HOME Top Market Reports Magnetic Refrigeration Market by Product (Refrigeration Systems, Air Conditioning Systems and Heat Pumps), Application (Domestic, Commercial, Transportation and Industrial), and Geography - Global Forecast to 2023

Magnetic Refrigeration Market by Product (Refrigeration Systems, Air Conditioning Systems and Heat Pumps), Application (Domestic, Commercial, Transportation and Industrial), and Geography - Global Forecast to 2023

By: marketsandmarkets.com
Publishing Date: July 2017
Report Code: SE 3653

 

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The global magnetic refrigeration market is expected to be valued at USD 163.7 Million by 2023, growing at a CAGR of 108.0% between 2018 and 2023.

The years considered for the study are as follows:

  • Base year: 2016
  • Projected year: 2023
  • Forecast period: 2018–2023

The following are the major objectives of the study.

  • To define, describe, and forecast the magnetic refrigeration market on the basis of product, application, and geography
  • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, burning issues, and winning imperatives)
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the magnetic refrigeration market
  • To strategically analyze the micro-markets with respect to individual growth trends, future prospects, and contribution to the total market
  • To forecast the market size, in terms of value, for various segments, with regard to four main regions: North America, South America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
  • To strategically profile the key players and comprehensively analyze their market share and core competencies, along with detailing the competitive landscape for market leaders
  • To analyze the competitive developments such as joint ventures, mergers and acquisitions, product developments, and research and development (R&D) carried out in the magnetic refrigeration market

During this research study, the major players operating in the magnetic refrigeration market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. To estimate the sizes of other individual markets, the percentage splits are used that are obtained using secondary sources such as Hoovers, Bloomberg BusinessWeek, Factiva, and OneSource, along with primary respondents. The entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) pertaining to the market. The figure below shows the breakdown of the primaries on the basis of the company type, designation, and region conducted during the research study.

Magnetic Refrigeration Market

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

The magnetic refrigeration market comprises a network of research and product development, component manufacturing, technology manufacturing, system integration, distribution, and post-sales services, among others. The key players operating in the magnetic refrigeration market are Cooltech Applications (France), Camfridge Ltd (UK), Astronautics Corporation of America (US), Whirlpool Corporation (US), Qingdao Haier Co. Ltd. (China), BASF SE (Germany), Eramet S.A. (France), Samsung Electronics Co., Ltd. (South Korea), Toshiba Corporation (Japan), VACUUMSCHMELZE GMBH & CO. KG (Germany), and Sigma-Aldrich Corporation (US ).

Target Audience:

  • Magnetic refrigeration products and solutions providers
  • Magnetic refrigeration-related service providers
  • Magnetic refrigeration materials and accessories providers
  • Magnetic refrigeration consulting companies
  • Magnetic refrigeration assembly companies
  • Magnetic refrigeration related associations, organizations, forums, and alliances
  • Governments and corporate offices
  • Venture capitalists, private equity firms, and start-up companies
  • Distributors and traders
  • End users willing to know more about magnetic refrigeration technology and latest technological developments in the magnetic refrigeration market

Report Scope:

By Product:

  • Refrigeration Systems
    • Refrigerators
    • Cabinet Displays
    • 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
  • Industrial
    • Food & Beverage Processing and Storage
    • Healthcare

By Geography:

  • North America
  • South America
  • Europe
  • APAC
  • RoW

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the client’s specific needs. The following customization options are available for the report:

Geographic Analysis

  • Further analysis of the magnetic refrigeration market for additional countries

Company Information

  • Detailed analysis and profiling of other refrigeration technologies (up to three)

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Interviews With Experts
                    2.1.2.2 Key Data From Primary Sources
    2.2 Demand-Side Analysis of the Magnetic Refrigeration Market
           2.2.1 Introduction
           2.2.2 Demand-Side Analysis
           2.2.3 Government Regulations to Ban HFC and HCFC
           2.2.4 Advantages Over Vapor Compression and Vapor Absorption Cycles to Drive the Demand for the Magnetic Refrigeration Technology
           2.2.5 Lower Energy Consumption is an Added Advantage Delivered By the Magnetic Refrigeration Technology Which is Expected to Drive Its Application in Various Sectors
    2.3 Market Size Estimation
    2.4 Market Breakdown and Data Triangulation
           2.4.1 Secondary and Primary Data
                    2.4.1.1 Key Industry Insights
    2.5 Research Assumptions

