DUBLIN--(BUSINESS WIRE)--The "Magnetic Refrigeration Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
Magnetic refrigeration market expected to grow at a CAGR of 108.0% between 2018 and 2023
This market growth can be attributed to the increasing pressure on the refrigeration industry to reduce the use of harmful refrigerants such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs). Also, the magnetic refrigeration system uses 40% less energy than traditional vapor compression system. Governments in the US as well as in European countries have been phasing out refrigerants to reduce their impact on the environment. Hydrofluorocarbon (HFC) refrigerants such as R-134a, R-410a, or R-404a are already being phased out.
The most common refrigerant, R-134a, was banned in the European Union in 2011. Refrigerants such as HCFC-22 or R-22, which are commonly used in existing refrigeration systems, are also gradually being phased out. Developing countries such as China and India have also pledged under the Montreal Protocol to phase down the production and consumption of HFCs.
The commercial application includes places that are used for businesses such as offices, malls, and shops, among others. The commercial application is expected to lead the market for magnetic refrigeration in the coming years because most of the players in the field of magnetic refrigeration are focusing initially on the commercial application for launching their magnetic refrigeration products. Cooltech Applications (France) is even demonstrating and collaborating with commercial businesses such as hotels, retail stores, and restaurants for testing their MRS.
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
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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/6n25kd/magnetic.
