Magnetic Refrigeration Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Refrigerator, Beverage Coolers, Display And Ice Cream Cabinets, Others), And By Geography - Forecasts From 2022 To 2027

The magnetic refrigeration market is estimated to be valued at US$16.732 million in 2020 and is projected to grow at a CAGR of 50.70% to reach US$295.346 million in 2027.

A cooling method called magnetic refrigeration moves heat using magnetic fields. This procedure can be used to provide temperature control for food and beverages or to maintain a safe temperature for medical supplies. Industrial uses for magnetic refrigeration include cooling chemical operations or electronic components. Though in its rudimentary stages, this technology has the power to completely alter how objects are cooled. Applications for magnetic refrigeration are comparable to those of traditional refrigeration, but this technology is quieter, safer, compact, efficient at cooling, and environmentally benign. The use of potentially dangerous or destructive cooling gases is avoided via magnetic refrigeration. They are utilized in a wide range of commercial sectors, including hotels, shops, bakeries, and restaurants. Additionally, they are employed in household appliances including refrigerators and coolers.

Rising environmental consciousness and stringent government standards, as well as rising consumer demand for affordable items that use magnetic refrigeration, will augment the market.

Environmentally damaging refrigerants like HCFCs and CFCs are being phased out in many nations. The majority of magnetic refrigeration alternatives currently in use are environmentally hazardous since they contribute to global warming and release dangerous chemicals that destroy the ozone layer. Despite the introduction of additional alternatives with minimal global warming potential, their benefits are constrained by safety-related problems such as flammability, toxicity, and pressure concerns. The most significant characteristics of magnetic refrigeration technology, however, are improved energy economy, environmental compatibility, and safety. These characteristics drive the industry and enable its implementation in a wide range of products. The compactness of the magnetic refrigeration system, which uses solid materials as working materials yet does not take up much space, is another benefit. Additionally, this greatly lowers maintenance costs and guarantees efficient operation.

The magnetic refrigeration industry is anticipated to experience restraints due to high upfront investment costs and restricted permanent magnet field strength.

The price of magnetic refrigeration equipment is significantly influenced by magnets and magnetocaloric materials. More magnet and magnetocaloric materials would be used in a device with a high coefficient of performance (COP). In order to create a gadget with great efficiency, additional materials are needed, which raises the device's cost. Gadolinium, a rare earth metal that is too expensive and price-volatile for mass manufacture, is the magnetocaloric material currently thought to be the most appropriate for the magnetic refrigeration system. Although businesses are testing alternative alloys to gadolinium, their costs are anticipated to be substantially higher than those of conventional coolants used in compressor systems.

Key Developments

• A French company called France Brevets, which specializes in the promotion of patents in Europe and the pricing and safety of rising technological innovations, introduced its license program Kione for a number of patents that are specifically related to magnetic refrigeration technology in 2020. Ubiblue received the first company licensed under this new scheme.
• At the Oak Ridge National Laboratory, GE Appliances, Haier Company, and the US Office of Energy & Renewable Energy worked together on research to effectively utilize the Magneto Caloric Effect (MCE) (US). The project, which aimed to achieve cooling through MCE, was started in June 2017 and was scheduled to end in June 2020. Beyond vapor compression, MCE can reduce energy use by 20–30% while removing any chance of harmful coolant exposure to the atmosphere.

Regional Insights

The market has been bifurcated into the Americas, Europe Middle East and Africa, and Asia Pacific. Due to the significant presence of the industrial sector, North America and the Western part of Europe have historically been the two largest markets for magnetic refrigeration. One of the major drivers of these regions' economies has been the industrial sector. Industrial refrigeration, home refrigeration, commercial refrigeration, refrigerated shipping & logistics, food & beverage processing, automobile HVAC, healthcare, and other industries are major applications in these locations. These sectors have a solid foundation, which results in steady market demand. Further, the expanding middle-class sector as a result of growing urbanization has been instrumental in driving the HVAC industry. Japan continues to hold its position on the list of the most developed economies in the world. A fast-paced lifestyle is one of the major factors shaping the growth of hospitality and supermarket infrastructure investment. Booming industries have not only been driving the economic engine of the country but have also been improving the living standards of people. Similarly, in China, the growth of the market in this country is majorly attributed to the rapid growth of industries and a huge inflow of investments by industry players among various sectors.

COVID-19 Impact on Magnetic Refrigeration Market

COVID-19 had a negative impact on the magnetic refrigeration Market. The surge of infected cases led to quarantine and the complete closure of public facilities. The closure of restaurants and food outlets along with the production facilities has led to decreased demand and productivity. Consequently, the market growth slowed down.

Magnetic Refrigeration Market Scope:

Market Segments

• By Application
  • Refrigerator
  • Beverage Coolers
  • Display and Ice cream cabinets
  • Others
• By Geography
  • Americas
  • Europe Middle East and Africa
  • Asia Pacific