Status : Published Published On : Jun, 2022 Report Code : VRSME9122 Industry : Semiconductor & Electronics Available Format : Page : 190
2015
2022

Global Magnetic Refrigeration Market – Analysis and Forecast (2022-2028)
Industry Insight 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 Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

The global magnetic refrigeration market size was valued at USD 3.78 million in 2021 and will reach USD 167.67 million by 2028. It will witness a CAGR of 106.5% during the forecast period. Magnetic refrigeration is a cooling technology that depends on the magnetocaloric effect (MCE) that can be employed in conventional refrigeration systems to achieve exceptionally low temperatures. Thus, magnetic refrigeration is a highly secured, reduced, and calmer cooling productive as compared to conventional gas pressure refrigeration. It is extensively employed in large-scale applications in the communication sector like cooling infrared sensors in surveillance satellites as it is environmental friendly, produces less noise pollution, does not require ozone-depleting coolant gases, and produces less carbon dioxide.

Magnetic Refrigeration Market Highlights

Industry Trends

There is a decline in demand for refrigeration in hotels and restaurants during the COVID-19 pandemic. This decline may be compensated by increased demand for refrigerators and freezers to store massive quantities of food. In overcrowded hospitals, refrigeration systems are also in high demand to prevent drugs and vaccines from spoiling, as well as to keep virus-infected patients stable. Increasing energy demand in data centers necessitates the use of an efficient magnetic refrigeration system to offer effective cooling.

Market Segmentation

Insight by Product

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

The refrigeration systems is anticipated to dominate the market during the forecast period owing to surge in temperature and increased COVID-19 cases globally will accelerate the growth of the refrigeration segment. This is due to the fact that people are stuck indoors for longer periods of time, leading to an increased need for refrigerators and coolers. Furthermore, the need for refrigerators is increasing as consumers are focusing on health and hygiene, preferring anti-bacterial products, boosting the global magnetic refrigeration market growth.

Insight by Application

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

The commercial application will contribute the largest share in the market as magnetic refrigeration saves energy, enhances the quality and safety of food with refrigeration maintenance, and decrease the costly emergency risks. These all factors will drive the growth of the segment.

The surging adoption in automotive and industrial applications will proliferate the growth of the magnetic refrigeration market. The design and operating characteristics of an active magnetic regenerative refrigerator meet the needs of a vehicle while consuming the least amount of electricity and weighing the least amount of weight.

This technology is employed in the operation of an electric vehicle that runs on batteries. The behavior of a magnetocaloric regenerator is linked to the flow of circulating fluid in order to maximize system efficiency. This technique is expected to replace vapor-compression technology in the future because of advances in energy efficiency, compactness, noise level, and reduced environmental concerns.

Magnetic Refrigeration Market Report Coverage

Report Metric

Details

Historical Period

2016–2021

Base Year Considered

2021

Forecast Period

By 2028

Market Size in 2021

$3.78 Million

Revenue Forecast in 2028

$167.67 Million

Growth Rate

CAGR 106.5%

Segments Covered in the Report

By Product and By Application

Report Scope

Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling

Regions Covered in the Report

North America, Europe, Asia-Pacific, Middle East, and Rest of the World

Industry Dynamics

Growth Drivers

Surge in initiatives by the government to adopt green technology

The increased awareness of ozone depletion and carbon emissions has resulted in the imposition of stringent regulations for the use of environmentally friendly magnetic refrigeration systems, thereby propelling the growth of the market. Also, the target market of magnetic refrigeration is predicted to develop because of increased government pressure from many countries to minimize the use of dangerous greenhouse gases in hotels, retail stores, bakeries, confectioneries, and restaurants. Thus the increased emphasis on green technology will propel the market development of magnetic refrigeration systems.

Other factors attributing to the growth of the magnetic refrigeration market include reduced maintenance cost owing to less rotation of unit parts, compact design, increased adoption of cold chain infrastructure, growth in retail sector, and highly energy-efficient solutions will accelerate the market development of the magnetic refrigeration industry.

Challenges

Lack of awareness about the benefits associated with the Magnetic Refrigeration System

Magnetic refrigeration is still in its early stages of development that has yet to be commercialized. Once a clean energy technology has been developed and determined to have a strong market competitor potential, the attention switches to creating the market by increasing product awareness and demand. Early adopters may be willing to buy the technology as soon as it becomes available, but it will take a lot of work to reach the average consumer, who is generally resistant to change. As a result, increasing public knowledge of the technological, energy-saving, and environmental benefits of magnetic refrigeration is imperative.

