Magnetic Refrigeration Market Size & Forecast Report - 2025 to 2030

The global magnetic refrigeration market size is accounted to register a faster CAGR of around 105% during the forecast period from 2022 to 2028. The growing adoption of the systems in transportation and industrial applications and the increasing inclination toward green energy are some major factors driving the market growth. Furthermore, the government’s supportive policies for green technology and safe refrigeration systems, the rising concern of carbon emission, and ozone layer depletion are further anticipated to boost the market over the forecast period. Moreover, the rising demand for low costs, lightweight, and higher life cycle products is anticipated to fuel the market growth in the next upcoming years.

Market Drivers:

Energy efficiency and environmental sustainability: Magnetic refrigeration is considered a highly efficient and environmentally friendly cooling technology. Unlike conventional refrigeration systems that use vapor compression and refrigerants with high global warming potential, magnetic refrigeration operates on the principle of magnetocaloric effect, which involves the heating and cooling of magnetic materials in response to changes in a magnetic field. Magnetic refrigeration systems can achieve higher energy efficiency, reduce greenhouse gas emissions, and eliminate the use of harmful refrigerants, making them an attractive solution for sustainable cooling.

Rising demand for energy-efficient cooling solutions: With the increasing demand for cooling applications in various sectors such as residential, commercial, and industrial, there is a growing need for energy-efficient cooling technologies. Magnetic refrigeration offers the potential for significant energy savings compared to traditional vapor compression systems. As energy efficiency regulations become more stringent and organizations seek to reduce their carbon footprint, the demand for energy-efficient cooling solutions like magnetic refrigeration is expected to rise.

Increasing focus on reducing greenhouse gas emissions: The global efforts to mitigate climate change and reduce greenhouse gas emissions are driving the adoption of environmentally friendly technologies. Magnetic refrigeration eliminates the use of refrigerants with high global warming potential, such as hydrofluorocarbons (HFCs), which are commonly used in conventional refrigeration systems. As countries and industries prioritize the reduction of greenhouse gas emissions, magnetic refrigeration emerges as a promising alternative.

Growing demand for cooling in the healthcare and pharmaceutical sectors: The healthcare and pharmaceutical sectors require precise temperature control and reliable cooling systems for storage, transportation, and preservation of temperature-sensitive medications, vaccines, and biological samples. Magnetic refrigeration offers several advantages in terms of precise temperature control, uniform cooling, and absence of vibration and noise. As the demand for temperature-sensitive storage and transport solutions in the healthcare and pharmaceutical sectors grows, magnetic refrigeration is being explored as a viable option.

Advancements in magnetocaloric materials and cooling systems: Continuous advancements in magnetocaloric materials and cooling system design are driving the development and commercialization of magnetic refrigeration technology. Researchers are working on improving the performance and efficiency of magnetocaloric materials, such as rare-earth alloys, through material optimization and design modifications. Additionally, innovations in system design, magnet configuration, and magnetic field control techniques are enhancing the practicality and scalability of magnetic refrigeration systems.

Government support and funding: Government initiatives, regulations, and funding programs aimed at promoting energy-efficient and environmentally friendly technologies contribute to the growth of the magnetic refrigeration market. Governments and regulatory bodies worldwide are implementing policies to phase out high global warming potential refrigerants and encourage the adoption of sustainable cooling technologies. Financial incentives and research grants provided by governments and organizations further support the research, development, and commercialization of magnetic refrigeration technology.

Increasing demand for cooling in data centers: The rapidly growing data center industry requires efficient and reliable cooling solutions to manage the heat generated by high-density computing systems. Magnetic refrigeration has the potential to offer efficient and compact cooling solutions for data centers. The ability of magnetic refrigeration to provide precise temperature control and reduce energy consumption makes it an attractive option for cooling data center infrastructure.

Technological collaborations and partnerships: Collaborations between technology developers, researchers, and industry players are fostering innovation and driving the growth of the magnetic refrigeration market. Partnerships between magnetic material manufacturers, system integrators, and end-users facilitate the exchange of knowledge, expertise, and resources, accelerating the development and commercialization of magnetic refrigeration systems.

Market Snapshot:

Market Insights:

By product, the refrigeration systems segment is expected to hold the largest market share by 2028

The global magnetic refrigeration systems market is bifurcated into product, application, industry verticals, and geography. On the basis of product, the market is further segmented into refrigeration systems, air conditioning systems, and heat pumps. The refrigeration system segment dominated the global market in 2021 and is anticipated to hold the largest revenue share of over 1/3 market share by 2028. The low energy consumption, low maintenance, and the refrigerant-less refrigeration systems are some major factors to drive the segment growth. Furthermore, the growing adoption of these systems in various applications such as beverage coolers, freezers, refrigerators, ice cream cabinets, and others is further expected to fuel the segment growth over the forecast period.

By application, the commercial segment is expected to register the fastest growth rate over the forecast period

On the basis of application, the market is segmented into domestic, commercial, transportation, and industrial. The commercial segment dominated the global magnetic refrigeration market in 2021 and is expected to register a considerable CAGR over the forecast period. The growing use of magnetic refrigeration systems in various commercial applications such as beverage coolers and display cabinets is a prominent factor driving the segment growth. Furthermore, the increasing focus of manufacturers to provide various product-based solutions and the government’s supportive policies are further expected to fuel the segment growth over the forecast period.

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Global magnetic refrigeration market size and forecast were obtained by using “Bottom-up” and “Top-down” approaches. Extensive secondary research was conducted to understand the market insights and trends, followed by primary interviews to further validate the information sourced. The report provides both, qualitative and quantitative analyses of the market, the competitive landscape, and the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions.

The magnetic refrigeration market research report presents the analysis of each segment from 2019 to 2028 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2019-20 – Historical Year
• 2021 – Base Year
• 2022-2028 – Forecast Period

Market Segmentation:

By Product:

• Refrigeration Systems
• Air conditioning Systems
• Heat Pumps

By Application:

• Domestic
• Commercial
• Transportation
• Industrial

By Industry Verticals:

• Food and Beverage
• Storage
• Healthcare
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, Europe dominated the global magnetic refrigeration market in 2021 and is estimated to grow at the same trend over the forecast period. The stringent regulations regarding carbon emission and the government’s supportive policies for green technologies are some major factors driving the market growth in the region. Furthermore, the ban on the usage of the F-gases in various types of equipment and the ban on high GWP refrigerants are further expected to increase the demand for magnetic refrigeration systems in Europe. Moreover, the growing demand for refrigeration in the transport sector and the increasing demand for frozen food products are projected to propel the market growth over the forecast period.

Competitive Assessment:

Some of the major market players operating in the global magnetic refrigeration market are Ubiblue, Haier Smart Home Co., Ltd., Camfridge Ltd., Astronautics Corporation of America, and VACUUMSCHMELZE GmbH & Co. KG. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Ubiblue
• Haier Smart Home Co., Ltd.
• Camfridge Ltd.
• Astronautics Corporation of America
• VACUUMSCHMELZE GmbH & Co. KG
• BASF SE
• ERAMET
• Samsung Electronics Co., Ltd.
• Toshiba Corporation
• Whirlpool Corporation

Key Questions Answered by Magnetic Refrigeration Market Report

• Global magnetic refrigeration market forecasts from 2022-2028
• Regional market forecasts from 2022-2028 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2022-2028 covering 15 major countries from the regions as mentioned above
• Magnetic refrigeration submarket forecasts from 2022-2028 covering the market by product, by application, by industry verticals, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level magnetic refrigeration markets from 2022-2028
• Competitive Landscape and market positioning of top 10 players operating in the market