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The global magnetic refrigeration market is anticipated to grow at a market share of 106.5% (CAGR) during the projected period 2023-2030. Magnetic refrigeration is a cooling technique employed mostly in the food and beverage processing industries, healthcare, storage, and personal/domestic use. The objective of magnetic refrigeration is to preserve the edibility of food and beverages, provide storage space for food, beverages, and medications, and keep the temperature of the drug at the proper level. The reduced operation and maintenance costs, increased environmental friendly applications, support from the government to adopt green technology, decrease in the use of harmful refrigerants among several industry verticals will propel the market growth of the global magnetic refrigeration industry. Magnetic refrigerants is increasingly deployed in several commercial systems like freezer, chiller, air conditioner owing to their lightweight, compactness, and safety along with improved cooling efficiency and reduced power consumption.

In April 2022, MAGNOTHERM unveiled the second generation of magnetic refrigeration machines, showcasing significant improvements compared to their predecessors. This new generation offers a reduced weight, size, and price, making it more compact, lightweight, and cost-effective. Moreover, these machines are energy-efficient, contributing to sustainability efforts.

The global magnetic refrigeration market has experienced a contraction due to the widespread impact of the COVID-19 pandemic. Industries such as restaurants, hotels, and cafes faced temporary closures, leading to reduced or no demand for refrigeration equipment. During the initial phases of the pandemic, the need for freezers diminished as these establishments remained shut. However, as governments ease restrictions and gradually reopen businesses, there is an anticipated rebound in the market. Additionally, the global decline in COVID-19 cases contributes to the growing confidence in the recovery of industries, further driving the demand for refrigeration solutions.

Despite the challenges faced during the pandemic, the market for magnetic refrigeration is expected to witness a resurgence as governments facilitate the reopening of restaurants, cafes, and other businesses. The advancements in technology, exemplified by MAGNOTHERM's second-generation machines, along with the gradual recovery of industries, are likely to stimulate demand and fuel market growth in the forecast period.

Browse 43 market data Tables and  30 Figures spread through 190 Pages and in-depth TOC on " Magnetic Refrigeration Market by Product (Refrigeration Systems (Refrigerators, Cabinet Displays, Freezers, Ice Cream Cabinets, and Beverage Coolers) and Air Conditioning Systems (Mobile Air Conditioners, Chillers, and Stationary Air Conditioners), by Application (Commercial, Domestic, Industrial (Food & Beverages and Healthcare), and Transportation(Logistics, Automotive, Aerospace, and Marine)), and Region - Global Forecast to 2028"

By product, refrigeration systems are anticipated to witness the largest market share during the forecast period.

Refrigeration systems are expected to have the largest market share in the magnetic refrigeration market during the forecast period as companies like Ubiblue, BASF SE, Camfridge Ltd., VACUUMSCHMELZE GmbH & Co. KG, and Magnotherm Solutions are launching products like beverage coolers and cabinet displays. These firms are concentrating on entering the market with refrigeration systems that will stimulate demand as magnetic refrigeration systems do not require compressors or refrigerants, they have lower operating and maintenance costs and are energy efficient. HCFCs and other environmentally damaging refrigerants are being phased out in many nations.

Global Magnetic Refrigeration Market Segmentation Analysis

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“Europe is anticipated to have the largest market share in the magnetic refrigeration market during the forecast period.”

Europe had the greatest market share for worldwide magnetic refrigeration, and it is expected to continue to be the leading market throughout the projected timeline. The fact that it is replacing traditional methods of data collection and presence of big important market players in this field are factors driving the growth of the European market. Rising demand for refrigeration in logistics-related and frozen foods applications, as well as initiatives to mitigate global warming and ozone depletion by banning high GWP refrigerants, are driving the global magnetic refrigeration market.

Some of the major players in the global magnetic refrigeration industry include Ubiblue, Camfridge Ltd., Astronautics Corporation of America, Haier Group, BASF SE, Toshiba Corporation, VACUUMSCHMELZE GmbH & Co. KG, MAGNOTHERM, General Electric, and Whirlpool Corporation.

Scope of the Report

Global Magnetic Refrigeration Market Coverage

Product Insight and Forecast 2018-2030

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

Application Insight and Forecast 2018-2030

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

Geographical Segmentation

Magnetic Refrigeration Market by Region

North America

• By Product
• By Application
• By Country – U.S., Canada, and Mexico

Europe

• By Product
• By Application
• By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

• By Product
• By Application
• By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

• By Product
• By Application
• By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries