Industry Background:
Magnetic refrigeration is a cooling technology which is based on the magnetocaloric effect. This technique can be used to manage extremely low temperatures (i.e below 1 kelvin), depending on the design of the system the ranges are used in common refrigerators. Ferromagnets tend to heat up when a magnetic field is applied and when the field is removed it cools down as the magnetic moments become randomly oriented. Magnetic refrigeration compromise of environmental benefits and energy efficiency, lower cost, longer life, lower weight and higher efficiency because it only requires one moving part-the rotating disc on which the magneto caloric material is mounted.This growth is primarily driven by Rising Concerns of Ozone Layer Depletion and Increasing Focus on Green Technology.
Globally, a noticeable market trend is evident Low Energy Consumption by Magnetic Refrigeration Systems. Major Players, such as Whirlpool Corporation (United States), Toshiba (Japan), Astronautics Corporation of America (United States), Samsung Electronics (South Korea), General Electric (United States), BASF (Germany), Camfridge (United Kingdom), Eramet (France), Haier (China), Cooltech Applications (France), VACUUMSCHMELZE GMBH & CO. KG (Germany) and Sigma-Aldrich Corporation (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On April 30, 2019 VACUUMSCHMELZE (VAC) announced that the magnetocaloric material CALORIVAC® is now ready for series production and available on a large scale.
Market Drivers
- Rising Concerns of Ozone Layer Depletion
- Increasing Focus on Green Technology
Market Trend
- Low Energy Consumption by Magnetic Refrigeration Systems
Restraints
- High Initial Investment
- Alternative to air conditioners and heat pumps
Opportunities
Increasing Adoption of Magnetic Refrigeration in the Transportation Sector
Challenges
Requirement for Appropriate Magnetocaloric Materials
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Magnetic Refrigeration Study Sheds Light on
The Magnetic Refrigeration Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Magnetic Refrigeration industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Magnetic Refrigeration industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.