARKETS COVERED
           1.3.2 GEOGRAPHIC SCOPE
    1.4 INCLUSIONS AND EXCLUSIONS
    1.5 YEARS CONSIDERED
    1.6 CURRENCY
    1.7 STAKEHOLDERS
    1.8 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 27)
    2.1 RESEARCH DATA
        FIGURE 1 MAGNETIC REFRIGERATION MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    2.1.2.1 Key industry insights
                    2.1.2.2 Breakdown of primaries
                    2.1.2.3 Key data from primary sources
    2.2 MARKET SIZE ESTIMATION
        FIGURE 2 RESEARCH FLOW OF MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for capturing market size by bottom-up analysis (demand side)
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market size by top-down analysis (supply side)
                            FIGURE 3 SUPPLY SIZE ESTIMATION TO ARRIVE AT MARKET SIZE
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
        FIGURE 4 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
        FIGURE 5 ASSUMPTIONS FOR RESEARCH STUDY

3 EXECUTIVE SUMMARY (Page No. - 36)
  FIGURE 6 REFRIGERATION SYSTEMS TO HOLD LARGEST MARKET SIZE DURING FORECAST PERIOD
  FIGURE 7 COMMERCIAL APPLICATION TO HOLD LARGEST MARKET SIZE FOR MAGNETIC REFRIGERATION DURING FORECAST PERIOD
  FIGURE 8 MAGNETIC REFRIGERATION MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. - 41)
    4.1 ATTRACTIVE OPPORTUNITIES IN MAGNETIC REFRIGERATION MARKET
        FIGURE 9 GOVERNMENT REGULATIONS IN VARIOUS COUNTRIES TO ADOPT GREEN TECHNOLOGY TO DRIVE MARKET GROWTH
    4.2 MAGNETIC REFRIGERATION MARKET IN EUROPE, BY PRODUCT AND APPLICATION
        FIGURE 10 REFRIGERATION SYSTEM AND COMMERCIAL APPLICATION SEGMENTS TO HOLD LARGEST SHARES OF MAGNETIC REFRIGERATION MARKET IN EUROPE BY 2027
    4.3 MAGNETIC REFRIGERATION MARKET, BY TYPE
        FIGURE 11 BEVERAGE COOLERS TO HOLD LARGEST MARKET SIZE OF MAGNETIC REFRIGERATION SYSTEM
    4.4 MAGNETIC REFRIGERATION MARKET, BY COUNTRY
        FIGURE 12 MAGNETIC REFRIGERATION MARKET IN CHINA TO GROW AT HIGHEST CAGR FROM 2022 TO 2027

5 MARKET OVERVIEW (Page No. - 44)
    5.1 MARKET DYNAMICS
        FIGURE 13 GROWING ADOPTION OF MAGNETIC REFRIGERATION TECHNOLOGY DUE TO RISING FOCUS ON ENERGY EFFICIENT AND ENVIRONMENTALLY FRIENDLY PRODUCTS
        FIGURE 14 MAGNETIC REFRIGERATION MARKET DRIVERS AND THEIR IMPACT
        FIGURE 15 MAGNETIC REFRIGERATION MARKET RESTRAINTS AND THEIR IMPACT
        FIGURE 16 MAGNETIC REFRIGERATION MARKET OPPORTUNITIES AND THEIR IMPACT
        FIGURE 17 MAGNETIC REFRIGERATION MARKET CHALLENGES AND THEIR IMPACT
                   5.1.1 DRIVERS
                    5.1.1.1 Increasing government initiatives on green technology
                    5.1.1.2 Low maintenance costs
                    5.1.1.3 Compact design and high energy efficiency
                            FIGURE 18 DISTRIBUTION OF GLOBAL REFRIGERATION SECTOR’S ELECTRICITY CONSUMPTION
           5.1.2 RESTRAINTS
                    5.1.2.1 High initial investment
                    5.1.2.2 Limited field strength of permanent magnets
           5.1.3 OPPORTUNITIES
                    5.1.3.1 Adoption of magnetic refrigeration in commercial sector
                    5.1.3.2 High potential in industrial sector
           5.1.4 CHALLENGES
                    5.1.4.1 Need for suitable magnetocaloric materials
                    5.1.4.2 Lack of awareness of benefits of magnetic refrigeration
    5.2 VALUE CHAIN ANALYSIS
    5.3 GOVERNMENT REGULATIONS RELATED TO REFRIGERATION & AIR-CONDITIONING
    5.4 TECHNOLOGY ANALYSIS
    5.5 PATENT ANALYSIS
    5.6 USE CASES FOR MAGNETIC REFRIGERATION
    5.7 ASP ANALYSIS OF MAGNETIC REFRIGERATION SYSTEM
        FIGURE 19 ASP ANALYSIS OF MAGNETIC REFRIGERATION SYSTEM
    5.8 ECOSYSTEM FOR REFRIGERATION INDUSTRY
        FIGURE 20 ECOSYSTEM FOR REFRIGERATION INDUSTRY

