PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503298
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1503298
Magnetic Refrigeration Market Forecasts to 2030 - Global Analysis By Product Type, Material, End User and By Geography
According to Stratistics MRC, the Global Magnetic Refrigeration Market is accounted for $324.26 million in 2024 and is expected to reach $23,233.66 million by 2030 growing at a CAGR of 103.8% during the forecast period. Magnetic refrigeration is a promising cooling technology that relies on the magnetocaloric effect (MCE), where certain materials heat up when exposed to a magnetic field and cool down when the field is removed. This phenomenon occurs in materials with magnetic properties, typically rare-earth metals or their alloys. In practical terms, a magnetic refrigeration system consists of a magnetocaloric material placed in a changing magnetic field. When the material enters the magnetic field, its magnetic moments align, causing it to heat up as it absorbs thermal energy from its surroundings.
According to the Japan Refrigeration and Air Conditioning Industry Association, the global air conditioner demand has increased from 104,367 thousand units in 2013 to 110,971 units in 2018, with emerging Asian and oceanic countries like India, Vietnam, Philippines, Bangladesh, Indonesia, Australia, and New Zealand being the prime growth drivers.
Market Dynamics:
Driver:
Increasing demand for cooling solutions
Unlike traditional vapor compression refrigeration systems, magnetic refrigeration relies on the magnetocaloric effect to achieve cooling, making it more energy-efficient and environmentally friendly. As industries and consumers alike seek greener alternatives, magnetic refrigeration offers a compelling solution by reducing greenhouse gas emissions and energy consumption. The technology is particularly promising in sectors such as refrigeration and air conditioning, where efficient cooling is crucial for operations. Additionally, advancements in magnetic materials and engineering are further enhancing the performance and scalability of magnetic refrigeration systems, widening their application across various industries.
Restraint:
High initial cost
Magnetic refrigeration operates on the principle of magnetocaloric effect, where temperature changes are induced by varying a magnetic field. These costs stem from specialized materials required for magnetocaloric devices, intricate engineering needed to achieve practical cooling capacities, and the relative novelty of the technology requiring research and development investments. However, manufacturing processes for these components are not yet optimized for mass production, further inflating costs.
Opportunity:
Commercial industry adoption of magnetic refrigeration
The increasing adoption of magnetic refrigeration in commercial industries is significantly boosting the Magnetic Refrigeration Market. This technology, which relies on the magnetocaloric effect to achieve cooling, offers several advantages over traditional refrigeration methods. It is known for its energy efficiency, as it does not require harmful refrigerants like CFCs or HCFCs, thereby reducing environmental impact and complying with stringent regulations. Moreover, magnetic refrigeration systems are quieter, more compact, and require less maintenance compared to conventional compressors and pumps.
Threat:
Lack of standardization
Unlike traditional refrigeration technologies that benefit from established standards, magnetic refrigeration systems vary widely in design, magnetic materials used, cooling capacities, and efficiency metrics. This lack of uniformity complicates the scalability, interoperability, and reliability of magnetic refrigeration solutions. Manufacturers encounter challenges in achieving consistent performance benchmarks and ensuring compatibility between different system components sourced from various suppliers. Moreover, the absence of standardized testing protocols and certification procedures hinders market adoption and regulatory acceptance.
Covid-19 Impact:
Initially poised for growth due to its energy efficiency and environmentally friendly technology, the market faced setbacks primarily due to disruptions in manufacturing and supply chains worldwide. Lockdown measures and restricted mobility hindered the deployment of magnetic refrigeration systems in sectors such as healthcare, food and beverage, and industrial applications. However, reduced investments in R&D and delayed projects further stalled market expansion during the pandemic period. However, as the global economy begins to recover and environmental regulations continue to tighten, there is renewed interest in sustainable cooling solutions like magnetic refrigeration.
The Ice Making Machinery segment is expected to be the largest during the forecast period
Ice Making Machinery segment is expected to be the largest during the forecast period. Magnetic Refrigeration operates on the principle of using a magnetic field to control the temperature of a material, typically a refrigerant, by manipulating its magnetic properties. In this context, traditional ice making machinery, which relies on conventional compressor-based refrigeration systems, is being transformed. By adopting Magnetic Refrigeration, these machines can achieve higher energy efficiency, reduced environmental impact through the use of environmentally friendly refrigerants, and potentially lower operating costs over time.
