DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/xlx9qx/magnetic) has announced the addition of the "Magnetic Refrigeration Market by Product (Refrigeration, Air conditioning, Heat pumps), Application (Domestic, Commercial, Transportation & Industrial) & Geography - Global forecast to 2022" report to their offering.
The magnetic refrigeration market is expected to reach USD 315.7 Million by 2022, at a CAGR of 98.7% between 2017 and 2022
The magnetic refrigeration technology has various advantages over conventional cooling technologies such as lower cost, longer life, lower weight, and higher efficiency. This is because it only requires one moving part - the rotating disc - on which the magnetocaloric material is mounted. Decreased operating cost, higher efficiency, lower energy consumption, lesser maintenance cost, and zero emission of hazardous gases are some of the driving factors that are expected to fuel the adoption of the magnetic refrigeration technology in various applications in the coming years.
This report also covers the drivers, restraints, and opportunities for the studied market. The growth of the market is expected to be primarily driven by factors such as government regulations to ban HFC refrigerants, low maintenance cost of magnetic refrigeration, high energy efficiency, and green technology. Increasing focus on green technology, low maintenance cost, and high energy efficiency are some of the drivers of the market.
Currently, only a few companies are involved in the manufacturing of magnetic refrigeration technology; however, many players are expected to enter this market in the coming years as it is expected to register a high demand due to its various advantages over conventional refrigeration systems.
The key players in the magnetic refrigeration market include Cooltech Applications (France), Camfridge Ltd (U.K.), Astronautics Corporation of America (U.S), Whirlpool Corporation (U.S.), General Electric CO. (U.S.), Qingdao Haier Co., Ltd (China), BASF SE (Germany), Eramet SA (France), Sigma-Aldrich Corporation (U.S.), Samsung Electronics Co., Ltd (South Korea), and Toshiba Corporation (Japan).
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