6 MAGNETIC REFRIGERATION MARKET, BY PRODUCT (Page No. - 58)
    6.1 INTRODUCTION
        FIGURE 21 REFRIGERATION SYSTEM TO HOLD LARGEST MARKET SIZE OF MAGNETIC REFRIGERATION MARKET DURING FORECAST PERIOD
        TABLE 1 MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2022–2027 (USD MILLION)
        TABLE 2 MAGNETIC REFRIGERATION MARKET IN TERMS OF VOLUME, 2022–2027 (THOUSAND UNITS)
    6.2 REFRIGERATION SYSTEM
        FIGURE 22 BEVERAGE COOLERS TO DOMINATE MAGNETIC REFRIGERATION MARKET DURING FORECAST PERIOD
        TABLE 3 MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY TYPE, 2022–2027 (USD MILLION))
        FIGURE 23 COMMERCIAL APPLICATION TO HOLD LARGEST MARKET SIZE FOR MAGNETIC REFRIGERATION SYSTEMS DURING FORECAST PERIOD
        TABLE 4 MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY APPLICATION, 2022–2027 (USD MILLION)
        TABLE 5 MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM FOR TRANSPORTATION, BY APPLICATION, 2024–2027 (USD MILLION)
        TABLE 6 MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM FOR INDUSTRIAL, BY APPLICATION, 2023–2027 (USD MILLION)
        FIGURE 24 EUROPE TO HOLD LARGEST MARKET SIZE FOR MAGNETIC REFRIGERATION SYSTEMS DURING FORECAST PERIOD
        TABLE 7 MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2022–2027 (USD MILLION)
           6.2.1 BEVERAGE COOLERS
                    6.2.1.1 Compactness and energy efficiency to drive market growth
                            FIGURE 25 APAC TO GROW AT HIGHEST RATE FOR BEVERAGE COOLERS IN MAGNETIC REFRIGERATION MARKET
                            TABLE 8 MAGNETIC REFRIGERATION MARKET FOR BEVERAGE COOLERS, BY REGION, 2022–2027 (USD MILLION)
           6.2.2 CABINET DISPLAYS
                    6.2.2.1 Higher efficiency and greater reliability to propel market growth
                            TABLE 9 MAGNETIC REFRIGERATION MARKET FOR CABINET DISPLAYS, BY REGION, 2022–2027 (USD MILLION)
           6.2.3 ICE CREAM CABINETS
                    6.2.3.1 Ice cream cabinets induced with magnetic cooling technology to have lower maintenance costs, leading to better ROI
                            TABLE 10 MAGNETIC REFRIGERATION MARKET FOR ICE CREAM CABINETS, BY REGION, 2022–2027 (USD MILLION)
           6.2.4 FREEZERS
                    6.2.4.1 Rising government initiatives to phase out harmful refrigerants to drive market growth
                            TABLE 11 MAGNETIC REFRIGERATION MARKET FOR FREEZERS, BY REGION, 2023–2027 (USD MILLION)
           6.2.5 REFRIGERATORS
                    6.2.5.1 Refrigerators to grow at highest CAGR
                            TABLE 12 MAGNETIC REFRIGERATION MARKET FOR REFRIGERATORS, BY REGION, 2023–2027 (USD MILLION)
    6.3 AIR CONDITIONING SYSTEMS
        FIGURE 26 STATIONARY AIR CONDITIONERS TO HOLD LARGEST SIZE OF MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING SYSTEMS
        TABLE 13 MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING SYSTEM, BY TYPE, 2023–2027 (USD MILLION)
        FIGURE 27 COMMERCIAL APPLICATION TO HOLD LARGEST SIZE OF MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING SYSTEMS
        TABLE 14 MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING SYSTEMS, BY APPLICATION, 2023–2027 (USD THOUSAND)
        TABLE 15 MAGNETIC REFRIGERATION FOR AIR CONDITIONING SYSTEM MARKET FOR TRANSPORTATION, BY APPLICATION, 2024–2027 (USD THOUSAND)
        TABLE 16 MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING SYSTEM FOR INDUSTRIAL, BY APPLICATION, 2023–2027 (USD MILLION)
        FIGURE 28 EUROPE TO HOLD LARGEST MARKET SIZE OF AIR CONDITIONING SYSTEMS DURING FORECAST PERIOD
        TABLE 17 MAGNETIC REFRIGERATION MARKET FOR AIR-CONDITIONING SYSTEMS, BY REGION, 2022–2027 (USD MILLION)
           6.3.1 STATIONARY AIR CONDITIONERS
                    6.3.1.1 Stationary air conditioners to hold largest market size for air conditioning systems
                            TABLE 18 MAGNETIC REFRIGERATION MARKET FOR STATIONARY AIR CONDITIONING, BY REGION, 2023–2027 (USD MILLION)
           6.3.2 MOBILE AIR CONDITIONERS
                    6.3.2.1 Mobile air conditioners’ compact design to drive market growth
                            FIGURE 29 EUROPE TO HOLD LARGEST MARKET SIZE OF MOBILE AIR CONDITIONING SYSTEMS DURING FORECAST PERIOD
                            TABLE 19 MAGNETIC REFRIGERATION MARKET FOR MOBILE AIR CONDITIONING, BY REGION, 2024–2027 (USD THOUSAND)
           6.3.3 CHILLERS
                    6.3.3.1 Chillers possess huge scope for industrial applications
                            TABLE 20 MAGNETIC REFRIGERATION MARKET FOR CHILLERS, BY REGION, 2024–2027 (USD MILLION)
    6.4 IMPACT OF COVID-19 ON REFRIGERATION INDUSTRY