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 32)
    4.1 Magnetic Refrigeration Market (2018–2023)
    4.2 Market, By Application, (2018–2023)
    4.3 Market, By Application and Geography (2023)
    4.4 Market, By Geography (2018–2023)
    4.5 Market, By Product (2018–2023)

5 Market Overview (Page No. - 36)
    5.1 Introduction
    5.2 Evolution
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Increasing Focus on Green Technology
                    5.3.1.2 Low Maintenance Cost
                    5.3.1.3 High Energy Efficiency
           5.3.2 Restraints
                    5.3.2.1 High Initial Investment
                    5.3.2.2 Limited Field Strength of Permanent Magnets
           5.3.3 Opportunities
                    5.3.3.1 Adoption of Magnetic Refrigeration in the Transportation Sector
                    5.3.3.2 High Potential in the Industrial Sector
           5.3.4 Challenges
                    5.3.4.1 Need for Suitable Magnetocaloric Materials
           5.3.5 Burning Issues
                    5.3.5.1 High Precision Required By Moving Machines
           5.3.6 Winning Imperatives
                    5.3.6.1 Compact Design for Portable Applications

6 Industry Trends (Page No. - 44)
    6.1 Introduction
    6.2 Value Chain Analysis
           6.2.1 Research and Product Development
           6.2.2 Component Manufacturing
           6.2.3 Technology Manufacturing
           6.2.4 System Integration
           6.2.5 Distribution
           6.2.6 Post-Sales Services
    6.3 Regulations Related to Refrigeration Industry
           6.3.1 Regulations and Standards Related to Refrigeration
    6.4 Working Principle and Materials

7 Magnetic Refrigeration Market, By Product (Page No. - 48)
    7.1 Introduction
    7.2 Refrigeration Systems
    7.3 Refrigerators
    7.4 Cabinet Displays
    7.5 Freezers
    7.6 Beverage Coolers
    7.7 Ice Cream Cabinets
    7.8 Air Conditioning Systems
    7.9 Stationary Air Conditioners
    7.10 Mobile Air Conditioners
    7.11 Chillers
    7.12 Heat Pumps

8 Magnetic Refrigeration Market, By Application (Page No. - 61)
    8.1 Introduction
    8.2 Domestic
    8.3 Commercial
    8.4 Transportation
    8.5 Logistics
    8.6 Automotive
    8.7 Aerospace
    8.8 Marine
    8.9 Industrial
    8.10 Food & Beverage Processing & Storage
    8.11 Healthcare

9 Geographic Analysis (Page No. - 85)
    9.1 Introduction
    9.2 North America
           9.2.1 US
           9.2.2 Canada
           9.2.3 Mexico
    9.3 South America
           9.3.1 Brazil
    9.4 Europe
           9.4.1 Germany
           9.4.2 UK
    9.5 APAC
           9.5.1 China
           9.5.2 India
           9.5.3 Japan
    9.6 RoW

10 Competitive Landscape (Page No. - 110)
     10.1 Overview
     10.2 Market Ranking Analysis
     10.3 Magnetic Refrigeration Market (Global), Competitive Leadership Mapping
             10.3.1 Visionary Leaders
             10.3.2 Dynamic Differentiators
             10.3.3 Innovators
             10.3.4 Emerging Companies
     10.4 Business Strategy
     10.5 Product Offering
*Top 11 Companies Analyzed for This Study are - Cooltech Applications (France), Camfridge Ltd. (UK), Astronautics Corporation of America (US), Whirlpool Corporation (US), Qingdao Haier Co.,Ltd (China), BASF SE (Gemany), Eramet S.A. (France), Samsung Electronics Co., Ltd (South Korea), Toshiba Cororation (Japan), Vacuumschmelze GmbH & Co. Kg (Germany), Sigma-Aldrich Corporation (US)
     10.6 Competitive Situations and Trends
     10.7 Significant Developments in Magnetic Refrigeration Market

11 Company Profiles (Page No. - 120)
(Business Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships)*
     11.1 Introduction
     11.2 Cooltech Applications
     11.3 Camfridge Ltd
     11.4 Astronautics Corporation of America
     11.5 Whirlpool Corporation
     11.6 Qingdao Haier Co., Ltd
     11.7 BASF SE
     11.8 Eramet S.A.
     11.9 Samsung Electronics Co., Ltd
     11.10 Toshiba Corporation
     11.11 Vacuumschmelze GmbH & Co. Kg
     11.12 Key Innovators
             11.12.1 Sigma–Aldrich Corporation

