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. Government support to expand cold chain infrastructure, particularly in developing countries, rising need to maintain food quality throughout the value chain and the need for environment-friendly and energy-efficient refrigeration technology are expected to drive market growth.
Currently, only a few companies are involved in the manufacturing of magnetic refrigeration technology. However, many players are expected to enter this market in the coming years as magnetic refrigeration is expected to create a high demand owing to its advantages over conventional refrigeration systems. Various companies have developed prototypes of magnetic refrigeration technology and are expected to launch them during the forecast period. The magnetic refrigeration technology has various advantages over conventional cooling technologies such as lower cost, longer life, lower weight, and higher efficiency.
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The refrigeration system of the magnetic refrigeration market is expected to hold the highest share during the forecast period. 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. Magnetic refrigeration can be used in beverage coolers, which are commonly used for domestic and commercial applications. Small-sized and compact beverage coolers can also be used in automobiles. The prototypes developed for beverage coolers by companies such as Astronautics Corporation, Haier, and GE have received positive responses from the industry.
The commercial applications segment is projected to be commercialized in 2022 and lead the magnetic refrigeration market from 2022 to 2027. The increasing demand for fresh and frozen food, developing infrastructure across the value chain starting from food processing to cold chain & distribution, expansion of the retail sector in various countries, and technological advancements are some of the driving factors for the commercial magnetic refrigeration market while governments’ focus on reducing the use of environmentally harmful refrigerants and the increasing need for energy-efficient technology is expected to provide growth opportunities for the magnetic refrigeration market for the commercial application. Ubiblue (France) is even collaborating with commercial businesses such as hotels, retailers, and restaurants for testing.
The magnetic refrigeration market in APAC is projected to grow at the highest CAGR during the forecast period. Increasing disposable incomes and the ever-growing population are propelling the demand for processed food products and beverages and fresh and frozen food in the region. As a result, there is an increase in the number of food processing facilities in APAC. Refrigerated storage capacities are growing in APAC countries such as India, China, and Japan. The growing pharmaceutical industry in the region, coupled with government subsidies for improvements in the cold chain and preservation infrastructure across the region, is expected to drive the growth of the APAC refrigeration market. Governments of various countries in APAC are supporting the Montreal Protocol initiative to phase out environmentally harmful refrigerants, thereby providing huge opportunities for the players offering magnetic refrigeration systems.
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
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