7 MAGNETIC REFRIGERATION MARKET, BY APPLICATION (Page No. - 75)
    7.1 INTRODUCTION
        FIGURE 30 COMMERCIAL APPLICATION TO HOLD LARGEST MARKET SIZE FOR MAGNETIC REFRIGERATION DURING FORECAST PERIOD
        TABLE 21 MAGNETIC REFRIGERATION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
    7.2 COMMERCIAL
           7.2.1 COMMERCIAL APPLICATION TO HOLD HIGHEST MARKET SHARE
                 TABLE 22 COMMERCIAL APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2022–2027 (USD MILLION)
                 FIGURE 31 APAC TO GROW AT HIGHEST CAGR FOR COMMERCIAL APPLICATIONS OF MAGNETIC REFRIGERATION MARKET
                 TABLE 23 COMMERCIAL APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2022–2027 (USD MILLION)
                 TABLE 24 COMMERCIAL APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2022–2027 (USD MILLION)
                 TABLE 25 COMMERCIAL APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2023–2027 (USD MILLION)
    7.3 INDUSTRIAL
        FIGURE 32 FOOD & BEVERAGE FOR INDUSTRIAL APPLICATION TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
        TABLE 26 INDUSTRIAL APPLICATION: MAGNETIC REFRIGERATION MARKET, BY APPLICATION, 2023–2027 (USD MILLION)
        TABLE 27 INDUSTRIAL APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2023–2027 (USD MILLION)
        FIGURE 33 EUROPE HOLDS HIGHEST MARKET SHARE FOR INDUSTRIAL APPLICATIONS OF MAGNETIC REFRIGERATION
        TABLE 28 INDUSTRIAL APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2023–2027 (USD MILLION)
        TABLE 29 INDUSTRIAL APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2023–2027 (USD MILLION)
        TABLE 30 INDUSTRIAL APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2023–2027 (USD THOUSAND)
           7.3.1 FOOD & BEVERAGE
                    7.3.1.1 Growing global market for processed food and increasing concerns to maintain their quality to drive market
                            TABLE 31 FOOD & BEVERAGE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2022–2027 (USD MILLION)
                            FIGURE 34 APAC TO GROW AT HIGHEST CAGR FOR MAGNETIC REFRIGERATION MARKET FOR FOOD & BEVERAGE DURING FORECAST PERIOD
                            TABLE 32 FOOD & BEVERAGE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2023–2027 (USD MILLION)
                            TABLE 33 FOOD & BEVERAGE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2023–2027 (USD MILLION)
                            TABLE 34 FOOD & BEVERAGE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2023–2027 (USD THOUSAND)
           7.3.2 HEALTHCARE
                    7.3.2.1 Need to monitor and store critical pharmaceuticals to create need for advanced cooling solutions globally
                            TABLE 35 HEALTHCARE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2023–2027 (USD THOUSAND)
                            TABLE 36 HEALTHCARE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2023–2027 (USD THOUSAND)
                            TABLE 37 HEALTHCARE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2023–2027 (USD THOUSAND)
                            TABLE 38 HEALTHCARE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2023–2027 (USD THOUSAND)
    7.4 TRANSPORTATION
        FIGURE 35 LOGISTICS HOLDS HIGHEST MARKET SHARE FOR TRANSPORTATION APPLICATION OF MAGNETIC REFRIGERATION MARKET DURING FORECAST PERIOD
        TABLE 39 TRANSPORTATION APPLICATION: MAGNETIC REFRIGERATION MARKET, BY TYPE, 2024–2027 (USD THOUSAND)
        TABLE 40 TRANSPORTATION APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2024–2027 (USD MILLION)
        FIGURE 36 APAC TO GROW AT HIGHEST CAGR FOR TRANSPORTATION APPLICATION OF MAGNETIC REFRIGERATION MARKET
