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The application of magnetic refrigeration in the present market scenario is limited to some form of cryogenic refrigerator used in biological research centers, owing to its ultra-low operating temperature. However, the magnetic refrigeration system is expected to become fully commercialized in 2017. The lower cost, light weight, and higher product life cycle of the magnetic refrigeration is expected to be dominant drivers for the rapid growth of the magnetic refrigeration market in the coming years. Magnetic refrigeration has several advantages, such as higher efficiency, large temperature range, and environmental sustainability over its conventional counterparts.
The simple design technology and less number of moving parts in the magnetic refrigeration makes it one of the most cost-effective alternatives for the conventional refrigeration system. The magnetic refrigeration system works on the principle of magnetocaloric effect (MCE). In this effect, the temperature of magnetocaloric materials increases under the influence of magnetic field, while it experiences a sharp fall when the magnetic field applied to magnetocaloric material is stopped. The magnetocaloric material used in the manufacturing of magnetic refrigeration include, gadolinium and dysprosium alloys, Erbium, Germanium, and aluminum.
Based on different products, the global magnetic refrigeration market can be segmented as cryogenic refrigerators, display cases, ice making machineries, beverages refrigeration, air conditioning, chillers, heat pump, and others. Based on application, the global magnetic refrigeration market can be classified as domestic refrigeration, commercial refrigeration, refrigerated transportation and logistics, automotive HVAC, industrial refrigeration, food and beverages processing industries, healthcare, and others.
Magnetic refrigeration acceptance is expected to be high in the developed regions, including North America and Europe. Therefore, the largest market of magnetic refrigeration is likely to be Europe in 2017. The energy efficiency and environmental benefits, associated with the magnetic refrigeration are expected to be dominant drivers for the growth of the magnetic refrigeration market in the developed countries. The commercial magnetic refrigeration systems are expected to grow at the fastest pace, during the forecast period. The industrial magnetic refrigeration system is also expected to witness a robust growth, during the forecast period. The global concern towards ozone layer depletion has been intensifying, which has resulted in stringent government regulations for safe and environment friendly refrigeration system. The magnetic refrigeration system is free from harmful refrigerants, owing to which its market penetration in the developed countries is expected to increase, during the forecast period.
Western Europe is expected to be the largest market for magnetic refrigeration in 2017. North America is likely to be the second largest magnetic refrigeration market, which is expected to be the fastest growing regional market, during the first half of the forecast period. The higher growth rate in the developing countries is due to the stringent refrigerant regulation of these countries. The magnetic refrigeration market in Asia Pacific is expected to witness relatively faster growth, during the second half of the forecast period. Country wise, the U.S. is expected to be the largest magnetic refrigeration market; while Germany, Canada, France, the U.K, Italy, Japan, India, Brazil, and China are expected to be other major magnetic refrigeration markets, during the forecast period.
Some of the competitors in the global magnetic refrigeration market are, Cooltech Applications, Camfridge Ltd., Astronautics Corporation, General Electric, Whirlpool Corporation, Qingdao Haier Co. Ltd, BASF SE, Samsung Electronics Co. Ltd, and Toshiba Corporation