The massive cost of equipment and increased initial cost of acquisition may hamper the growth of the magnetic refrigeration system industry. Limited availability of magnetocaloric materials, which are employed in the manufacture of magnetic freezers may further stymie the growth of the industry.

Opportunities

The increased deployment of magnetic refrigeration in the transportation and industrial sector will create tremendous opportunities for product manufacturers in the magnetic refrigeration industry. Furthermore, the rising prevalence of magnetic refrigeration in commercial sectors like shops, offices, and malls along with modern cooling techniques displayed in beverage coolers, domestic or commercial fridges, are creating tremendous opportunities for prominent stakeholders in the magnetic refrigeration market.

Geographic Overview

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Europe contributes the largest share in the magnetic refrigeration market owing to increased initiatives by the government to decrease ozone depletion and reduce global warming by the ban on high-GWP refrigerants. Furthermore, the prominence of well-established players along with increased demand for packaged and processed foods will create potential prospects in the region.

Asia-Pacific is expected to have a high CAGR during the forecast period owing to the increased significance of magnetic refrigeration, rising awareness about global warming, growing population, and development of several end-use verticals.

Competitive Insight

Magnetic refrigeration is a highly consolidated market. The prominent players in the magnetic refrigeration market have taken necessary initiatives to enhance the precision, reliability, performance of the nonregenerative magnetic refrigeration system. Also, the market is likely to grow extremely competitive throughout the forecast period as a result of anticipated mergers and acquisitions and new product development by major companies. Product development is being pursued by market participants in order to increase their market share and achieve traction in the global marketplace. Companies are entering into several strategies such as acquisition, product launches, R&D, partnerships, and collaborations to gain market share.

Ubiblue is a company established in France that specializes in magnetic refrigeration. On the basis of the magneto-caloric effect, they design and manufacture unique and reversible refrigeration equipment and specialize in cooling and waste heat chillers. Their cooling gadgets do not use any refrigerant gas and save a lot of energy.  Thus, the Ubiblues device is a handy and versatile application that was originally created for commercial refrigeration but can be used for a variety of cooling and heating applications.

MAGNOTHERM is a Darmstadt-based spin-off that creates extremely efficient and long-lasting cooling solutions based on magnetic materials. They are able to make refrigeration commercially viable owing to their extensive understanding of producing, processing, and implementing magnetocaloric materials on the one hand, and building cost-effective and high-performance magnetic refrigeration systems on the other. MAGNOTHERM's next-generation cooling solutions are based on years of pioneering research on first-order magnetocaloric materials and recycling permanent magnets. They pioneer magnetic refrigeration based on multi-physical simulations, additive manufacturing processes, and short testing cycles as a deep tech start-up.

Recent Development by Key Players

In April 2022, MAGNOTHERM introduces the second generation of magnetic refrigeration machines, which is half the weight, half the size, and half the price of their predecessors along with energy efficient.

In June 2021, VACUUMSCHMELZE (VAC) has announced a collaboration with EuroGroup to build local manufacturing within the Americas (USMCA). In order to better support important customers in the aerospace, automotive, medical, and industrial sectors with electric motor and generator applications, the two firms have invested in production and extended development capabilities in the United States. This extension of VAC's soft magnetic alloy capacity, which now includes cobalt iron stator solutions, along with EuroGroup's considerable stamping and manufacturing expertise, provides USMCA clients with a locally integrated supply chain of high-performance solutions.

Key Players Covered in the Report

Some of the prominent 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.

Magnetic Refrigeration Market Size and Market Analysis

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The Magnetic Refrigeration Market research includes a comprehensive market segmentation analysis as well as projections for the analysis period 2022-2028.

Segments Covered in the Report

By Product

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

By Application

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

Region Covered in the Report

•    North America

- U.S.
- Canada
- Mexico

•    Europe

- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe

•    Asia-Pacific (APAC)

- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific

•    Rest of the World (RoW)

- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries

Frequently Asked Questions

The global magnetic refrigeration market size was valued at USD 3.78 million in 2021 and will reach USD 167.67 million by 2028. It will witness a CAGR of 106.5% during the forecast period.
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.
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.
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.
Some of the prominent 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.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle

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