PUBLISHER: Markets & Data | PRODUCT CODE: 1781178
PUBLISHER: Markets & Data | PRODUCT CODE: 1781178
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
Global 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, 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.
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.
Energy Efficiency and Lower Operating Costs Drives the Global Magnetic Refrigeration Market Demand
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 30-60% 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. 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.
Growing Demand for Sustainable Cooling Technologies Expands Global Magnetic Refrigeration Market Size
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 & 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.
Refrigerators Dominates the Global Magnetic Refrigeration Market
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.
North America Region leads the Global Magnetic Refrigeration Market
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.
Impact of the U.S. Tariff on Global Magnetic Refrigeration Market
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.
These trade barriers have disrupted supply chains for critical magnetocaloric components while simultaneously stimulating domestic production of refrigeration systems in North America.
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.
End-user costs for magnetic refrigeration systems may rise temporarily, affecting adoption rates in price-sensitive sectors like commercial refrigeration.
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.
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Impact of U.S. Tariffs
4. Executive Summary
5. Voice of Customers
- 5.1. Respondent Demographics
- 5.2. Brand Awareness
- 5.3. Factors Considered in Purchase Decisions
- 5.4. Preferred Distribution Channel
6. Global Magnetic Refrigeration Market Outlook, 2018-2032F
- 6.1. Market Size Analysis & Forecast
- 6.1.1. By Value
- 6.2. Market Share Analysis & Forecast
- 6.2.1. By Type
- 6.2.1.1. Refrigerators
- 6.2.1.2. Air Conditioning System and Heat Pumps
- 6.2.1.3. Others
- 6.2.2. By End User
- 6.2.2.1. Domestic
- 6.2.2.2. Commercial
- 6.2.2.3. Transportation and Industrial
- 6.2.2.4. Others
- 6.2.3. By Region
- 6.2.3.1. North America
- 6.2.3.2. Europe
- 6.2.3.3. Asia-Pacific
- 6.2.3.4. South America
- 6.2.3.5. Middle East and Africa
- 6.2.4. By Company Market Share Analysis (Top 5 Companies and Others - By Value, 2024)
- 6.2.1. By Type
- 6.3. Market Map Analysis, 2024
- 6.3.1. By Type
- 6.3.2. By End User
- 6.3.3. By Region
7. North America Magnetic Refrigeration Market Outlook, 2018-2032F
- 7.1. Market Size Analysis & Forecast
- 7.1.1. By Value
- 7.2. Market Share Analysis & Forecast
- 7.2.1. By Type
- 7.2.1.1. Refrigerators
- 7.2.1.2. Air Conditioning System and Heat Pumps
- 7.2.1.3. Others
- 7.2.2. By End User
- 7.2.2.1. Domestic
- 7.2.2.2. Commercial
- 7.2.2.3. Transportation and Industrial
- 7.2.2.4. Others
- 7.2.3. By Country Share
- 7.2.3.1. United States
- 7.2.3.2. Canada
- 7.2.3.3. Mexico
- 7.2.1. By Type
- 7.3. Country Market Assessment
- 7.3.1. United States Magnetic Refrigeration Market Outlook, 2018-2032F*
- 7.3.1.1. Market Size Analysis & Forecast
- 7.3.1.1.1. By Value
- 7.3.1.2. Market Share Analysis & Forecast
- 7.3.1.2.1. By Type
- 7.3.1.2.1.1. Refrigerators
- 7.3.1.2.1.2. Air Conditioning System and Heat Pumps
- 7.3.1.2.1.3. Others
- 7.3.1.2.2. By End User
- 7.3.1.2.2.1. Domestic
- 7.3.1.2.2.2. Commercial
- 7.3.1.2.2.3. Transportation and Industrial
- 7.3.1.2.2.4. Others
- 7.3.1.2.1. By Type
- 7.3.1.1. Market Size Analysis & Forecast
- 7.3.2. Canada
- 7.3.3. Mexico
- 7.3.1. United States Magnetic Refrigeration Market Outlook, 2018-2032F*
All segments will be provided for all regions and countries covered
8. Europe Magnetic Refrigeration Market Outlook, 2018-2032F
- 8.1. Germany
- 8.2. France
- 8.3. Italy
- 8.4. United Kingdom
- 8.5. Russia
- 8.6. Netherlands
- 8.7. Spain
- 8.8. Turkey
- 8.9. Poland
9. Asia-Pacific Magnetic Refrigeration Market Outlook, 2018-2032F
- 9.1. India
- 9.2. China
- 9.3. Japan
- 9.4. Australia
- 9.5. Vietnam
- 9.6. South Korea
- 9.7. Indonesia
- 9.8. Philippines
10. South America Magnetic Refrigeration Market Outlook, 2018-2032F
- 10.1. Brazil
- 10.2. Argentina
11. Middle East and Africa Magnetic Refrigeration Market Outlook, 2018-2032F
- 11.1. Saudi Arabia
- 11.2. UAE
- 11.3. South Africa
12. Value Chain Analysis
13. Porter's Five Forces Analysis
14. PESTLE Analysis
15. Pricing Analysis
16. Market Dynamics
- 16.1. Market Drivers
- 16.2. Market Challenges
17. Market Trends and Developments
18. Competitive Landscape
- 18.1. Competition Matrix of Top 5 Market Leaders
- 18.2. SWOT Analysis for Top 5 Players
- 18.3. Key Players Landscape for Top 9 Market Players
- 18.3.1. Camfridge Ltd
- 18.3.1.1. Company Details
- 18.3.1.2. Key Management Personnel
- 18.3.1.3. Key Products Offered
- 18.3.1.4. Key Financials (As Reported)
- 18.3.1.5. Key Market Focus and Geographical Presence
- 18.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
- 18.3.2. Samsung Electronics Co., Ltd
- 18.3.3. Vacuumschmelze GmbH & Co. Kg
- 18.3.4. Astronautics Corporation of America
- 18.3.5. Qingdao Haier Co., Ltd
- 18.3.6. Toshiba Corporation
- 18.3.7. Cooltech Application
- 18.3.8. General Electric
- 18.3.9. Magnoric SAS
- 18.3.1. Camfridge Ltd
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
19. Strategic Recommendations
20. About Us and Disclaimer
List of Tables
- Table 1. Competition Matrix of Top 5 Market Leaders
- Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 3. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 2. Global Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 3. Global Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 4. Global Magnetic Refrigeration Market Share (%), By Region, 2018-2032F
- Figure 5. North America Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 6. North America Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 7. North America Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 8. North America Magnetic Refrigeration Market Share (%), By Country, 2018-2032F
