Magnetic Refrigeration Market Forecasts to 2028 - Global Analysis By Product Type, Type, Material, Application, End Users and By Geography

According to Stratistics MRC, the Global Magnetic Refrigeration Market is accounted for $78.07 million in 2022 and is expected to reach $5272.46 million by 2028 growing at a CAGR of 101.8% during the forecast period. The magneto caloric effect (MCE) is the underlying theory behind magnetic refrigeration. The magnetocaloric effect is a phenomenon wherein components of magnetocaloric materials become heated when submerged in the magnetic field and rapidly cool when released from it. In comparison to conventional gas compression refrigeration, magnetic refrigeration is more portable, safer, and quieter, and it has a higher cooling efficiency. The magnetocaloric effect (MCE) principle underlies magnetic refrigeration. When magnetocaloric materials are immersed in the magnetic field, they warm up, and when they are immediately removed from it, they cool off. When compared to traditional gas-pressure refrigeration, magnetic refrigeration is safer, less disruptive, and more effective at cooling.

According to the Japan Refrigeration and Air Conditioning Industry Association, the global air conditioner demand has increased from 104,367 thousand units in 2013 to 110,971 units in 2018, with emerging Asian and oceanic countries like India, Vietnam, Philippines, Bangladesh, Indonesia, Australia, and New Zealand being the prime growth drivers.

Market Dynamics:

Driver:

Government efforts to promote green technology are expanding

One of the biggest issues the refrigeration and air conditioning (RAC) industry faces is the effects of global warming because the technology that is currently available is not environmentally friendly. There is a growing need for some alternative source of cooling due to growing global concerns about reducing polluting emissions, particularly gases that are bad for the environment. Manufacturers could lower their carbon footprints by using magnetic refrigeration, a green cooling technology. Products based on magnetic refrigeration emit fewer direct gas emissions because they don't use refrigerants like chlorofluorocarbons (CFCs), hydrochlorofluoro carbons (HCFCs), and other gases like ammonia and chlorine. The majority of refrigerants on the market for magnetic refrigeration currently have high global warming potentials (GWP), and particularly those that release chlorine are largely responsible for the ozone layer's thinning. Low-GWP refrigerants like ammonia and CO2 have been introduced, but they come with safety concerns like flammability, toxicity, pressure, and temperature restrictions.

Restraint:

High cost

The price of magnetic refrigeration equipment is significantly influenced by magnets and magnetocaloric materials. More magnets and magneto caloric materials would be used in a device with a high coefficient of performance (COP). In order to create a device with high efficiency, more materials are needed, which raises the device's cost. Gadolinium, a rare earth metal that is too expensive for mass production, is the magnetocaloric material currently thought to be most suitable for the magnetic refrigeration system. Although businesses are testing alternative alloys to gadolinium, their costs are anticipated to be substantially higher than those of conventional refrigerants used in compressor systems.

Opportunity:

Commercial industry adoption of magnetic refrigeration

Businesses such as offices, shopping centers, and stores are included in the commercial application. As magnetic refrigeration technology becomes more widely used, this industry is expected to expand significantly over the next few years. The magnetic refrigeration market needs to offer magnetic refrigeration because it is a clean technology that has transformed cooling systems. Magnetic refrigeration systems could be used for a variety of purposes. Display cabinets, beverage coolers, and commercial or residential fridges are a few of the early developments that have been targeted at the commercial and domestic refrigeration markets.

Threat:

The requirement for suitable magnetocaloric materials

The most crucial element of a magnetic refrigeration system is magnetocaloric material. To deliver high efficiency, the best material must be applied to the application areas. The supply of magnetocaloric materials, which is constrained, is one of the main problems. The viability of this technology would increase with the discovery of new materials or a decrease in the amount of MCE.

COVID-19 Impact:

COVID-19 pandemic was spread across the globe in 2020. The magnetic refrigeration market was negatively impacted by COVID-19. As a result of the spike in infected cases, public facilities were shut down entirely and placed under quarantine. Demand and productivity have decreased as a result of the closure of eateries and food outlets, as well as manufacturing facilities. The market's growth slowed as a result.