The Germanium segment is expected to have the highest CAGR during the forecast period
Germanium segment is expected to have the highest CAGR during the forecast period. Germanium segments, typically in the form of alloys or compounds, are chosen for their specific magnetic properties that make them suitable for manipulating temperature changes in this process. The addition of germanium to magnetic refrigeration systems helps in achieving higher cooling efficiencies by fine-tuning the magnetic characteristics of the materials involved. This element enhances the overall performance of the refrigeration cycle by improving heat transfer capabilities and increasing the range of temperatures over which the system can effectively operate.
Region with largest share:
Europe region dominated the largest share over the extrapolated period. Government regulations are designed to promote sustainable and energy-efficient solutions, aligning with broader environmental goals such as reducing greenhouse gas emissions and promoting clean technologies across the region. By incentivizing research and development in magnetic refrigeration, governments stimulate innovation and create a supportive environment for industrial adoption in the region. Moreover, regulatory frameworks encourage investment in infrastructure and manufacturing capabilities, fostering a competitive market for magnetic refrigeration technologies.
Region with highest CAGR:
By pooling expertise and resources from various stakeholders such as research institutions, industry leaders, and governmental bodies, these alliances foster innovation and accelerate the development of efficient cooling solutions, Asia Pacific region is poised to hold profitable growth during the projection period. Collaborative efforts allow for the exchange of knowledge and best practices, facilitating breakthroughs in materials science, engineering design, and commercialization strategies specific to Magnetic Refrigeration. Moreover, partnerships enable the establishment of robust supply chains and infrastructure necessary for scaling up production and deployment of these sustainable cooling technologies.
Key players in the market
Some of the key players in Magnetic Refrigeration market include BASF SE, Biomagnetic Solutions Inc, Camfridge Ltd, Hitachi Ltd, LG Electronics, Robert Bosch GmbH, Siemens AG, Sumitomo Heavy Industries Ltd, Toshiba Corporation and Whirlpool Corporation.
Key Developments:
In June 2024, Hitachi and Microsoft enter milestone agreement to accelerate business and social innovation with generative AI. Hitachi will train more than 50,000 "GenAI Professionals" on advanced AI skills. As part of the partnership, Hitachi will incorporate training provided by Microsoft into Hitachi's training.
In May 2024, LG Electronics introduces new AI TVs in the Indian market which will be available at a starting price of Rs 62,990. The TVs will be available from 43-inch to 97-inch featuring LG OLED evo AI and LG QNED AI TVs which will include the LG OLED 97G4.
Product Types Covered:
- Air-conditioning System
- Ice Making Machinery
- Heat Pumps
- Refrigeration Systems
- Other Product Types
Materials Covered:
- Erbium
- Gadolinium and Dysprosium Alloys
- Germanium
- Other Materials
End Users Covered:
- Commercial
- Automotive and Transportation
- Food and Beverages
- Healthcare
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Magnetic Refrigeration Market, By Product Type
- 5.1 Introduction
- 5.2 Air-conditioning System
- 5.3 Ice Making Machinery
- 5.4 Heat Pumps
- 5.5 Refrigeration Systems
- 5.6 Other Product Types
6 Global Magnetic Refrigeration Market, By Material
- 6.1 Introduction
- 6.2 Erbium
- 6.3 Gadolinium and Dysprosium Alloys
- 6.4 Germanium
- 6.5 Other Materials
7 Global Magnetic Refrigeration Market, By End User
- 7.1 Introduction
- 7.2 Commercial
- 7.3 Automotive And Transportation
- 7.4 Food And Beverages
- 7.5 Healthcare
- 7.6 Other End Users
8 Global Magnetic Refrigeration Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 BASF SE
- 10.2 Biomagnetic Solutions Inc
- 10.3 Camfridge Ltd
- 10.4 Hitachi Ltd
- 10.5 LG Electronics
- 10.6 Robert Bosch GmbH
- 10.7 Siemens AG
- 10.8 Sumitomo Heavy Industries Ltd
- 10.9 Toshiba Corporation
- 10.10 Whirlpool Corporation
List of Tables
- Table 1 Global Magnetic Refrigeration Market Outlook, By Region (2022-2030) ($MN)
- Table 2 Global Magnetic Refrigeration Market Outlook, By Product Type (2022-2030) ($MN)
- Table 3 Global Magnetic Refrigeration Market Outlook, By Air-conditioning System (2022-2030) ($MN)
- Table 4 Global Magnetic Refrigeration Market Outlook, By Ice Making Machinery (2022-2030) ($MN)
- Table 5 Global Magnetic Refrigeration Market Outlook, By Heat Pumps (2022-2030) ($MN)
- Table 6 Global Magnetic Refrigeration Market Outlook, By Refrigeration Systems (2022-2030) ($MN)
- Table 7 Global Magnetic Refrigeration Market Outlook, By Other Product Types (2022-2030) ($MN)
- Table 8 Global Magnetic Refrigeration Market Outlook, By Material (2022-2030) ($MN)
- Table 9 Global Magnetic Refrigeration Market Outlook, By Erbium (2022-2030) ($MN)
- Table 10 Global Magnetic Refrigeration Market Outlook, By Gadolinium and Dysprosium Alloys (2022-2030) ($MN)
- Table 11 Global Magnetic Refrigeration Market Outlook, By Germanium (2022-2030) ($MN)
- Table 12 Global Magnetic Refrigeration Market Outlook, By Other Materials (2022-2030) ($MN)
- Table 13 Global Magnetic Refrigeration Market Outlook, By End User (2022-2030) ($MN)
- Table 14 Global Magnetic Refrigeration Market Outlook, By Commercial (2022-2030) ($MN)
- Table 15 Global Magnetic Refrigeration Market Outlook, By Automotive And Transportation (2022-2030) ($MN)
- Table 16 Global Magnetic Refrigeration Market Outlook, By Food And Beverages (2022-2030) ($MN)
- Table 17 Global Magnetic Refrigeration Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 18 Global Magnetic Refrigeration Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 19 North America Magnetic Refrigeration Market Outlook, By Country (2022-2030) ($MN)
- Table 20 North America Magnetic Refrigeration Market Outlook, By Product Type (2022-2030) ($MN)
- Table 21 North America Magnetic Refrigeration Market Outlook, By Air-conditioning System (2022-2030) ($MN)
- Table 22 North America Magnetic Refrigeration Market Outlook, By Ice Making Machinery (2022-2030) ($MN)
- Table 23 North America Magnetic Refrigeration Market Outlook, By Heat Pumps (2022-2030) ($MN)
- Table 24 North America Magnetic Refrigeration Market Outlook, By Refrigeration Systems (2022-2030) ($MN)
- Table 25 North America Magnetic Refrigeration Market Outlook, By Other Product Types (2022-2030) ($MN)
- Table 26 North America Magnetic Refrigeration Market Outlook, By Material (2022-2030) ($MN)
- Table 27 North America Magnetic Refrigeration Market Outlook, By Erbium (2022-2030) ($MN)
- Table 28 North America Magnetic Refrigeration Market Outlook, By Gadolinium and Dysprosium Alloys (2022-2030) ($MN)
- Table 29 North America Magnetic Refrigeration Market Outlook, By Germanium (2022-2030) ($MN)
- Table 30 North America Magnetic Refrigeration Market Outlook, By Other Materials (2022-2030) ($MN)
- Table 31 North America Magnetic Refrigeration Market Outlook, By End User (2022-2030) ($MN)
- Table 32 North America Magnetic Refrigeration Market Outlook, By Commercial (2022-2030) ($MN)
- Table 33 North America Magnetic Refrigeration Market Outlook, By Automotive And Transportation (2022-2030) ($MN)
