Jul 27, 2017   SOURCE: PR NewsWire

Magnetic Refrigeration Market to Reach $163 Million by 2023: Analysis By Product & Application

DUBLIN, July 27, 2017 /PRNewswire/ --

The "Magnetic Refrigeration Market - Global Forecast to 2023" report has been added to Research and Markets' offering.

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The magnetic refrigeration market is expected to be valued at USD 163.7 Million by 2023, growing at a CAGR of 108.0% between 2018 and 2023. Some of the key factors driving the growth of this market are the increasing focus on green technology and high energy efficiency.

Magnetic refrigeration has a huge opportunity in the commercial application in initial years including users such as hotels, retail stores, bakeries, confectionaries, and restaurants. The commercial application is expected to lead the magnetic refrigeration systems by 2023. The low energy consumption by magnetic refrigeration systems is the main reason for the high demand from the commercial application.

Magnetic refrigeration systems will be integrated first in refrigeration products such as refrigerators, beverage coolers, cabinet displays, freezers, and ice cream cabinets. The main reason for this is that companies are still working to solve the complexities related to air conditioners and heat pumps. The increasing pressure from governments to eliminate the use of harmful greenhouse gases is forcing the companies to find alternatives to vapor compressors. This is expected to create huge opportunities for the magnetic refrigeration systems in coming years.

The major factors restraining the growth of the market include the high initial investment and the limited field strength of permanent magnets. Magnets and magnetocaloric materials contribute greatly to the cost of magnetic refrigeration equipment. A device with a high coefficient of performance (COP) would use more magnetic and magnetocaloric materials. The development of a device with high efficiency requires more materials, thereby leading to an increase in the cost of the device. Also, a permanent magnet is the most commonly used magnet in magnetic refrigeration equipment as it does not require additional cooling systems or external power sources. However, the magnetic field generated by permanent magnets is lower, and their availability is limited.

Companies Mentioned 

    --  Astronautics Corporation of America
    --  Basf Se
    --  Camfridge Ltd
    --  Cooltech Applications
    --  Eramet S.A.
    --  Qingdao Haier Co., Ltd
    --  Samsung Electronics Co., Ltd
    --  Sigma-Aldrich Corporation
    --  Toshiba Corporation
    --  Vacuumschmelze Gmbh & Co. Kg

    --  Whirlpool Corporation

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Trends

7 Magnetic Refrigeration Market, By Product

8 Magnetic Refrigeration Market, By Application

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/qtgr28/magnetic.

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SOURCE Research and Markets