The existing refrigeration and air conditioning systems use refrigerants that have a high ozone depletion potential (ODP) and high global warming potential (GWP). Governments of the U.S. and European countries have been phasing out such refrigerants to reduce their impact on the environment. Hydrofluorocarbons (HFC) refrigerants such as R-134a, R-410a, or R-404a are already being phased out. The most common refrigerant named HFCs R-134a was already banned in the European Union in 2011. Refrigerants such as HCFC-22 or R-22 which are commonly used in existing refrigeration systems are also being phased out. Developing countries such as China and India have also pledged under the Montreal Protocol to phase down the production and consumption of HFCs.
Governments have been encouraging many research institutes and refrigeration companies to come up with a refrigeration technology that is environment-friendly. Magnetic refrigeration is one such technology that does not use any refrigerant and is eco-friendly. Many projects such as ELiCiT and MagCool which are focused on development of magnetic refrigeration technologies have received funding to commercialize the said technology. Companies such as Cooltech Applications (France), Astronautics Corporation America (U.S.), and Camfridge Ltd (U.K.) have also received funding from government bodies to commercialize the magnetic refrigeration technology.
Magnetic refrigeration systems’ simple design, low maintenance cost, green technology, and higher energy efficiency are some of the attributes which are likely to fuel the growth of the magnetic refrigeration market in the coming years.
The key players in the market include Cooltech Applications (France), Astronautics Corporation America (U.S.) and Camfridge Ltd (U.K.), General Electric (U.S.), and Whirlpool Corporation (U.S.) among others.
This report predicts that the magnetic refrigeration market would be worth USD 315.7 million in 2022, growing at a compound annual growth rate (CAGR) of 98.7% between 2017 and 2022.
The report provides the market size and forecast of the magnetic refrigeration market which has been segmented based on application, product, and geography. The studied market has been segmented on the basis of application into domestic, commercial, transportation, and industrial. It has been segmented based on product into refrigeration, air conditioning, and heat pumps.
The report also provides an in-depth analysis of the key players in the magnetic refrigeration solutions and services ecosystem along with their profiles, recent developments, key issues, SWOT analysis and opportunities in the market, global adoption trends, and future growth potential.
