Post Covid-19 Update: Magnetic Refrigeration Market To Reach USD 1.8 Billion By 2027 | CAGR 106.2% — Forencis Research
Global Magnetic Refrigeration Market: Key Highlights
- According to the new market research report “Magnetic Refrigeration Market by Materials Type (Gadolinium and Dysprosium Alloys, Erbium, Germanium and Aluminum), by Component (Hot Heat Exchanger, Cold Heat Exchanger, Magneto Caloric Wheel and Others),by Product Type (Heat Pumps, Refrigeration Systems and Air Conditioning Systems), by Application (Logistic & Transportation, Healthcare, Aerospace, Food & Beverages, Commercial and Industrial), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Magnetic Refrigeration Market is estimated to reach USD 1.8 Billion by 2027 at a CAGR of around 106.2% during the review period.
- The magnetic refrigeration helps to improve device efficiency, reduce CO2 production with energy saving and its efficient. As well as it is one of the innovative, emerging and low carbon technology.
- Moreover, it is an environment friendly technology which is based upon magnetic solid. It is used for attain low temperature and common refrigerators temperature.
Global Magnetic Refrigeration Market: Key Market Dynamics
- With the growing demand on green technology is witness to increase the demand of the market as it consumes less power to eliminate the use of hazardous fluids.
- It also leads to advance the food industries, pharmaceutical and chemical for the storage purpose of food, medicine, food production and also retailing purpose
- One of the major key concern of the magnetic refrigeration market is high investment cost for the manufacturing the magnetic refrigerate alloy which will lead to hinder the growth of the market.
- The increasing in adoption of magnetic refrigeration in the field of transportation is expected to create a new opportunity for the magnetic refrigeration manufactures in the projected period.
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Global Magnetic Refrigeration Market: Regional Overview
In the Asia-Pacific region, India has taken an initiative for the growth and development of small and medium sized business with the Make in India program. According to the Center for Global Development, more than 75% of China is registered enterprise is being small and medium enterprise which will enhance the economic growth. Hence, Asia-Pacific is witness to increase the demand for the market as it has large economic like Japan and China with the advance technology growth
According to the European Commission, the EU digital strategy is aims to boost the citizens and businesses to target its digital transformation growth. In the region, the European Union has taken an initiative for the global warming and ozone depletion updating by excluding the high Global Warming Potential refrigerants. As well as in 2015, the region has passed a regulation for the control of fluorinated gases by banning the product which use F-Gas such as air conditioner, fridges, and aerosols.
Global Magnetic Refrigeration Market: Key Players Overview
- Cooltech Applications:
Cooltech Applications is one of the world leading magnetic refrigeration company. Also the company has started the commercialization process across Europe with the help of equipment manufacturer. In 2016 the company has launched its first magnetic cooling system for the commercial refrigeration. Whereas the magnetic cooling system utilize a water coolant in place of refrigerant gas. Moreover, the MRS200 was also demonstrated at the medica tradeshow which is one of the medical refrigerating equipment.
- BASF SE:
The company is of the major market producer of chemical producer globally. The company function in six different segments such as plastics, performance products, functional solutions, chemicals and oil and gas. The company next generation of refrigerators and air conditioner is more environment friendly with the new technology feature and innovation. Moreover, the company wine chiller is being introduce to achieve a temperature of 8 to 12ºC (45 to 52ºF) in a normal room temperature environment.
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