Magnetic refrigeration is becoming a new alternative to several issues including existing refrigerant gases that tend to be forbidden and taxed specifically in Europe and other developed regions. Hydrofluorocarbons used in conventional refrigeration and air conditioning participate in global warming and ozone depletion. This technology will reduce end users’ energy consumption when using refrigerated equipment. Magnetic refrigeration finds importance specifically in case of low temperatures (1k) i.e. cryogenics
Magnetic refrigeration is based on the Magnetocaloric Effect (MCE). The MCE implies that the temperature of suitable materials (Magnetocaloric Materials, MCM) increases when exposing to a magnetic field and decreases when it stops. The materials basically used for this process are gadolinium and dysprosium alloys along with small percentages of Silicon, Germanium, Erbium and Aluminium in them. Magnetic refrigeration is gaining importance in developed regions like North America and Europe .The basic applications for magnetic refrigeration are same as conventional ones. They are commercial, industrial and domestic refrigeration along air conditioning of vehicles and buildings. It is gradually creating its applicability in all these applications and also has a bright future ahead. Currently it finds more applicability in cryogenics whether it is required in health care or supply chain.
This market research study provides a detailed qualitative and quantitative analysis of the global magnetic refrigeration market. Various secondary sources, such as encyclopedia, directories, industry journals, and databases are used to identify and collect information useful for this extensive commercial study of the extruded product market. The primary sources include experts from related industries and suppliers who have been interviewed to obtain and verify critical information as well as to assess the future prospects of the market.
Competitive scenarios of the players in the magnetic refrigeration market have been discussed in detail. Leading players of this industry with their recent developments and other strategic industry activities are also covered in the report. Companies, such as Sigma-Aldrich corporation (U.S.) for magnetocaloric materials, Cooltech applications (France) and GE (U.S.) are some of the important players in the market.
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