*Details on Business Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 148)
     12.1 Insights From Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customization
     12.6 Related Reports
     12.7 Author Details


List of Tables (65 Tables)

Table 1 Magnetic Refrigeration Market, By Product, 2018–2023 (USD Million)
Table 2 Market for Refrigeration Systems, By Product Type, 2018–2023 (USD Thousand)
Table 3 Market for Refrigeration Systems, By Application, 2018–2023 (USD Million)
Table 4 Refrigeration Systems Market for Transportation Application, By Type, 2020–2023 (USD Thousand)
Table 5 Refrigeration Systems Market for Industrial Application, By Type, 2019–2023 (USD Thousand)
Table 6 Magnetic Refrigeration Market for Air Conditioning Systems, By Product Type, 2019–2023 (USD Thousand)
Table 7 Magnetic Refrigeration Market for Air Conditioning Systems, By Application, 2019–2023 (USD Thousand)
Table 8 Air Conditioning Systems Market for Transportation Application, By Type, 2020–2023 (USD Thousand)
Table 9 Air Conditioning Systems Market for Industrial Application, By Type, 2019–2023 (USD Thousand)
Table 10 Magnetic Refrigeration Market for Heat Pumps, By Application, 2019–2023 (USD Thousand)
Table 11 Heat Pumps Market for Transportation Application, By Type, 2020–2023 (USD Thousand)
Table 12 Heat Pumps Market for Industrial Application, By Type, 2019–2023 (USD Thousand)
Table 13 Magnetic Refrigeration Market, By Application, 2018–2023 (USD Million)
Table 14 Market for Domestic Application, By Product, 2019–2023 (USD Thousand)
Table 15 Market for Domestic Application, By Region, 2019–2023 (USD Thousand)
Table 16 Magnetic Refrigeration Market for Commercial Application, By Product, 2018–2023 (USD Thousand)
Table 17 Market for Commercial Application, By Region, 2018–2023 (USD Thousand)
Table 18 Magnetic Refrigeration Market for Transportation Application, By Type, 2020–2023 (USD Million)
Table 19 Market for Transportation Application, By Product, 2020–2023 (USD Thousand)
Table 20 Market for Transportation Application, By Region, 2020–2023 (USD Thousand)
Table 21 Magnetic Refrigeration Market for Logistics, By Product, 2020–2023 (USD Thousand)
Table 22 Market for Logistics, By Region, 2020–2023 (USD Thousand)
Table 23 Magnetic Refrigeration Market for Automotive Application, By Product, 2020–2023 (USD Thousand)
Table 24 Market for Automotive Application, By Region, 2020–2023 (USD Thousand)
Table 25 Market for Aerospace Application, By Product, 2021–2023 (USD Thousand)
Table 26 Market for Aerospace Application, By Region, 2021–2023 (USD Thousand)
Table 27 Market for Marine Application, By Product, 2021–2023 (USD Thousand)
Table 28 Market for Marine Application, By Region, 2021–2023 (USD Thousand)
Table 29 Magnetic Refrigeration Market, By Industrial Application, 2019–2023 (USD Thousand)
Table 30 Market for Industrial Application, By Product, 2019–2023 (USD Thousand)
Table 31 Market for Industrial Application, By Region, 2019–2023 (USD Thousand)
Table 32 Market for Food & Beverage Processing & Storage, By Product, 2019–2023 (USD Thousand)
Table 33 Market for Food & Beverage Processing & Storage, By Region, 2019–2023 (USD Thousand)
Table 34 Market for Healthcare, By Product, 2019–2023 (USD Thousand)
Table 35 Market for Healthcare, By Region, 2019–2023 (USD Thousand)
Table 36 Magnetic Refrigeration Market, By Region, 2018–2023 (USD Thousand)
Table 37 Market in North America, By Country, 2018–2023 (USD Thousand)
Table 38 Market in North America, By Product, 2018–2023 (USD Thousand)
Table 39 Market in North America, By Application, 2018–2023 (USD Million)
Table 40 Magnetic Refrigeration Market for Transportation Application in North America, By Type, 2020–2023 (USD Thousand)
Table 41 Magnetic Refrigeration Market for Industrial Application in North America, By Type, 2019–2023 (USD Thousand)
Table 42 Market in South America, By Country, 2018–2023 (USD Thousand)
Table 43 Market in South America, By Product, 2018–2023 (USD Thousand)
Table 44 Market in South America, By Application, 2018–2023 (USD Thousand)
Table 45 Magnetic Refrigeration Market for Transportation Application in South America, By Type, 2020–2023 (USD Thousand)
Table 46 Magnetic Refrigeration Market for Industrial Application in South America, By Type, 2019–2023 (USD Thousand)
Table 47 Magnetic Refrigeration Market in Europe, By Country, 2018–2023 (USD Million)
Table 48 Market in Europe, By Product, 2018–2023 (USD Thousand)
Table 49 Market in Europe, By Application, 2018–2023 (USD Million)
Table 50 Market for Transportation Application in Europe, By Type, 2020–2023 (USD Thousand)
Table 51 Magnetic Refrigeration Market for Industrial Application in Europe, By Type, 2019–2023 (USD Thousand)
Table 52 Market in APAC, By Country, 2018–2023 (USD Thousand)
Table 53 Market in APAC, By Product, 2018–2023 (USD Thousand)
Table 54 Market in APAC, By Application, 2018–2023 (USD Thousand)
Table 55 Market for Transportation Application in APAC, By Type, 2020–2023 (USD Thousand)
Table 56 Market for Industrial Application in APAC, By Type, 2019–2023 (USD Thousand)
Table 57 Market in RoW, By Region, 2018–2023 (USD Thousand)
Table 58 Market in RoW, By Product, 2018–2023 (USD Thousand)
Table 59 Market in RoW, By Application, 2018–2023 (USD Thousand)
Table 60 Market for Transportation Application in RoW, By Type, 2020–2023 (USD Thousand)
Table 61 Market for Industrial Application in RoW, By Type, 2019–2023 (USD Thousand)
Table 62 Market Ranking of the Top 5 Players in the Market
Table 63 Product Development
Table 64 Agreements, Partnerships, and Collaborations
Table 65 Acquisitions


