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Global Magnetic Refrigeration Market
The report offers a comprehensive analysis and contains crucial market data. The overview of the Magnetic Refrigeration Market comprises its definition, its key applications, and manufacturing technologies that are used. Besides providing a detailed scope of the report, the overview also provides clarity regarding the market. The report emphasizes on the recent innovations and developments occurring in the Magnetic Refrigeration Market and also examines the drivers related to the product’s price margins. In order to predict the market forecast, factors which are taken into considerations are the performance of the market players, increasing trends of the industries, and macro-economic outlook of the market scenario. The report also focuses on other major factors such as drivers & restraints and opportunities & threats.
The Global Magnetic Refrigeration Market was valued at USD 8.89 million in 2019 which expected to reach USD 2568.54 by 2027 at a CAGR 103.15%.
Magnetic refrigeration is a type of cooling technology based on the magnetocaloric effect. It is used to attain extremely low temperature and the ranges used in common refrigerators. The magnetic refrigeration provides various benefits such as improved device efficiency, reduced CO2 production from these energy savings, and eliminating greenhouse gas refrigerants. This is higher efficient as compared to the traditional gas compression refrigeration.
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The increase in government initiatives on green technology is expected to boost the global magnetic refrigeration market growth. Furthermore, low energy consumption by magnetic refrigeration systems will positively influence the market growth over the forecast period. Also, the rise in adoption of magnetic refrigeration in the transportation and industrial sector is expected to drive the global magnetic refrigeration market growth. Moreover, the increase in environmental concerns regarding carbon emissions & ozone layer depletion with stringent rules and regulations for the use of safe and environment friendly refrigeration system are expected to propel the global magnetic refrigeration market growth. In add9ition, the rise in adoption of magnetic refrigeration in the transportation sector is increasing which is projected to create a new opportunity for the target product manufacturers.
High investment cost is the major restraint which expected to hamper the global magnetic refrigeration market growth. Also, limited filed strength of permanent magnets may limit the global magnetic refrigeration market growth.
Market Key Players
Various key players are discussed in this report such as Whirlpool Corporation, Camfridge Ltd, Samsung Electronics Co., Ltd, Cooltech Applications, Qingdao Haier Co., Ltd, Eramet S.A., Toshiba Corporation, Vacuumschmelze GmbH & Co. Kg, Astronautics Corporation of America etc.
- Heat Pumps
- Refrigeration Systems
- Air Conditioning Systems
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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