Magnetic Refrigeration Market Size to Surpass USD 9.40 Billion by 2032, Driven by rising demand for eco-friendly and energy-efficient cooling technologies
Austin, June 25, 2025 (GLOBE NEWSWIRE) -- Magnetic Refrigeration Market Size & Growth Insights:
According to the SNS Insider,'The Magnetic Refrigeration Market was valued at USD 0.51 billion in 2024 and is projected to reach USD 9.40 billion by 2032, growing at a CAGR of 43.69% from 2024 to 2032.'
Magnetic Refrigeration: Pioneering the Future of Sustainable Cooling Technologies
Magnetic Refrigeration Market is experiencing a huge demand from the energy efficient cooling solutions, stringent regulations to reduce greenhouse gas emissions as well as the international ban on the use of fluorocarbons under the agreements such as Kigali Amendment. This new technology can be 20–30% more efficient than conventional systems, and could cut energy use and greenhouse gas emissions by 60%. Its uptake is increasing in commercial refrigeration, air conditioning and heat pumps, which will be commercially viable by 2030. In the U.S., the market was valued at USD 0.09 billion in 2024 and is projected to surge to USD 1.87 billion by 2032, riding on the back of favorable government incentives and increasing need for sustainable cooling in industrial and commercial applications.
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Europe Leads, North America Accelerates in Magnetic Refrigeration Adoption
In 2023, Europe dominated the magnetic refrigeration market with a 40% revenue share, on account of the imposition of regulations such as the F-Gas Regulation by the governments to limit damaging refrigerants, and the development of sustainable technology. Soaring electricity costs and ambitious climate targets are spurring take-up across commercial, industrial and transport sectors. Special area innovations The region also includes research establishments and pioneers in the domain of magnetocaloric materials.
North America is the fastest-growing region from 2024 to 2032, on account of higher requirement of environment friendly cooling in food design, retail and logistics. Refrigeration manufacturers look for alternatives to high GWP chemistries U.S. EPA limits on HFCs, high energy costs, and a growing green technologies mindset are driving growth, coupled with the expanding cold chain industry and the global desire for low-emission refrigeration.
Magnetic Refrigeration Market Report Scope:
Report Attributes
Details
Market Size in 2023
USD 0.36 Billion
Market Size by 2032
USD 9.40 Billion
CAGR
CAGR of 43.69% From 2024 to 2032
Report Scope & Coverage
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segmentation
• By Product (Refrigeration Systems, Air Conditioning Systems, Heat Pumps)• By Application (Domestic, Commercial, Transportation, Industrial, Others)
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Product and Application Trends Shaping the Magnetic Refrigeration Market Landscape
By Product
In 2023, the Refrigeration Systems segment dominated the magnetic refrigeration market with a 45% revenue share, as demand increased for advanced, energy efficient, and green magnetic refrigeration systems across commercial, industrial, and medical sectors. This growth is being driven by theerging food, beverage and pharmaceutical sectors.
The Air Conditioning Systems segment is the fastest-growing, driven by the enforcement of tougher environmental legislations and the move towards sustainable cooling. Developments in magnetocaloric materials, smart technologies, and IoT integration will provide operating system efficiencies and speed system adoption.
By Application
The Commercial segment led in 2023 with 39% revenue share, due to high penetration in retail, hospitality, and food service applications. 24/7 Companies prefer magnetic systems due to their constant availability, low maintenance and increased performance supported by developments in magnetocaloric materials and growing sustainability issues.
The Transportation segment is projected to be the fastest-growing in the magnetic refrigeration market from 2024 to 2032, due to the increasing demand for environmentally safe, energy-efficient cooling solutions in logistics applications, cold chains, and electric vehicle temperature control. With more stringent emission requirements and fuel economy standards, magnetic refrigeration is increasingly being used in trucks, trailers and containers since it consumes lower energy and causes less environmental pollution.
Leading Market Players with their Product Listed in this Report are:
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
Sigma-Aldrich Corporation
General Electric
Magnotherm Solutions
ALTO Refrigeration Manufacturing Co. Ltd
kiutra
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Recent News:
In Dec 2024, U.S. scientists invent a magnetocaloric (MC) heat pump that is the same in cost, weight, size, and performance as conventional heat pumps – minus the pollutants – making MC technology a green, energy-efficient option.
In Dec 2024, Ames National Laboratory researchers invent a magnetocaloric heat pump that matches conventional heat pumps for a cost, weight, and performance and doesn't rely on environmentally damaging refrigerants, Dec 2024
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Magnetic Refrigeration Market Segmentation, by Product
8. Magnetic Refrigeration Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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