Magnetic Refrigeration Market worth 163.7 Million USD by 2023 with a growing CAGR of 108.0%

According to the new research report "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", 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. The growth of this market is mainly driven by factors such as increasing focus on green technology, low maintenance cost, and high energy efficiency.

Browse 90 Market Data Tables and 55 Figures spread through 156 Pages and in-depth TOC on "Magnetic Refrigeration Market - Global Forecast to 2023"
Early buyers will receive 10% customization on reports.

Domestic application expected to witness the highest CAGR between 2018 and 2023 in the magnetic refrigeration market

The market for the domestic application is expected to grow at the highest CAGR between 2018 and 2023. The domestic application includes household appliances for personal use, such as refrigerators. Companies such as Camfridge Ltd. (UK) and Astronautics Corporation of America (US) are planning to launch products for domestic use that would be more energy efficient and comparatively quieter than traditional vapor compressor.

Market for refrigeration systems expected to grow at a significant rate between 2018 and 2023

The magnetic refrigeration market for refrigeration systems is expected to grow at the highest CAGR between 2018 and 2023 owing to the early launch of refrigeration products because of the less complex system design compared to air conditioning systems and heat pumps. Thus, the players are initially focusing on commercializing products for refrigeration systems, followed by air conditioning systems and heat pumps.

Europe expected to hold the largest market share in 2018, and APAC expected to witness the highest CAGR during the forecast period

Europe is expected to hold the largest share of the magnetic refrigeration market in 2018, and the market in APAC is expected to grow at the highest CAGR between 2018 and 2025. The presence of many magnetic refrigeration companies in Europe helps drive the growth of the market in this region. Also, the governments of European countries are encouraging many research institutes and refrigeration companies to come up with a refrigeration technology that does not cause global warming and ozone depletion. Magnetic refrigeration is one such technology that does not use any refrigerant and is environmentally friendly. Thus, this technology is gaining popularity among players operating in the manufacturing of refrigeration systems, air conditioning systems, and heat pumps.

The major players involved in the development of the magnetic refrigeration technology 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 ).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Rohan
701 Pike Street,
Suite 2175, Seattle,
WA 98101, United States
Email: [email protected]

Report Code
SE 3653
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Magnetic Refrigeration Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2020 MarketsandMarkets Research Private Ltd. All rights reserved

Digital Virtual Assistant - MarketsandMarkets