Google’s Android Market will undergo some changes in the coming weeks according to Android Group Manager, Eric Chu.

All devices running version 1.6 or higher of Google’s mobile operating system will receive the new version, which is reportedly already going live. Cosmetic updates include a new Cover Flow-style carousel for featured applications, no more tabs on application pages and new categories for Live Wallpapers and Widgets.

Other changes to the marketplace include reducing the refund time available after purchasing an app from the current 24 hours to just 15 minutes. Google claims that the change was based on analytics, and that most refunds occur within the first few minutes of downloading an app.

Eric Chu commented in a blog post: “This change will be largely transparent to buyers, but will help developers manage their businesses more effectively.”

Google is also doubling the maximum application size of its Market from 25MB to 50MB “to better support richer games”, although this is still a long way off the reported 2GB limit for iOS devices that use Apple’s App Store.

On the Android Developers blog Eric reveals: “With this release, we aimed to deliver features that are most requested by users and developers. However, we’re not done yet.”

Expect plenty more from the Android Market camp in the coming years, as the OS continues to gain popularity.

Have you received the new update yet? What do you think? How about the slashing of the refund window? Let us know in the comments.