- Figure 9. United States Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 10. United States Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 11. United States Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 12. Canada Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 13. Canada Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 14. Canada Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 15. Mexico Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 16. Mexico Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 17. Mexico Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 18. Europe Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 19. Europe Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 20. Europe Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 21. Europe Magnetic Refrigeration Market Share (%), By Country, 2018-2032F
- Figure 22. Germany Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 23. Germany Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 24. Germany Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 25. France Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 26. France Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 27. France Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 28. Italy Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 29. Italy Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 30. Italy Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 31. United Kingdom Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 32. United Kingdom Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 33. United Kingdom Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 34. Russia Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 35. Russia Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 36. Russia Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 37. Netherlands Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 38. Netherlands Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 39. Netherlands Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 40. Spain Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 41. Spain Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 42. Spain Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 43. Turkey Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 44. Turkey Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 45. Turkey Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 46. Poland Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 47. Poland Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 48. Poland Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 49. South America Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 50. South America Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 51. South America Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 52. South America Magnetic Refrigeration Market Share (%), By Country, 2018-2032F
- Figure 53. Brazil Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 54. Brazil Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 55. Brazil Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 56. Argentina Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 57. Argentina Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 58. Argentina Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 59. Asia-Pacific Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 60. Asia-Pacific Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 61. Asia-Pacific Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 62. Asia-Pacific Magnetic Refrigeration Market Share (%), By Country, 2018-2032F
- Figure 63. India Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 64. India Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 65. India Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 66. China Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 67. China Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 68. China Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 69. Japan Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 70. Japan Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 71. Japan Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 72. Australia Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 73. Australia Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 74. Australia Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 75. Vietnam Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 76. Vietnam Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 77. Vietnam Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 78. South Korea Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 79. South Korea Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 80. South Korea Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 81. Indonesia Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 82. Indonesia Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 83. Indonesia Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 84. Philippines Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 85. Philippines Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 86. Philippines Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 87. Middle East & Africa Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 88. Middle East & Africa Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 89. Middle East & Africa Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 90. Middle East & Africa Magnetic Refrigeration Market Share (%), By Country, 2018-2032F
- Figure 91. Saudi Arabia Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 92. Saudi Arabia Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 93. Saudi Arabia Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 94. UAE Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 95. UAE Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 96. UAE Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 97. South Africa Magnetic Refrigeration Market, By Value, In USD Billion, 2018-2032F
- Figure 98. South Africa Magnetic Refrigeration Market Share (%), By Type, 2018-2032F
- Figure 99. South Africa Magnetic Refrigeration Market Share (%), By End User, 2018-2032F
- Figure 100. By Type Map-Market Size (USD Billion) & Growth Rate (%), 2024
- Figure 101. By End User Map-Market Size (USD Billion) & Growth Rate (%), 2024
- Figure 102. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2024