- Table 34 North America Magnetic Refrigeration Market Outlook, By Food And Beverages (2022-2030) ($MN)
- Table 35 North America Magnetic Refrigeration Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 36 North America Magnetic Refrigeration Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 37 Europe Magnetic Refrigeration Market Outlook, By Country (2022-2030) ($MN)
- Table 38 Europe Magnetic Refrigeration Market Outlook, By Product Type (2022-2030) ($MN)
- Table 39 Europe Magnetic Refrigeration Market Outlook, By Air-conditioning System (2022-2030) ($MN)
- Table 40 Europe Magnetic Refrigeration Market Outlook, By Ice Making Machinery (2022-2030) ($MN)
- Table 41 Europe Magnetic Refrigeration Market Outlook, By Heat Pumps (2022-2030) ($MN)
- Table 42 Europe Magnetic Refrigeration Market Outlook, By Refrigeration Systems (2022-2030) ($MN)
- Table 43 Europe Magnetic Refrigeration Market Outlook, By Other Product Types (2022-2030) ($MN)
- Table 44 Europe Magnetic Refrigeration Market Outlook, By Material (2022-2030) ($MN)
- Table 45 Europe Magnetic Refrigeration Market Outlook, By Erbium (2022-2030) ($MN)
- Table 46 Europe Magnetic Refrigeration Market Outlook, By Gadolinium and Dysprosium Alloys (2022-2030) ($MN)
- Table 47 Europe Magnetic Refrigeration Market Outlook, By Germanium (2022-2030) ($MN)
- Table 48 Europe Magnetic Refrigeration Market Outlook, By Other Materials (2022-2030) ($MN)
- Table 49 Europe Magnetic Refrigeration Market Outlook, By End User (2022-2030) ($MN)
- Table 50 Europe Magnetic Refrigeration Market Outlook, By Commercial (2022-2030) ($MN)
- Table 51 Europe Magnetic Refrigeration Market Outlook, By Automotive And Transportation (2022-2030) ($MN)
- Table 52 Europe Magnetic Refrigeration Market Outlook, By Food And Beverages (2022-2030) ($MN)
- Table 53 Europe Magnetic Refrigeration Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 54 Europe Magnetic Refrigeration Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 55 Asia Pacific Magnetic Refrigeration Market Outlook, By Country (2022-2030) ($MN)
- Table 56 Asia Pacific Magnetic Refrigeration Market Outlook, By Product Type (2022-2030) ($MN)
- Table 57 Asia Pacific Magnetic Refrigeration Market Outlook, By Air-conditioning System (2022-2030) ($MN)
- Table 58 Asia Pacific Magnetic Refrigeration Market Outlook, By Ice Making Machinery (2022-2030) ($MN)
- Table 59 Asia Pacific Magnetic Refrigeration Market Outlook, By Heat Pumps (2022-2030) ($MN)
- Table 60 Asia Pacific Magnetic Refrigeration Market Outlook, By Refrigeration Systems (2022-2030) ($MN)
- Table 61 Asia Pacific Magnetic Refrigeration Market Outlook, By Other Product Types (2022-2030) ($MN)
- Table 62 Asia Pacific Magnetic Refrigeration Market Outlook, By Material (2022-2030) ($MN)
- Table 63 Asia Pacific Magnetic Refrigeration Market Outlook, By Erbium (2022-2030) ($MN)
- Table 64 Asia Pacific Magnetic Refrigeration Market Outlook, By Gadolinium and Dysprosium Alloys (2022-2030) ($MN)
- Table 65 Asia Pacific Magnetic Refrigeration Market Outlook, By Germanium (2022-2030) ($MN)
- Table 66 Asia Pacific Magnetic Refrigeration Market Outlook, By Other Materials (2022-2030) ($MN)
- Table 67 Asia Pacific Magnetic Refrigeration Market Outlook, By End User (2022-2030) ($MN)
- Table 68 Asia Pacific Magnetic Refrigeration Market Outlook, By Commercial (2022-2030) ($MN)
- Table 69 Asia Pacific Magnetic Refrigeration Market Outlook, By Automotive And Transportation (2022-2030) ($MN)
- Table 70 Asia Pacific Magnetic Refrigeration Market Outlook, By Food And Beverages (2022-2030) ($MN)
- Table 71 Asia Pacific Magnetic Refrigeration Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 72 Asia Pacific Magnetic Refrigeration Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 73 South America Magnetic Refrigeration Market Outlook, By Country (2022-2030) ($MN)
