Magnetic refrigeration technology is energy efficient and environmentally
friendly and reduces operational and maintenance costs as it does not
require any refrigerants or components such as a compressor and can
create a high demand.
According to the market research report “Magnetic Refrigeration Market Global
Forecast to 2027”, by MarketsandMarkets, the Magnetic Refrigeration Market is
expected to be commercialized by 2022 at USD 4 million. It is expected to grow at
CAGR of 105.4% from 2022 to 2027 to reach USD 165 million by 2027.
The 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). However, many players are expected
to enter this market owing to its advantages over conventional refrigeration systems.
Magnetic refrigeration offers a green cooling technology enabling manufacturers
to reduce their carbon footprint. The impact of global warming is one of the major
challenges faced by the refrigeration and air conditioning industry. Increasing global
concerns to reduce polluting emissions, especially gases, which are harmful to the
Earth’s environment, have created the need for alternative source for cooling
purposes. Magnetic refrigeration has huge potential for the refrigeration market, as it
does not use refrigerants and consumes less energy. Many countries are focusing on
phasing out environmentally harmful refrigerants, such as HCFCs. Such initiatives
provide opportunities for the magnetic refrigeration market.
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, with products, such
as cabinet displays and beverage coolers. Increasing efforts of players to develop
and offer various products based on the magnetic refrigeration technology is a major
driving factor of the market.