The home use segment is expected to be the largest during the forecast period

The home use application segment had the largest share-more than 50.0%-and is anticipated to maintain this dominance throughout the forecast period. The growth can be attributed to the rising demand for low-cost, energy-efficient products that are frequently used in residential applications like air conditioners, refrigerators, and freezers. Additionally, technological developments that have made it possible for these systems to run on stored magnetic energy rather than a power source are promoting industry growth throughout all regions.

The commercial segment is expected to have the highest CAGR during the forecast period

Due to the widespread use of magnetic refrigeration in numerous commercial applications, the commercial segment is anticipated to have the highest CAGR during the forecasted period. The commercial application includes buildings used for business, such as offices, malls, and other locations. This industry is expected to grow significantly with the commercialization of magnetic refrigeration technology.

Region with highest share:

The magnetic refrigeration market is anticipated to be dominated by Europe during the forecasting period. The European Union's initiative to stop global warming and ozone depletion by outlawing high-GWP refrigerants is the primary factor driving the expansion of magnetic refrigeration in the area. The European Union has approved a new F-gas regulation that places an emphasis on preventing the total amount of F-gases that can be sold, outlawing the use of F-gases in equipment like refrigerators in homes or supermarkets, air conditioners, and foams and aerosols, as well as to prevent the emissions of F-gases from current equipment over routine checks and maintenance.

Region with highest CAGR:

The Asia-Pacific region is expected to continue to dominate the global market in terms of revenue. The rise in demand for energy-efficient systems in developing nations like China, India, and Japan is responsible for the growth. Additionally, the demand for regional goods has increased as a result of both rising living standards and a growing population. Due to high consumer awareness of energy conservation and strict government regulations pertaining to magnetic refrigeration system installation guidelines that mandate specific efficiency levels.

Key players in the market:

Some of the key players in Magnetic Refrigeration market include ALTO Refrigeration Manufacturing Co., Ltd, Astronautics Corporation of America, BASF SE, Camfridge Ltd, Cooltech Applications, Eramet S.A., General Electric, Haier Smart Home Co., Ltd, Magnotherm Solutions, Qingdao Haier Co., Ltd, Samsung Electronics Co., Ltd, Sigma-Aldrich Corporation, Toshiba Corporation, Ubiblue, Vacuumschmelze GmbH & Co. Kg and Whirlpool Corporation.

Key Developments:

In December 2021, Virginia Commonwealth Fund invested in Stephen Fong's project of designing and developing a modular refrigerator. The core of this eco-friendly modular refrigerator is magnetic refrigeration technology. The main objective of Stephen Fong is to develop a sustainable long-term refrigeration solution.

In March 2020, an exhaustive study report on this promising technology - magnetocaloric - which could be the next generation of refrigeration and cooling was published by researchers from the Oak Ridge National Laboratory and CEMAC.

In January 2020, France Brevets has announced its launch of license program Kione for a series of patents specialized in magnetic refrigeration technology.

Product Types Covered:

• Refrigeration systems
• Air-conditioning systems
• Ice making Machinery
• Display and Ice cream cabinets
• Heat Pumps
• Beverage coolers
• Other Product Types

Types Covered:

• Hardware
• Software and service
• Other Types

Materials Covered:

• Gadolinium and Dysprosium Alloys
• Erbium
• Germanium
• Aluminum
• Other Materials

Applications Covered:

• Temperature Monitoring
• Storage
• Home use
• Other Applications

End Users Covered:

• Commercial
• Residential
• Automotive and Transportation
• Food and Beverages
• Healthcare
• Domestic
• Industrial
• Chemical
• Marine
• Consumer electronics
• Manufacturing
• Tele-communications
• Aerospace & Defense
• Media and Entertainment
• Servers and Data Centers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances