The global magnetic refrigeration market is expected to grow from USD 0.51 billion in 2024 to USD 9.40 billion by 2032, at a CAGR of 43.69%, according to a report by SNS Insider. The growth is fueled by increasing demand for eco-friendly and energy-efficient cooling technologies, advances in magnetocaloric materials, and tightening environmental regulations.
Magnetic refrigeration, which does not use fluorocarbon refrigerants, is reported to be 20–30% more energy-efficient than conventional systems and could reduce energy use and greenhouse gas emissions by up to 60%. This technology is gaining traction in commercial refrigeration, air conditioning, and heat pump applications, with broader commercial viability expected by 2030. In the U.S., the market is forecast to grow from USD 0.09 billion in 2024 to USD 1.87 billion by 2032, driven by government incentives and the need for sustainable cooling solutions in industrial and commercial sectors.
Europe held a 40% share of the magnetic refrigeration market in 2023, supported by regulations such as the F-Gas Regulation and high electricity prices. The region is also home to key research institutions and developers of magnetocaloric materials. North America is projected to be the fastest-growing region from 2024 to 2032, with growth driven by HFC limits, energy costs, and the expansion of cold chain logistics.
By product, refrigeration systems accounted for 45% of the market in 2023, supported by demand from the food, beverage, and pharmaceutical industries. Air conditioning systems are expected to grow rapidly due to environmental regulations and advances in smart technologies. In terms of application, commercial use led in 2023 with a 39% share, while the transportation segment is forecast to be the fastest-growing, as magnetic refrigeration gains adoption in logistics and electric vehicle cooling.
Leading companies profiled in the report include 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, and kiutra.