List of Figures (55 Figures)

Figure 1 Magnetic Refrigeration Market
Figure 2 Geographic Scope
Figure 3 Global Market: Research Design
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 7 Data Triangulation
Figure 8 Assumptions of the Research Study
Figure 9 Commercial Application to Lead the Magnetic Refrigeration Market By 2023
Figure 10 Global Magnetic Refrigeration Market Share, By Product, 2023
Figure 11Market Share, By Geography, (2023)
Figure 12 Refrigerators and Freezers Expected to Witness the Highest CAGR During the Forecast Period
Figure 13 Attractive Growth Opportunities in the Magnetic Refrigeration Market Between 2018 and 2023
Figure 14 Commercial and Domestic Applications Expected to Play A Significant Role in the Magnetic Refrigeration Market
Figure 15 Commercial Application to Hold the Largest Share of the Magnetic Refrigeration Market During the Forecast Period
Figure 16 In APAC, Market in India Expected to Grow at the Highest CAGR During the Forecast Period
Figure 17 Refrigeration Products Expected to Lead the Magnetic Refrigeration Market During the Forecast Period
Figure 18 Evolution of Magnetic Refrigeration
Figure 19 High Energy Efficiency and Green Technology Expected to Boost the Magnetic Refrigeration Market
Figure 20 Distribution of the Global Refrigeration Sector’s Electricity Consumption
Figure 21 Value Chain Analysis (2018) of the Market: Major Value is Added By Component and Technology Manufacturing Stages
Figure 22 Magnetic Refrigeration Segmentation, By Product
Figure 23 Refrigeration Systems to Hold the Largest Market Size During the Forecast Period
Figure 24 Commercial Application to Hold the Largest Market Size for Refrigeration Systems
Figure 25 Stationary Air Conditioners to Hold the Largest Size of the Magnetic Refrigeration Market for Air Conditioning Systems
Figure 26 Food & Beverage Processing and Storage Industry to Hold the Largest Market Size During the Forecast Period
Figure 27 Food & Beverage Processing & Storage Industry to Hold the Largest Market Size During the Forecast Period
Figure 28 Magnetic Refrigeration Segmentation, By Application
Figure 29 Commercial Application to Hold the Largest Market Size for Magnetic Refrigeration During the Forecast Period
Figure 30 Refrigeration Systems to Lead the Market for the Domestic Application During the Forecast Period
Figure 31 Refrigeration Systems to Hold the Largest Market Size for the Commercial Application During the Forecast Period
Figure 32 Refrigeration Systems to Hold the Largest Market Size for the Transportation Application During the Forecast Period
Figure 33 Europe to Hold the Largest Market Size for Logistics in the Transportation Application During the Forecast Period
Figure 34 Refrigeration Systems to Hold the Largest Market Size for the Aerospace Application During the Forecast Period
Figure 35 Refrigeration Systems to Hold the Largest Market Size for the Industrial Application During the Forecast Period
Figure 36 Refrigeration Systems to Hold the Largest Market Size for the Healthcare Application During the Forecast Period
Figure 37 Market Segmentation, By Geography
Figure 38 Geographic Snapshot for Magnetic Refrigeration Market (2023)
Figure 39 Europe to Lead the Market for Magnetic Refrigeration During the Forecast Period
Figure 40 North America: Market Snapshot
Figure 41 Commercial Application to Lead the Market in North America During the Forecast Period
Figure 42 Brazil Expected to Be the Leading Market for Magnetic Refrigeration in South America During the Forecast Period
Figure 43 Europe: Market Snapshot
Figure 44 Germany to Hold the Largest Market Size for Magnetic Refrigeration in Europe During the Forecast Period
Figure 45 Commerical Application Expected to Hold the Largest Market Size for Magnetic Refrigeration in APAC During the Forecast Period
Figure 46 Commercial Application Expected to Hold the Largest Market Size for Magnetic Refrigeration in RoW During the Forecast Period
Figure 47 Companies Adopted Partnerships, Agreements, and Collaborations as Key Growth Strategies Between 2014 and 2017
Figure 48 Competitive Leadership Mapping
Figure 49 Battle for Market Share: Partnerships, Agreements, and Collaborations Was the Key Strategy Adopted By Companies Between 2013 and 2017
Figure 50 Whirlpool Corporation: Company Snapshot
Figure 51 Qingdao Haier Co., Ltd: Company Snapshot
Figure 52 BASF SE: Company Snapshot
Figure 53 Eramet S.A.: Company Snapshot
Figure 54 Samsung Electronics Co., Ltd: Company Snapshot
Figure 55 Toshiba Corporation: Company Snapshot

