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Global Magnetic Refrigeration Systems Market to Reach US$3.9 Billion by 2030

The global market for Magnetic Refrigeration Systems estimated at US$67.5 Million in the year 2024, is expected to reach US$3.9 Billion by 2030, growing at a CAGR of 96.8% over the analysis period 2024-2030. Refrigeration Systems, one of the segments analyzed in the report, is expected to record a 100.0% CAGR and reach US$2.2 Billion by the end of the analysis period. Growth in the Air Conditioning Systems segment is estimated at 94.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$22.9 Million While China is Forecast to Grow at 88.9% CAGR

The Magnetic Refrigeration Systems market in the U.S. is estimated at US$22.9 Million in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$433.7 Million by the year 2030 trailing a CAGR of 88.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 85.1% and 80.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 62.9% CAGR.

Global Magnetic Refrigeration Systems Market - Key Trends & Drivers Summarized

What Are Magnetic Refrigeration Systems and How Do They Work?

Magnetic refrigeration systems represent a cutting-edge approach to cooling technology, offering an environmentally friendly alternative to traditional gas-compression refrigeration methods. These systems operate based on the magnetocaloric effect, where certain materials heat up when exposed to a magnetic field and cool down when the field is removed. By cycling these materials through magnetic and non-magnetic states, magnetic refrigeration systems can achieve cooling without the need for harmful refrigerants like CFCs or HFCs, which are commonly used in conventional refrigeration systems. This technology not only promises to reduce the environmental impact of cooling but also offers the potential for higher efficiency and quieter operation compared to traditional systems.

How Are Technological Innovations Enhancing Magnetic Refrigeration Systems?

Technological innovations are crucial in advancing the development and commercial viability of magnetic refrigeration systems. Recent progress in the discovery and engineering of advanced magnetocaloric materials has significantly improved the efficiency and effectiveness of these systems. The development of new alloys and composites that exhibit stronger magnetocaloric effects at room temperature has been a key area of research, enabling the creation of more practical and efficient magnetic refrigeration units. Additionally, innovations in magnetic field generation and management have contributed to the optimization of these systems, making them more compact and easier to integrate into existing cooling infrastructures. These advancements are pushing magnetic refrigeration closer to widespread adoption, particularly in industries where environmental sustainability is a priority.

What Challenges Need to Be Overcome for Widespread Adoption of Magnetic Refrigeration?

Despite its potential, the widespread adoption of magnetic refrigeration systems faces several challenges. One of the primary hurdles is the high cost of magnetocaloric materials, which can make these systems more expensive than traditional refrigeration methods. Additionally, the technology is still in the early stages of commercialization, meaning that large-scale production processes need to be developed and optimized to reduce costs and improve accessibility. The integration of magnetic refrigeration systems into existing infrastructure also presents challenges, as these systems require different engineering and design considerations compared to conventional refrigeration units. Moreover, the relatively low cooling capacity of current magnetic refrigeration systems limits their application to smaller-scale or niche markets at this stage.

Growth in the Magnetic Refrigeration Systems Market Is Driven by Several Factors

The growth in the magnetic refrigeration systems market is driven by several factors, including increasing environmental regulations, technological advancements in magnetocaloric materials, and the rising demand for energy-efficient cooling solutions. As governments and industries worldwide seek to reduce their carbon footprints, the appeal of environmentally friendly refrigeration technologies is growing. Technological innovations that enhance the performance and reduce the costs of magnetic refrigeration systems are making them more competitive with traditional refrigeration methods. Additionally, the global push for energy efficiency is driving interest in magnetic refrigeration, as these systems offer the potential for significant energy savings. These factors, along with ongoing research and development efforts, are expected to drive the growth of the magnetic refrigeration systems market, positioning it as a key player in the future of sustainable cooling technologies.