- Table 74 South America Magnetic Refrigeration Market Outlook, By Product Type (2022-2030) ($MN)
- Table 75 South America Magnetic Refrigeration Market Outlook, By Air-conditioning System (2022-2030) ($MN)
- Table 76 South America Magnetic Refrigeration Market Outlook, By Ice Making Machinery (2022-2030) ($MN)
- Table 77 South America Magnetic Refrigeration Market Outlook, By Heat Pumps (2022-2030) ($MN)
- Table 78 South America Magnetic Refrigeration Market Outlook, By Refrigeration Systems (2022-2030) ($MN)
- Table 79 South America Magnetic Refrigeration Market Outlook, By Other Product Types (2022-2030) ($MN)
- Table 80 South America Magnetic Refrigeration Market Outlook, By Material (2022-2030) ($MN)
- Table 81 South America Magnetic Refrigeration Market Outlook, By Erbium (2022-2030) ($MN)
- Table 82 South America Magnetic Refrigeration Market Outlook, By Gadolinium and Dysprosium Alloys (2022-2030) ($MN)
- Table 83 South America Magnetic Refrigeration Market Outlook, By Germanium (2022-2030) ($MN)
- Table 84 South America Magnetic Refrigeration Market Outlook, By Other Materials (2022-2030) ($MN)
- Table 85 South America Magnetic Refrigeration Market Outlook, By End User (2022-2030) ($MN)
- Table 86 South America Magnetic Refrigeration Market Outlook, By Commercial (2022-2030) ($MN)
- Table 87 South America Magnetic Refrigeration Market Outlook, By Automotive And Transportation (2022-2030) ($MN)
- Table 88 South America Magnetic Refrigeration Market Outlook, By Food And Beverages (2022-2030) ($MN)
- Table 89 South America Magnetic Refrigeration Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 90 South America Magnetic Refrigeration Market Outlook, By Other End Users (2022-2030) ($MN)
- Table 91 Middle East & Africa Magnetic Refrigeration Market Outlook, By Country (2022-2030) ($MN)
- Table 92 Middle East & Africa Magnetic Refrigeration Market Outlook, By Product Type (2022-2030) ($MN)
- Table 93 Middle East & Africa Magnetic Refrigeration Market Outlook, By Air-conditioning System (2022-2030) ($MN)
- Table 94 Middle East & Africa Magnetic Refrigeration Market Outlook, By Ice Making Machinery (2022-2030) ($MN)
- Table 95 Middle East & Africa Magnetic Refrigeration Market Outlook, By Heat Pumps (2022-2030) ($MN)
- Table 96 Middle East & Africa Magnetic Refrigeration Market Outlook, By Refrigeration Systems (2022-2030) ($MN)
- Table 97 Middle East & Africa Magnetic Refrigeration Market Outlook, By Other Product Types (2022-2030) ($MN)
- Table 98 Middle East & Africa Magnetic Refrigeration Market Outlook, By Material (2022-2030) ($MN)
- Table 99 Middle East & Africa Magnetic Refrigeration Market Outlook, By Erbium (2022-2030) ($MN)
- Table 100 Middle East & Africa Magnetic Refrigeration Market Outlook, By Gadolinium and Dysprosium Alloys (2022-2030) ($MN)
- Table 101 Middle East & Africa Magnetic Refrigeration Market Outlook, By Germanium (2022-2030) ($MN)
- Table 102 Middle East & Africa Magnetic Refrigeration Market Outlook, By Other Materials (2022-2030) ($MN)
- Table 103 Middle East & Africa Magnetic Refrigeration Market Outlook, By End User (2022-2030) ($MN)
- Table 104 Middle East & Africa Magnetic Refrigeration Market Outlook, By Commercial (2022-2030) ($MN)
- Table 105 Middle East & Africa Magnetic Refrigeration Market Outlook, By Automotive And Transportation (2022-2030) ($MN)
- Table 106 Middle East & Africa Magnetic Refrigeration Market Outlook, By Food And Beverages (2022-2030) ($MN)
- Table 107 Middle East & Africa Magnetic Refrigeration Market Outlook, By Healthcare (2022-2030) ($MN)
- Table 108 Middle East & Africa Magnetic Refrigeration Market Outlook, By Other End Users (2022-2030) ($MN)