The magnetic refrigeration market is expected to be valued at USD 163.7 Million by 2023, growing at a CAGR of 108.0% between 2018 and 2023. Some of the key factors driving the growth of this market are the increasing focus on green technology and high energy efficiency.

Magnetic refrigeration has a huge opportunity in the commercial application in initial years including users such as hotels, retail stores, bakeries, confectionaries, and restaurants. The commercial application is expected to lead the magnetic refrigeration systems by 2023. The low energy consumption by magnetic refrigeration systems is the main reason for the high demand from the commercial application.

Magnetic refrigeration systems will be integrated first in refrigeration products such as refrigerators, beverage coolers, cabinet displays, freezers, and ice cream cabinets. The main reason for this is that companies are still working to solve the complexities related to air conditioners and heat pumps. The increasing pressure from governments to eliminate the use of harmful greenhouse gases is forcing the companies to find alternatives to vapor compressors. This is expected to create huge opportunities for the magnetic refrigeration systems in coming years.

Europe is expected to lead the magnetic refrigeration market during the forecast period. European Union’s initiative to check global warming and ozone depletion by banning high-GWP refrigerants is the major driver for the growth of the magnetic refrigeration in the region. The European Union passed a new F-gas regulation in 2015 that stresses on limiting the total amount of F-gases that can be sold from 2015 onwards, banning the use of F-gases in equipment such as fridges in homes or supermarkets, air conditioners, and foams and aerosols, as well as to prevent the emissions of F-gases from existing equipment through regular checks and maintenance.

Magnetic Refrigeration Market

The major factors restraining the growth of the market include the high initial investment and the limited field strength of permanent magnets. 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 magnetic 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. Also, a permanent magnet is the most commonly used magnet in magnetic refrigeration equipment as it does not require additional cooling systems or external power sources. However, the magnetic field generated by permanent magnets is lower, and their availability is limited.

The key players in the market include Cooltech Applications (France), Astronautics Corporation America (US), Camfridge Ltd (UK), and Whirlpool Corporation (US). The companies in the market are strengthening their product portfolios by increasing their R&D investments. The key players in this market are increasingly undertaking partnerships and collaborations to develop new technologies and appliances to be launched in the market.

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