Magnetic Refrigeration Market worth $165 million by 2027 - Exclusive Report by MarketsandMarkets
CHICAGO, Oct. 20, 2020 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets, the Magnetic Refrigeration Market is expected to be commercialized by 2022 at USD 4 million. It is expected to grow at a CAGR of 105.4 % from 2022 to 2027 to reach USD 165 million by 2027. Increasing government initiatives on green technology, low maintenance costs, and compact design and high energy efficiency are the factors driving the growth of the magnetic refrigeration market. The adoption of magnetic refrigeration in the commercial sector and high potential across the industrial sector provide opportunities to the magnetic refrigeration market players during the forecast period.
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The magnetic refrigeration market includes players like Ubiblue (France), Haier Smart Home Co., Ltd (China), Camfridge Ltd (UK), Astronautics Corporation of America (US), and VACUUMSCHMELZE GmbH & Co. KG (Germany). 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. Based on primary responses, the magnetic refrigeration market for the refrigeration system is assumed to be commercialized by 2022, and for the air conditioning system, the market is assumed to be commercialized by 2023.
Increased government initiatives on green technology
The impact of global warming is one of the major challenges faced by the refrigeration and air conditioning (RAC) industry as the existing technology is not environmentally friendly. Increasing global concerns to reduce polluting emissions, especially gases that are harmful to the Earth's environment, has created the need for some alternative source for cooling purposes. The European Union and the US have set up laws to bring down the current levels of CO2 emissions. In 2018, EPA regulations banned nonessential products, including all aerosol products, pressurized dispensers, and foam products containing, or manufactured with, chlorofluorocarbons (CFCs) or hydrochlorofluorocarbons (HCFCs). Magnetic refrigeration offers a green cooling technology that would enable manufacturers to reduce their carbon footprint.