The magnetic refrigeration market is set to explode with a Compound Annual Growth Rate of 98.7 per cent between 2017 and 2022.
Starting from a small base the global market is forecast to reach $US315.7 million by 2022, according to research firm Markets and Markets.
Increasing concerns regarding the use of refrigerants that are ozone depleting in refrigeration and air conditioning systems will drive the magnetic refrigeration market.
Magnetic refrigeration is a cooling technology based on the magnetocaloric effect, which can be used to attain extremely low temperatures. A magnetic refrigeration system’s simple design, low maintenance cost, green technology, and higher energy efficiency are some of the attributes which are likely to fuel this growth in coming years.
The report has segmented the market based on product, application and geography. For example, the magnetic refrigeration market for commercial applications is expected to grow at an estimated CAGR of 82.7 per cent between 2017 and 2022.
Geographically, the report has been segmented into North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Italy, and Spain), APAC (China, Japan, India, South Korea, and Australia), South America (Brazil, Argentina, and Others) and the Rest of the world (Africa and the Middle East).
The European market for magnetic refrigeration is expected to account for a market share of 52 per cent in 2016 and is estimated to grow at a CAGR of 87.3 per cent between 2017 and 2022.
The APAC region is expected to grow at the highest rate of 139.5 per cent between 2017 and 2022.
Report: http://www.marketsandmarkets.com/pdfdownload.asp?id=243034247