Magnetic Refrigeration Market

Cooltech Applications (France) and Camfridge Ltd (UK) are the Top 2 Players in the Magnetic Refrigeration Market

The overall magnetic refrigeration market is expected to be valued at USD 163.7 Million by 2023, growing at the CAGR of 108.0% between 2018 and 2023. The adoption of magnetic refrigeration in the transportation segment and the high potential in the industrial segment offer key opportunities for the market. The increasing focus on green technology, low maintenance cost, and high energy efficiency are some of the key factors driving the magnetic refrigeration market.

The key players operating in the magnetic refrigeration market largely comprise major players striving for the development of magnetic refrigeration technology; these players 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). Most of the leading companies focus on organic growth strategies such as product launches and developments and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.

Top 2 Players in the Magnetic Refrigeration Market:

Cooltech Applications (France) is expected to hold a leading position in the global magnetic refrigeration market due to its strong R&D capabilities. It is the only company with a product in the market specially designed for commercial uses. It offers refrigeration solutions for commercial refrigeration, remote display systems, industrial chillers, truck reefers, thermodynamic water heaters, automotive air conditioning, other automotive applications, home appliances, and aeronautics. The company’s MRS is the only product that is already available in the market, and it can be used in commercial units such as medical refrigerators, wine cellars, professional refrigerators, and plug-in display cases. The company is also planning to launch different variants of its MRS, which would further strengthen its market position. It offers services related to testing, optimizations and refinement, supply chain management, logistics, and life cycle management.  Cooltech is partnering with many companies to showcase its products and its benefits. For instance, in September 2016, Cooltech Applications partnered with the multinational retailer Carrefour (France) to implement a fully equipped magnetocaloric display cabinet at Carrefour’s head office restaurant for a four-week trial.

Camfridge Ltd is a spin-off from the University of Cambridge. Cambridge Capital Group and the University of Cambridge are the principal shareholders of this company. Camfridge Ltd is a developer of magnetic refrigeration technology based on novel metal alloys and magnetic fields for refrigeration and cooling applications. The refrigeration technology of Camfridge helps in the design of refrigeration solutions to reduce energy consumption and use nonpolluting gases. The company is working toward enabling the integration of its magnetic cooling technology in applications for packaged cooling appliances for domestic use. The company has developed energy-efficient and gas-free magnetic refrigeration systems based on various novel alloys instead of using expensive rare earth metals such as gadolinium. The company’s MRS would be used in the packaged cooling appliance market. It is entering into partnerships with OEMs from various regions to expand its geographical presence and take advantage of being an early provider of technology. For instance in October 2016, Camfridge Ltd, in collaboration with Innovate UK, a UK-based government innovation agency, started a project worth USD 1.90 million to test the longevity and durability of its magnetic cooling solutions.

Related 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

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Report Code
SE 3653
RI Published ON
7/21/2017
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