        TABLE 41 TRANSPORTATION APPLICATION: MAGNETIC REFRIGERATION MARKET FOR TRANSPORTATION BY REGION, 2024–2027 (USD MILLION)
        TABLE 42 TRANSPORTATION APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION, BY REGION, 2024–2027 (USD MILLION)
        TABLE 43 TRANSPORTATION APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2024–2027 (USD MILLION)
           7.4.1 LOGISTICS
                    7.4.1.1 Need for maintaining quality of commodity throughout value chain drives market growth
                            TABLE 44 LOGISTICS APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2024–2027 (USD MILLION)
                            FIGURE 37 EUROPE TO HOLD LARGEST MARKET SIZE FOR LOGISTICS IN LOGISTICS APPLICATION DURING FORECAST PERIOD
                            TABLE 45 LOGISTICS APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2024–2027 (USD MILLION)
                            TABLE 46 LOGISTICS APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2024–2027 (USD MILLION)
                            TABLE 47 LOGISTICS APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2024–2027 (USD THOUSAND)
           7.4.2 AUTOMOTIVE
                    7.4.2.1 Reduced energy consumption trait of magnetic refrigeration technology to provide opportunity
                            TABLE 48 AUTOMOTIVE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2024–2027 (USD MILLION)
                            TABLE 49 AUTOMOTIVE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2024–2027 (USD MILLION)
                            TABLE 50 AUTOMOTIVE APPLICATION: MAGNETIC REFRIGERATION MARKET, FOR REFRIGERATION SYSTEM, BY REGION, 2024–2027 (USD THOUSAND)
                            TABLE 51 AUTOMOTIVE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2024–2027 (USD THOUSAND)
           7.4.3 AEROSPACE
                    7.4.3.1 Lower consumption of energy by magnetic refrigeration systems helps lower overall operational & maintenance costs
                            TABLE 52 AEROSPACE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2025–2027 (USD THOUSAND)
                            TABLE 53 AEROSPACE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2025–2027 (USD THOUSAND)
                            TABLE 54 AEROSPACE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2025–2027 (USD THOUSAND)
                            TABLE 55 AEROSPACE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2025–2027 (USD THOUSAND)
           7.4.4 MARINE
                    7.4.4.1 Marine application to be commercialized later than other applications
                            TABLE 56 MARINE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2025–2027 (USD THOUSAND)
                            TABLE 57 MARINE APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2025–2027 (USD THOUSAND)
                            TABLE 58 MARINE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2025–2027 (USD THOUSAND)
                            TABLE 59 MARINE APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2025–2027 (USD THOUSAND)
    7.5 DOMESTIC
           7.5.1 DEMAND FOR LOW POWER CONSUMPTION IN HOUSEHOLD APPLIANCES TO DRIVE MARKET
                 TABLE 60 DOMESTIC APPLICATION: MAGNETIC REFRIGERATION MARKET, BY PRODUCT, 2023–2027 (USD MILLION)
                 TABLE 61 DOMESTIC APPLICATION: MAGNETIC REFRIGERATION MARKET, BY REGION, 2023–2027 (USD THOUSAND)
                 TABLE 62 DOMESTIC APPLICATION: MAGNETIC REFRIGERATION MARKET FOR REFRIGERATION SYSTEM, BY REGION, 2023–2027 (USD THOUSAND)
                 TABLE 63 DOMESTIC APPLICATION: MAGNETIC REFRIGERATION MARKET FOR AIR CONDITIONING, BY REGION, 2023–2027 (USD THOUSAND)
    7.6 IMPACT OF COVID-19 ON REFRIGERATION APPLICATIONS

