The lower cost, light weight, and higher product life cycle of the magnetic refrigeration is expected to be dominant drivers for the rapid growth of the magnetic refrigeration market in the coming years. The application of magnetic refrigeration in the present market scenario is limited to some form of cryogenic refrigerator used in biological research centers, owing to its ultra-low operating temperature. However, the magnetic refrigeration system is expected to become fully commercialized in 2017.
The simple design technology and less number of moving parts in the magnetic refrigeration makes it one of the most cost-effective alternatives for the conventional refrigeration system. The magnetic refrigeration system works on the principle of magnetocaloric effect (MCE).
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Magnetic refrigeration has several advantages, such as higher efficiency, large temperature range, and environmental sustainability over its conventional counterparts.
Magnetic refrigeration acceptance is expected to be high in the developed regions, including North America and Europe. Therefore, the largest market of magnetic refrigeration is likely to be Europe in 2017. The energy efficiency and environmental benefits, associated with the magnetic refrigeration are expected to be dominant drivers for the growth of the magnetic refrigeration market in the developed countries.
Based on application, the global magnetic refrigeration market can be classified as domestic refrigeration, commercial refrigeration, refrigerated transportation and logistics, automotive HVAC, industrial refrigeration, food and beverages processing industries, healthcare, and others.
Western Europe is expected to be the largest market for magnetic refrigeration in 2017. North America is likely to be the second largest magnetic refrigeration market, which is expected to be the fastest growing regional market, during the first half of the forecast period. The higher growth rate in the developing countries is due to the stringent refrigerant regulation of these countries.
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Some of the competitors in the global magnetic refrigeration market are, Cooltech Applications, Camfridge Ltd., Astronautics Corporation, General Electric, Whirlpool Corporation, Qingdao Haier Co. Ltd, BASF SE, Samsung Electronics Co. Ltd, and Toshiba Corporation
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