Magnetic Refrigeration Market - Forecasts from 2025 to 2030

The magnetic refrigeration market is expected to grow at a CAGR of 38.53%, reaching a market size of US$1,100.662 million in 2030 from US$215.742 million in 2025.

A cooling method called magnetic refrigeration moves heat using magnetic fields. This procedure can provide temperature control for food and beverages or maintain a safe temperature for medical supplies. Industrial uses for magnetic refrigeration include cooling chemical operations or electronic components. Though in its rudimentary stages, this technology has the power to completely alter how objects are cooled. Magnetic refrigeration applications are comparable to traditional refrigeration, but this technology is quieter, safer, compact, efficient at cooling, and environment-friendly. The use of potentially dangerous or destructive cooling gases is avoided via magnetic refrigeration. They are utilized in various commercial sectors, including hotels, shops, bakeries, and restaurants. Additionally, they are employed in household appliances, including refrigerators and coolers.

• Magnetic refrigeration is a promising technology for the liquefaction of hydrogen. As compared to conventional refrigerators, magnetic refrigeration offers the potential for higher liquefaction efficiencies, with theoretical values exceeding 50%. At the IIR Congress in November 2023, Japanese researchers from the National Institute for Materials Science (NIMS) and Kanazawa University announced an important achievement. They accomplished the liquefaction of hydrogen using AMR (Magnetic Regenerative Refrigeration) for the first time.
• In January 2024, in New Delhi, India, researchers found a new alloy that can act as an effective magnetic refrigerant. It can be an alternative cooling agent for minimizing greenhouse gas emissions. A team at S.N. Bose National Centre for Basic Sciences experimented with a certain type of alloy called all-transition metal-based Heusler alloys in their search for material exhibiting giant reversible MCE. The researchers claimed that the magnitude of reversible MCE and MR obtained is the highest reported value.

Magnetic refrigeration market drivers:

• Rising Environmental Consciousness, Stringent Government Standards, and rising consumer demand for affordable magnetic refrigeration items will augment the market.

Environmentally damaging refrigerants like HCFCs and CFCs are being phased out in many nations. Most magnetic refrigeration alternatives currently in use are ecologically hazardous, contributing to global warming and releasing dangerous chemicals that destroy the ozone layer. Despite introducing additional alternatives with minimal global warming potential, their benefits are constrained by safety-related problems such as flammability, toxicity, and pressure concerns. However, magnetic refrigeration technology's most significant characteristics are improved energy economy, environmental compatibility, and safety. These characteristics drive the industry and enable its implementation in various products. The compactness of the magnetic refrigeration system, which uses solid materials as working materials yet does not take up much space, is another benefit. Additionally, this greatly lowers maintenance costs and guarantees efficient operation.

The magnetic refrigeration market is segmented into five regions worldwide:

By geography, the magnetic refrigeration market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.

The Asia Pacific region is expected to see notable growth in the magnetic refrigeration market. The HVAC sector in India is witnessing significant growth driven by various factors. The factors incorporated are urbanization, increasing disposable income, and changing lifestyles. Government initiatives, like Atmanirbhar Bharat, Production Linked Incentive (PLI) schemes, financial incentives, etc., are prime contributors to an energy-efficient HVAC market growth. It is projected that by 2030, the market size will be US$30 billion, and it is growing at a CAGR of 15.8%, according to the International Trade Administration. The magnetic refrigeration market will expand as consumers become aware of the benefits of energy-efficient HVAC systems, increasing the adoption of greener technologies. Similarly, in China, the market growth is attributed to the rapid development of industries and a huge inflow of investments by industry players in various sectors.

Moreover, the significant presence of the industrial sector, North America, and the Western part of Europe have historically been the two largest markets for magnetic refrigeration. The industrial sector is one of the major drivers of these regions' economies. Industrial refrigeration, home refrigeration, commercial refrigeration, refrigerated shipping & logistics, food & beverage processing, automobile HVAC, healthcare, and other industries are major applications in these locations.

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Report Coverage:

• Historical data & forecasts from 2022 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
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• Revenue Growth and Forecast Assessment of segments and regions including countries
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The Magnetic refrigeration Market is segmented and analyzed as below:

By Application

• Refrigerator
• Beverage Coolers
• Display and Ice cream cabinets
• Others

By Geography

• Americas
• Europe, the Middle East, and Africa
• Asia Pacific