8 MATERIALS USED FOR MAGNETIC REFRIGERATION (Page No. - 99)
    8.1 INTRODUCTION
    8.2 GADOLINIUM
    8.3 DYSPROSIUM ALLOYS
    8.4 ERBIUM
    8.5 OTHERS

9 MAGNETIC REFRIGERATION SYSTEM, BY TYPE (Page No. - 101)
    9.1 INTRODUCTION
    9.2 RECIPROCATING TYPE
    9.3 ROTARY TYPE

10 GEOGRAPHIC ANALYSIS (Page No. - 102)
     10.1 INTRODUCTION
          FIGURE 38 EUROPE TO LEAD MAGNETIC REFRIGERATION MARKET DURING FORECAST PERIOD
          TABLE 64 MAGNETIC REFRIGERATION MARKET, BY REGION, 2022–2027 (USD MILLION)
     10.2 NORTH AMERICA
          FIGURE 39 NORTH AMERICA: MAGNETIC REFRIGERATION MARKET SNAPSHOT
          FIGURE 40 US TO GROW AT HIGHEST CAGR FOR NORTH AMERICAN MAGNETIC REFRIGERATION DURING FORECAST PERIOD
          TABLE 65 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA, BY COUNTRY, 2022–2027 (USD MILLION)
          TABLE 66 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA, BY PRODUCT, 2022–2027 (USD MILLION)
          TABLE 67 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA, BY APPLICATION, 2022–2027 (USD MILLION)
          TABLE 68 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA FOR COMMERCIAL, BY COUNTRY, 2022–2027 (USD MILLION)
          TABLE 69 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA FOR DOMESTIC, BY COUNTRY, 2023–2027 (USD THOUSAND)
          TABLE 70 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA FOR INDUSTRIAL, BY COUNTRY, 2023–2027 (USD MILLION)
          TABLE 71 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA FOR TRANSPORTATION, BY COUNTRY, 2024–2027 (USD THOUSAND)
          TABLE 72 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA FOR INDUSTRIAL, BY APPLICATION, 2023–2027 (USD MILLION)
          TABLE 73 MAGNETIC REFRIGERATION MARKET IN NORTH AMERICA FOR TRANSPORTATION, BY APPLICATION, 2024–2027 (USD MILLION)
             10.2.1 US
                        10.2.1.1 Increasing demand for eradicating harmful refrigerants to drive market
             10.2.2 CANADA
                        10.2.2.1 Ongoing developments for commercial refrigeration industry to augment market growth
             10.2.3 MEXICO
                        10.2.3.1 Rising demand for commercial and domestic refrigeration applications to propel demand for magnetic refrigeration
     10.3 EUROPE
          FIGURE 41 EUROPE: MAGNETIC REFRIGERATION MARKET SNAPSHOT
          TABLE 74 MAGNETIC REFRIGERATION MARKET IN EUROPE, BY COUNTRY, 2022–2027 (USD MILLION)
          TABLE 75 MAGNETIC REFRIGERATION MARKET IN EUROPE, BY PRODUCT, 2022–2027 (USD MILLION)
          TABLE 76 MAGNETIC REFRIGERATION MARKET IN EUROPE, BY APPLICATION, 2022–2027 (USD MILLION)
          TABLE 77 MAGNETIC REFRIGERATION MARKET IN EUROPE FOR COMMERCIAL, BY COUNTRY, 2022–2027 (USD MILLION)
          TABLE 78 MAGNETIC REFRIGERATION MARKET IN EUROPE FOR DOMESTIC, BY COUNTRY, 2023–2027 (USD THOUSAND)
          TABLE 79 MAGNETIC REFRIGERATION MARKET IN EUROPE FOR INDUSTRIAL, BY COUNTRY, 2023–2027 (USD THOUSAND)
          TABLE 80 MAGNETIC REFRIGERATION MARKET IN EUROPE FOR TRANSPORTATION, BY COUNTRY, 2024–2027 (USD THOUSAND)
          TABLE 81 MAGNETIC REFRIGERATION MARKET IN EUROPE FOR INDUSTRIAL, BY APPLICATION, 2023–2027 (USD MILLION)
          TABLE 82 MAGNETIC REFRIGERATION MARKET IN EUROPE FOR TRANSPORTATION, BY APPLICATION, 2024–2027 (USD MILLION)
             10.3.1 UK
