According to the report titled, ‘Global Magnetic Refrigeration Market Size study, by Product (Refrigeration Systems and Air Conditioning Systems), by Application (Commercial, Domestic, Transportation and Industrial) and Regional Forecasts 2020-2027’, available with Market Study Report, global magnetic refrigeration market is projected to record strong CAGR over 2020-2027.
 

Government support for green technology, proficient energy use, pocket friendly nature, and compact design are propelling the growth of global magnetic refrigeration market. Under Her Majesty’s Government, UK Climate Change Act 2008 is planning to minimize GHG emissions by 80% by the year 2050.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3002298/
 

Furthermore, alliances among key contenders, and launch of new products will elevate market size. Citing an instance, Haier Appliances (India) Pvt. Ltd., a company specializing in air conditioners, washing machines, LED TVs, refrigerators, and others, launched 83 new products integrated with IoT technology in Feb 2020, enlarging its product list to include smart home solutions.
 

For the unversed, magnetic refrigeration is a cooling technology based on the concept of caloric effect or adiabatic demagnetization. It is utilized in coolers and refrigeration systems to achieve very low temperatures. In addition, it is environment friendly and better for ecology than the traditional gas pressure refrigeration technology.
 

Contrastingly, limited availability of permanent magnets, and high investment requirements for production of magnetic refrigerators is poised to impede market growth between 2020-2027.
 

Worldwide magnetic refrigeration market can be divided into air conditioning systems and refrigeration systems based on product terrain. While the application spectrum ranges from commercial, transportation, domestic, and industrial.
 

Regionally speaking, the report studies global magnetic refrigeration industry across regions like North America, Latin America, Europe, Asia Pacific, and the rest of the world. Europe held a considerable market share in the recent past. Rise in demand of frozen foods, and usage for refrigerators for logistics are responsible for the same.
 

The competitive landscape of global magnetic refrigeration market is defined by Whirlpool Corporation, Toshiba Corporation, Ubiblue, Haier Smart Home Co. Ltd., Camfridge Ltd., Eramet Group, BASF SE, Samsung Electronics Co. Ltd, Vacuumschmelze GmbH & Co. KG, and Astronautics Corporation of America.