International. The magnetic cooling market is expected to be valued at US$163.7 million by 2023, growing at a CAGR of 108% between 2018 and 2023. The growth of this market is mainly driven by factors such as increasing focus on green technology, low maintenance cost, and high energy efficiency.
The market for home applications is expected to grow at the highest CAGR between 2018 and 2023. The magnetic cooling market for refrigeration systems is expected to grow at the highest CAGR between 2018 and 2023 due to the early launch of refrigeration products due to the less complex system design compared to air conditioning and heat pump systems. Therefore, players initially focus on marketing products for refrigeration systems, followed by air conditioning systems and heat pumps.
Europe is expected to hold the largest share of the magnetic cooling market in 2018 and the APAC market is expected to grow at the highest CAGR between 2018 and 2025. The presence of many magnetic cooling companies in Europe helps drive market growth in this region. In addition, the governments of European countries are encouraging many research institutes and refrigeration companies to come up with a cooling technology that does not cause global warming and ozone depletion. Magnetic cooling is such a technology that does not use refrigerant and is environmentally friendly. Therefore, this technology is gaining popularity among players operating in the manufacture of refrigeration systems, air conditioning systems and heat pumps.
