Global Magnetic Refrigeration Market Assessment, By Type [Refrigerators, Air Conditioning System and Heat Pumps, Others], By End User [Domestic, Commercial, Transportation and Industrial, Others], By Region, Opportunities and Forecast, 2018-2032F

Magnetic refrigeration market is projected to witness a CAGR of 22.31% during the forecast period 2025-2032, growing from USD 0.41 billion in 2024 to USD 2.08 billion in 2032

Global Magnetic Refrigeration Market Size, Share and Growth 2032

Global magnetic refrigeration market&nbsp;is projected to witness a CAGR of 22.31% during the forecast period 2025-2032, growing from USD 0.41 billion in 2024 to USD 2.08 billion in 2032, owing to sustainable and efficient cooling solutions. One of its principal drivers is its higher energy efficiency and hence long-term cost savings for industrial and commercial customers. Furthermore, strict environmental legislation like the Kigali Amendment to the Montreal Protocol and the EU F-Gas regulation are retiring climate-destructive hydrofluorocarbon (HFC) refrigerants with high global warming potential (GWP) due to their high GWP. Magnetic refrigeration, on the other hand, relies on the magnetocaloric effect and does not require the use of toxic gases, and is a zero-GWP technology fully aligned with international sustainability objectives.
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Report Attributes
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Details
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Base Year
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2024
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Forecast Period
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2025-2032F
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Historical Period
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2018-2023
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Projected Growth Rate
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CAGR of 22.31% between 2025 and 2032
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Revenue Forecast in 2032
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USD 2.08 billion
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Growing market momentum is being fueled by the increasing demand for green cooling technologies, particularly in applications like food retail, HVAC, and healthcare, where carbon emissions need to be minimized. Advances in magnetocaloric materials like gadolinium-based alloys and next-generation rare-earth compounds are boosting system efficiency while cutting costs in the process. Government incentives in the form of research and development grants by organizations like the U.S. Department of Energy (DOE) and the EU Horizon Europe are hastening commercialization. For instance, in January 2024, in India, researchers discovered a new alloy which may turn out to be an excellent magnetic refrigerant, an alternative cooling agent to reduce greenhouse gas emissions and meet the global demand for higher energy efficiency in the battle against global warming.
At the same time, application development in electric vehicles (EVs), data centers, and medical devices is creating new adoption prospects. Sustainability pledges by industry leaders, combined with rising energy prices, are also pushing industries to embrace highly efficient magnetic refrigeration technologies. As technology continues to advance and economies of scale reduce costs, the market is set to grow at a fast pace, fueled by regulatory, environmental, and economic reasons.
<h2>Energy Efficiency and Lower Operating Costs Drives the Global&nbsp;Magnetic Refrigeration&nbsp;Market Demand</h2>
Global magnetic refrigeration market is picking up considerable steam, founded primarily on its superior efficiency and cost-saving benefits over conventional cooling systems. Magnetic refrigeration technology, based on the magnetocaloric effect, is 30&ndash;60% more efficient than conventional vapor-compression refrigeration, conserving considerable electricity. This greater efficiency equates to substantial long-term cost savings, making it a desirable offering for energy-intensive applications, commercial refrigeration, and HVAC applications. As companies and consumers look to reduce operating costs and increase sustainability, magnetic refrigeration is an alluring alternative, especially in energy-aware sectors such as food retail, cold chain logistics, and industrial cooling, where energy costs are of special concern. Furthermore, increased global energy prices and the need for sustainable energy practices are driving growth. Companies and governments are investing in high-efficiency cooling technology to reduce carbon emissions and lower operating costs.&nbsp; As technology grows on a larger scale and production costs come down, its demand in the market is poised to boom, defining the world's cooling system future.
For instance, in April 2023, Dentons Group advised climate-tech startup MAGNOTHERM Solutions GmbH on financing round to launch mass production of the first sustainable refrigerator using magnetic cooling.
<h2>Growing Demand for Sustainable Cooling Technologies&nbsp;Expands Global Magnetic Refrigeration Market Size</h2>
The growing need for sustainable cooling technology is highly influencing the size of the global magnetic refrigeration market, driven by urgent environmental concerns and the global move towards green alternatives. Due to mounting efforts on the part of businesses and governments to avert climate change, magnetic refrigeration is emerging as a top solution with no direct emissions and improved energy efficiency. Technology is being increasingly used across various segments of the industry, such as food retail, pharmaceuticals, and data centers, where businesses are actively adopting green cooling technologies in order to meet the stringent environmental regulations like the Kigali Amendment and meet corporate sustainability goals. Advances in magnetocaloric materials and system design are making magnetic refrigeration cheaper and efficient, and new emerging applications in electric vehicle cooling, medical devices, and industrial processes are propelling further opportunities for development. With sustainability emerging as a driving force in purchasing decisions globally, the magnetic refrigeration market is poised to experience tremendous growth, as it offers environmental and long-term operating cost savings, becoming a revolutionary driver of the future of cooling technology.
For instance, in August 2024, EDEKA ZENTRALE Stiftung &amp; Co. KG Patchull E-Center Darmstadt introduced a groundbreaking refrigeration technology that boasts zero direct global warming potential. This marks the first time customers will experience this innovative solution in a retail environment.
<h2>Refrigerators Dominates the Global&nbsp;Magnetic Refrigeration Market</h2>
