US-based Data Bridge Market Research has forecasted a major growth in magnetic refrigeration systems. In fact, the research firm predicted an incredible 98.8% compound annual growth rate (CAGR) of the market to 2024.
However, this comes from a relatively small global base of US$6bn (£4.2bn) in 2016, which would then rise rapidly to give a total market size of US$1.5tn (£1tn) by the end of the forecast period.
Magnetic refrigeration is based on the principle of the magnetocaloric effect (MCE). The magnetocaloric effect is a phenomenon where a temperature change of a suitable material is caused by exposing the material to a changing magnetic field. Magnetocaloric materials get heated up when they are immersed in a magnetic field and cool down when removed from it, almost instantly. A series of magnetisation-demagnetisation cycles is applied to magnetocaloric alloys in a magnetic refrigeration system.
Data Bridge believes magnetic refrigeration is safer, more compact, quieter and more efficient at cooling, compared to traditional gas compression refrigeration. As well as low energy consumption, the firm feels that the technology is an alternative to air conditioners and heat pumps, with another major market driver being an increasing focus on being environmentally friendly.
However, some drawbacks could be low global awareness of magnetic refrigeration, as well as the high cost of equipment.
On the basis of products, the magnetic refrigeration market is segmented into refrigeration systems, air conditioning systems and heat pumps. The refrigeration systems sector is further segmented into refrigerators, cabinet display freezers, beverage coolers and ice cream cabinets. Air conditioning systems are further segmented into stationary air conditioners, mobile air conditioners, and chillers. The air conditioning market is particularly expected to grow in the forecasted period.
Some of the major players operating in the magnetic refrigeration market are Cooltech Applications, Camfridge Ltd, Astronautics Corporation of America, Whirlpool Corporation, Qingdao Haier Co, BASF, Eramet, Samsung Electronics Co, Toshiba Corporation, Vacuumschmelze and Sigma-Aldrich Corporation.
However, Data Bridge analyses that the market is highly fragmented, and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
On the basis of application, the market is segmented into residential domestic, commercial, transportation and industrial. The transportation market is further segmented into Logistics, automotive, aerospace, and marine, while the commercial market is expected to grow in the forecasted period.
In terms of geography, the magnetic refrigeration market report covers data points for 28 countries across multiple regions such as North America and South America, Europe, Asia-Pacific, and Middle East and Africa. Some major countries forging ahead with these types of systems are US, Canada, Germany, France, UK, Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil. In 2017, North America reportedly dominated the market.