                        10.3.1.1 Growing government initiatives to curb usage of harmful refrigerants to drive market
             10.3.2 GERMANY
                        10.3.2.1 Germany to hold highest market share for magnetic refrigeration in Europe during forecast period
             10.3.3 FRANCE
                        10.3.3.1 Increasing adoption of F-gas regulations to drive market growth
             10.3.4 ITALY
                        10.3.4.1 Growing adoption of commercial refrigeration systems to provide opportunity
             10.3.5 REST OF EUROPE
     10.4 APAC
          FIGURE 42 APAC: MAGNETIC REFRIGERATION MARKET SNAPSHOT
          FIGURE 43 CHINA TO HOLD LARGEST MARKET SHARE FOR MAGNETIC REFRIGERATION DURING FORECAST PERIOD
          TABLE 83 MAGNETIC REFRIGERATION MARKET IN APAC, BY COUNTRY, 2022–2027 (USD THOUSAND)
          TABLE 84 MAGNETIC REFRIGERATION MARKET IN APAC, BY APPLICATION, 2022–2027 (USD MILLION)
          TABLE 85 MAGNETIC REFRIGERATION MARKET IN APAC FOR COMMERCIAL, BY COUNTRY, 2022–2027 (USD THOUSAND)
          TABLE 86 MAGNETIC REFRIGERATION MARKET IN APAC FOR DOMESTIC, BY COUNTRY, 2023–2027 (USD THOUSAND)
          TABLE 87 MAGNETIC REFRIGERATION MARKET IN APAC FOR INDUSTRIAL, BY COUNTRY, 2023–2027 (USD THOUSAND)
          TABLE 88 MAGNETIC REFRIGERATION MARKET IN APAC FOR TRANSPORTATION, BY COUNTRY, 2024–2027 (USD THOUSAND)
          TABLE 89 MAGNETIC REFRIGERATION MARKET IN APAC FOR INDUSTRIAL, BY APPLICATION, 2023–2027 (USD MILLION)
          TABLE 90 MAGNETIC REFRIGERATION MARKET IN APAC FOR TRANSPORTATION, BY APPLICATION, 2024–2027 (USD MILLION)
             10.4.1 CHINA
                        10.4.1.1 China to hold highest market share for magnetic refrigeration in APAC
             10.4.2 JAPAN
                        10.4.2.1 Active participation of government to reduce HCFC emission to drive market growth
             10.4.3 SOUTH KOREA
                        10.4.3.1 Increasing per capita income to drive market growth across commercial refrigeration, eventually propelling market growth across magnetic refrigeration applications
             10.4.4 REST OF APAC
     10.5 ROW
          TABLE 91 MAGNETIC REFRIGERATION MARKET IN ROW, BY REGION, 2022–2027 (USD THOUSAND)
          TABLE 92 MAGNETIC REFRIGERATION MARKET IN ROW, BY PRODUCT, 2022–2027 (USD MILLION)
          TABLE 93 MAGNETIC REFRIGERATION MARKET IN ROW, BY APPLICATION, 2022–2027 (USD MILLION)
          TABLE 94 MAGNETIC REFRIGERATION MARKET IN ROW FOR COMMERCIAL, BY REGION, 2022–2027 (USD THOUSAND)
          TABLE 95 MAGNETIC REFRIGERATION MARKET IN ROW FOR DOMESTIC, BY REGION, 2023–2027 (USD THOUSAND)
          TABLE 96 MAGNETIC REFRIGERATION MARKET IN ROW FOR INDUSTRIAL, BY REGION, 2023–2027 (USD THOUSAND)
          TABLE 97 MAGNETIC REFRIGERATION MARKET IN ROW FOR TRANSPORTATION, BY REGION, 2024–2027 (USD THOUSAND)
          TABLE 98 MAGNETIC REFRIGERATION MARKET IN ROW FOR INDUSTRIAL, BY APPLICATION, 2023–2027 (USD THOUSAND)
          TABLE 99 MAGNETIC REFRIGERATION MARKET IN ROW FOR TRANSPORTATION, BY APPLICATION, 2024–2027 (USD THOUSAND)
             10.5.1 SOUTH AMERICA
                        10.5.1.1 Brazil to provide significant opportunities
             10.5.2 MIDDLE EAST & AFRICA
                        10.5.2.1 Rising demand for energy-efficient solutions to drive growth of magnetic refrigeration
             10.5.3 IMPACT OF COVID-19