The refrigeration industry now leads the global market for magnetic refrigeration and has the largest share of revenue and adoption rates. The industry's dominance is attributed to the essential requirement for energy-efficient and environmentally friendly cooling in the refrigeration industry, where conventional vapor-compression technology has a long history of leading the market. Magnetic refrigeration technology offers various key advantages for this industry, such as improved energy efficiency, complete phase-out of greenhouse gas refrigerants, and noiseless operation, all of which are major drivers of the rapid integration into modern refrigeration systems. Large appliance companies are investing significantly in magnetic cooling technology, with industry giants incorporating these systems into their high-end refrigerator models. The commercial refrigeration industry, especially supermarkets and cold storage, is also turning towards magnetic refrigeration to reduce operating costs and meet stringent sustainability regulations. As public relations continue to grow and governments enforce tougher efficiency requirements, magnetic refrigeration will become the new industry standard for refrigerators and possibly control a significant portion of the global refrigeration industry.
For instance, in November 2024, MAGNOTHERM Solutions GmbH launched the ECLIPSE 2D, a two-door commercial magnetic refrigerator designed for retail and supermarket applications. The unit operates without traditional refrigerants, leveraging the magnetocaloric effect to deliver sustainable cooling with zero global warming potential (GWP). With ultra-low noise levels and enhanced energy efficiency.
<h2>North America&nbsp;Region leads the Global&nbsp;Magnetic Refrigeration Market</h2>
North America has consolidated its position as the world's leading magnetic refrigeration market force, thanks to an interplay of regulatory, technological, and commercial strengths. The region's supremacy is traceable to stringent environmental regulations such as the EPA's SNAP (Significant New Alternatives Policy) Program and compliance with the Kigali Amendment, which are successfully phasing out traditional HFC refrigerants and creating immense demand for environmentally friendly alternatives. Backed by heavy investment in research and development endeavors, North America is credited with making around half of all global advances in magnetocaloric technology, with pacesetting contributions from institutions like the Ames Laboratory and top organizations in the private sector. Major retailers and appliance makers are rapidly adopting magnetic cooling technologies to meet both regulatory requirements and corporate sustainability objectives, while heavy government incentives and utility subsidies further drive the shift. With its unshakeable technological base, ecologically conscious consumer market, and friendly policy climate, North America is poised to command a substantial share of the global market.
For instance, in 2024, Cooltech Applications expanded its MRS (Magnetic Refrigeration System) line to include scalable units for beverage coolers, food display cabinets, and medical cold storage. These systems are now undergoing beta testing in select locations across Europe and North America, representing a significant step forward in transitioning from vapor-compression systems to refrigerant-free, solid-state cooling.
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Impact of the U.S. Tariff on Global&nbsp;Magnetic Refrigeration Market
<ul>
<li>The U.S. government's imposition of tariffs on imported goods, particularly those related to advanced cooling technologies and rare-earth materials, has created significant ripple effects across the global magnetic refrigeration market.</li>
<li>These trade barriers have disrupted supply chains for critical magnetocaloric components while simultaneously stimulating domestic production of refrigeration systems in North America.</li>
<li>Tariffs on Chinese rare-earth metals (used in magnetocaloric alloys) have increased costs for U.S. manufacturers, potentially slowing market growth in the short term.</li>
<li>End-user costs for magnetic refrigeration systems may rise temporarily, affecting adoption rates in price-sensitive sectors like commercial refrigeration.</li>
</ul>
Report Scope
&ldquo;Global&nbsp;Magnetic Refrigeration&nbsp;Market Assessment, Opportunities and Forecast, 2018-2032F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global magnetic refrigeration market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2025 and 2032. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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Details
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Segments Covered
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Type, End User
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profiled
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Camfridge Ltd, Samsung Electronics Co., Ltd, Vacuumschmelze GmbH &amp; Co. KG, Astronautics Corporation of America, Qingdao Haier Co., Ltd, Toshiba Corporation, Cooltech Applications, General Electric, Magnoric SAS
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In the report, the&nbsp;global magnetic refrigeration market&nbsp;has been segmented into the following categories:&nbsp;
<ul>
<li>By Type
<ul>
<li>Refrigerators</li>
<li>Air Conditioning System and Heat Pumps</li>
<li>Others</li>
</ul>
</li>
<li>By End User
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<li>Domestic</li>
<li>Commercial</li>
<li>Transportation and Industrial</li>
<li>Others</li>
</ul>
</li>
<li>By Region
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<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
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Key Players Landscape and Outlook
The global magnetic refrigeration market is characterized by a competitive market where large players are employing varied strategies to leverage this new technology. Major industry players are incorporating magnetic cooling into consumer products, while chemical giants are involved in the creation of next generation magnetocaloric materials. Institutions like the U.S. Department of Energy's Ames Laboratory are responsible for the advancement of rare-earth alloy technologies essential to system efficiency. Commercialization is being driven by European innovators in commercial and medical cooling applications, while American companies are investigating HVAC and next-generation refrigeration applications. The market is still promising, driven by regulatory forces to conserve the environment and the energy efficiency benefit, but material cost concerns and supply chain weaknesses remain. In the future, the industry is on the verge of disruption by material science breakthroughs, cross-sector collaboration (especially in electric vehicle thermal management), and government-sponsored programs.
Key Players Operating in the Global Magnetic Refrigeration Market are:
<ul>
<li>Camfridge Ltd</li>
<li>Samsung Electronics Co., Ltd</li>
<li>Vacuumschmelze GmbH &amp; Co. Kg</li>
<li>Astronautics Corporation of America</li>
<li>Qingdao Haier Co., Ltd</li>
<li>Toshiba Corporation</li>
<li>Cooltech Application</li>
<li>General Electric</li>
<li>Magnoric SAS</li>
</ul>
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Global Magnetic Refrigeration Market Assessment, Opportunities and Forecast, 2018-2032F

Global magnetic refrigeration market is expected to grow over the forecast period due to rising demand for energy-efficient and environmentally friendly cooling technologies.

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