International. The global magnetic cooling market is projected to reach US$315.7 million in 2022, increasing at a compound annual growth rate (CAGR) of 98.7% between 2017 and 2022, according to a new market research report published by MarketsandMarkets.
Increasing concerns about the use of ozone-depleting refrigerants that have a high global warming potential (GWP) in refrigeration and air conditioning systems provides growth opportunities for the magnetic refrigeration market.
Geographically, the magnetic cooling market has been segmented into North America, Europe, Asia Pacific (APAC), South America, and the rest of the world. The European magnetic cooling market is expected to account for a market share of approximately 52% in 2016 and is estimated to grow at a CAGR of 87.3% between 2017 and 2022. The Asia-Pacific region market is expected to grow at a higher rate of 139.5% between 2017 and 2022.