11 COMPETITIVE LANDSCAPE (Page No. - 128)
     11.1 OVERVIEW
     11.2 MARKET RANKING ANALYSIS, 2022
          FIGURE 44 GLOBAL MAGNETIC REFRIGERATION MARKET RANKING ANALYSIS, 2022
     11.3 COMPANY EVALUATION MATRIX
             11.3.1 STAR
             11.3.2 EMERGING LEADER
             11.3.3 PERVASIVE
             11.3.4 PARTICIPANT
                    FIGURE 45 MAGNETIC REFRIGERATION MARKET (GLOBAL) COMPANY EVALUATION MATRIX, 2022
     11.4 PRODUCT & BUSINESS FOOTPRINT ANALYSIS OF TOP PLAYERS
          FIGURE 46 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN MAGNETIC REFRIGERATION MARKET
     11.5 KEY MARKET DEVELOPMENTS
             11.5.1 PRODUCT PROTOTYPE LAUNCHES & DEVELOPMENTS
                    TABLE 100 PRODUCT LAUNCHES & DEVELOPMENTS, 2016–2020
             11.5.2 PARTNERSHIPS & COLLABORATIONS
                    TABLE 101 PARTNERSHIPS & COLLABORATIONS, 2016–2020
             11.5.3 ACQUISITIONS
                    TABLE 102 ACQUISITIONS, 2016

12 COMPANY PROFILES (Page No. - 134)
     12.1 INTRODUCTION
     12.2 KEY PLAYERS
(Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
             12.2.1 UBIBLUE
             12.2.2 HAIER SMART HOME CO., LTD
                    FIGURE 47 HAIER SMART HOME CO., LTD: COMPANY SNAPSHOT
             12.2.3 CAMFRIDGE LTD
             12.2.4 ASTRONAUTICS CORPORATION OF AMERICA
             12.2.5 VACUUMSCHMELZE GMBH & CO. KG
             12.2.6 BASF SE
                    FIGURE 48 BASF SE: COMPANY SNAPSHOT
             12.2.7 ERAMET
                    FIGURE 49 ERAMET S.A.: COMPANY SNAPSHOT
             12.2.8 SAMSUNG ELECTRONICS CO., LTD
                    FIGURE 50 SAMSUNG ELECTRONICS CO., LTD: COMPANY SNAPSHOT
             12.2.9 TOSHIBA CORPORATION
                    FIGURE 51 TOSHIBA CORPORATION: COMPANY SNAPSHOT
             12.2.10 WHIRLPOOL CORPORATION
                     FIGURE 52 WHIRLPOOL CORPORATION: COMPANY SNAPSHOT
*Business Overview, Products/Solutions/Services Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.
     12.3 RIGHT TO WIN
     12.4 OTHER KEY PLAYERS
             12.4.1 CCS SA
             12.4.2 CEMAFROID
             12.4.3 GENERAL ENGINEERING & RESEARCH
             12.4.4 KIRSCH
             12.4.5 KIUTRA
             12.4.6 MAGNOTHERM SOLUTIONS
             12.4.7 MILLIPORE SIGMA
             12.4.8 TCS MICROPUMPS LTD
             12.4.9 VCU INNOVATION GATEWAY

13 APPENDIX (Page No. - 174)
     13.1 DISCUSSION GUIDE
     13.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.3 AVAILABLE CUSTOMIZATIONS
     13.4 RELATED REPORTS
     13.5 AUTHOR DETAILS

The study involved four major activities in estimating the magnetic refrigeration market. Secondary and primary sources have been used to identify and collect information for an extensive technical and commercial study of the magnetic refrigeration market.  Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments. This research includes the study of annual reports of the market players to identify the top players, along with interviews of the key opinion leaders such as chief executive officers (CEOs), directors, and marketing personnel.

