Market Watch 7/23/2020
Magnetic Refrigeration Market – How the Market Will Witness Substantial Growth in the Upcoming years
Jul 23, 2020 (Market Insight Reports) -- This detailed market report focuses on data from different primary and secondary sources, and is analyzed using various tools. It helps to gain insights into the market’s growth potential, which can help investors identify scope and opportunities. The analysis also provides details of each segment in the global magnetic refrigeration market
According to the report, magnetic refrigeration technology is utilized for cooling purposes using the magnetocaloric effect, otherwise called adiabatic demagnetization. The innovation is regularly utilized in refrigerators to accomplish outstandingly low temperatures. Magnetic refrigeration doesn't use hydrofluorocarbons, which are generally harmful and ozone-depleting coolant gases.
Major companies functioning in the market are Whirlpool Corporation, Toshiba, Astronautics Corporation of America, Samsung Electronics, General Electric, BASF, Camfridge, Eramet, and Haier...
Key Factors Impacting Market Growth:
• High product lifecycle, improved efficiency, low maintenance cost, etc., are fueling market growth
• Concerns over ozone layer depletion are resulting in stricter regulations on refrigerants
• High market potential in industrial and transportation sectors
• Need for proper magnetocaloric materials can be a challenge for market growth
More:
https://www.marketwatch.com/press-release/magnetic-refrigeration-market-how-the-market-will-witness-substantial-growth-in-the-upcoming-years-2020-07-23?mod=mw_quote_news