Secondary Research

The secondary sources used for this research study include government sources, corporate filings (such as annual reports, investor presentations, and financial statements) and trade articles, white papers, industry news, business, and professional associations. The secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated through primary research. A few important secondary sources referred for this research study are the Environmental Protection Agency (EPA), Japan Refrigeration and Air Conditioning Industry Association (JRAIA), Heating Refrigeration and Air Conditioning Institute of Canada (HRAI), and European Environment Agency (EEA).

Primary Research

Extensive primary research has been conducted after understanding and analyzing the magnetic refrigeration market scenario through secondary research. Several primary interviews have been conducted with key opinion leaders from both demand- and supply-side vendors across 4 major regions—North America, Europe, APAC, and RoW. Approximately 30% of the primary interviews has been conducted with the demand side and 70% with the supply side. This primary data has been collected mainly through telephonic interviews, which consist of 80% of the overall primary interviews; also, questionnaires and emails have been used to collect the data.

Magnetic Refrigeration Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down and bottom-up approaches have been used to estimate and validate the overall size of the magnetic refrigeration market. These methods have also been used extensively to estimate the size of various market subsegments.

The research methodology used to estimate the market size by the top-down approach includes the following:

  • Focusing initially on top-line investments and expenditures being made in the ecosystems of the magnetic refrigeration market
  • Estimating the market size based on the parent market size and developments.
  • Conducting multiple on-field discussions with key opinion leaders across major companies involved in the development of magnetic refrigeration to understand the market trends
  • Estimating the geographic split using secondary sources based on various factors, such as the number of OEMs in a specific country and region, the role of major players in the market for the development of innovative products, the adoption and penetration rates in a particular country for various end-user applications, and the impact of government regulations to phase out harmful refrigerants

The research methodology used to estimate the market size by the bottom-up approach includes the following:

  • Identifying entities in the magnetic refrigeration market that influence the entire market, along with the related component players
  • Analyzing major manufacturers of magnetic refrigeration systems, studying their portfolios, and understanding different components and products
  • Analyzing their patents, past & upcoming projects, developments, and efforts to develop and commercialize the technology
  • Several parameters studied, including the impact of regulations regarding the usage of HFCs and HCFC-based refrigerants
  • Analyzing trends pertaining to the use of magnetic refrigeration devices for different kinds of applications
  • Tracking the ongoing and upcoming developments in the market, such as investments made, R&D activities, product launches, collaborations, and partnerships, and forecasting the market based on these developments and other critical parameters
  • Carrying out multiple discussions with key opinion leaders to understand the different types of magnetic cooling systems, including magnetic refrigeration systems and air-conditioning systems, and applications and recent trends in the market, thereby analyzing the breakup of the scope of work carried out by major companies
  • Arriving at the market estimates by analyzing the parent market size and penetration of magnetic refrigeration technology, along with developments of companies
  • Segmenting the overall market into various other market segments
  • Verifying and cross-checking the estimate at every level from discussions with key opinion leaders, such as CXOs, directors, and operations managers, and with the domain experts in MarketsandMarkets
  • Studying various paid and unpaid sources of information such as annual reports, press releases, white papers, and databases

Data Triangulation

After arriving at the overall market size through the process explained above, the overall market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all the segments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.

Report Objectives

  • To describe and forecast the magnetic refrigeration market, in terms of value, based on product, application, and region
  • To describe and forecast the regional magnetic refrigeration market, in terms of value, for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
  • To provide qualitative insights on different components, types, and materials of magnetic refrigeration systems
  • To provide detailed information regarding the key factors such as drivers, restraints, opportunities, and challenges influencing the growth of the magnetic refrigeration market
  • To provide a detailed overview of the value chain pertaining to the ecosystems of magnetic refrigeration along with the average selling price trends for the magnetic refrigeration market
  • To strategically analyze the ecosystem and patent landscape pertaining to the magnetic refrigeration market
  • To strategically analyze micro markets with regard to individual growth trends, prospects, and contributions to the overall magnetic refrigeration market
  • To strategically profile the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with a detailed competitive landscape, for market leaders
  • To analyze strategic approaches such as new product developments, acquisitions, agreements, and partnerships in the magnetic refrigeration market

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

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COVID-19

Get in-depth analysis of the COVID-19 impact on the Magnetic Refrigeration Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Magnetic Refrigeration Market

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