SCOPE OF STUDY:

The report analyzes the Magnetic Refrigeration Systems market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:

System Type (Refrigeration Systems, Air Conditioning Systems, Heat Pumps); Application (Commercial, Industrial, Transportation, Domestic)

Geographic Regions/Countries:

World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 18 Featured) -

• Acme Air Conditioning & Heating
• Anglo Irish Refrigeration Co., Ltd.
• Concepcion Midea, Inc.
• Enerflex Ltd.
• FridgeWize
• Glen Dimplex Professional Appliances - Lec Medical
• Haier Group
• Invisible.AC Ltd.
• Italia Wanbao-ACC S.r.l.
• J&M Refrigeration

TABLE OF CONTENTS

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• 1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Magnetic Refrigeration Systems - Global Key Competitors Percentage Market Share in 2025 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2025 (E)
  • Global Economic Update
• 2. FOCUS ON SELECT PLAYERS
• 3. MARKET TRENDS & DRIVERS
  • Rising Focus on Energy Efficiency Spurs Growth in Magnetic Refrigeration Systems
  • Technological Advancements in Magnetic Cooling Materials Propel Adoption
  • Increasing Demand for Eco-friendly Cooling Solutions Strengthens Business Case for Magnetic Refrigeration
  • Rising Global Pressure to Reduce Greenhouse Gas Emissions Expands Addressable Market for Magnetic Refrigeration
  • Growing Popularity of Sustainable Technologies Drives Investment in Magnetic Refrigeration Systems
  • Expanding Use of Magnetic Refrigeration in Commercial Refrigeration Applications Propels Growth
  • Rising Interest in Solid-state Cooling Technologies Generates New Opportunities for Magnetic Refrigeration
  • Increasing Focus on Reducing Carbon Footprint in Industrial Applications Drives Adoption
  • Technological Innovations in Magnetocaloric Materials Fuel Development of Advanced Refrigeration Systems
  • Rising Consumer Demand for Energy-saving Appliances Expands Market for Magnetic Refrigeration
  • Increased Adoption of Magnetic Refrigeration in Data Centers Expands Opportunities for Energy-efficient Cooling
• 4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Domestic by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 2: World 6-Year Perspective for Domestic by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030
  • TABLE 3: World Recent Past, Current & Future Analysis for Commercial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 4: World 6-Year Perspective for Commercial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030
  • TABLE 5: World Recent Past, Current & Future Analysis for Transportation by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 6: World 6-Year Perspective for Transportation by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030
  • TABLE 7: World Magnetic Refrigeration Systems Market Analysis of Annual Sales in US$ for Years 2015 through 2030
  • TABLE 8: World Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 9: World 6-Year Perspective for Magnetic Refrigeration Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2025 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for Refrigeration Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 11: World 6-Year Perspective for Refrigeration Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030
  • TABLE 12: World Recent Past, Current & Future Analysis for Air Conditioning Systems by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 13: World 6-Year Perspective for Air Conditioning Systems by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030
  • TABLE 14: World Recent Past, Current & Future Analysis for Heat Pumps by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 15: World 6-Year Perspective for Heat Pumps by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Industrial by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 17: World 6-Year Perspective for Industrial by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2025 & 2030

III. MARKET ANALYSIS

• UNITED STATES
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2025 (E)
  • TABLE 18: USA Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 19: USA 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 20: USA Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 21: USA 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• CANADA
  • TABLE 22: Canada Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 23: Canada 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 24: Canada Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 25: Canada 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• JAPAN
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2025 (E)
  • TABLE 26: Japan Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 27: Japan 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 28: Japan Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 29: Japan 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• CHINA
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2025 (E)
  • TABLE 30: China Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 31: China 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 32: China Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 33: China 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• EUROPE
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2025 (E)
  • TABLE 34: Europe Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 35: Europe 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 36: Europe Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ for Years 2024 through 2030 and % CAGR
  • TABLE 37: Europe 6-Year Perspective for Magnetic Refrigeration Systems by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2025 & 2030
  • TABLE 38: Europe Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 39: Europe 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• FRANCE
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2025 (E)
  • TABLE 40: France Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 41: France 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 42: France Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 43: France 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• GERMANY
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2025 (E)
  • TABLE 44: Germany Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 45: Germany 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 46: Germany Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 47: Germany 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• ITALY
  • TABLE 48: Italy Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 49: Italy 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 50: Italy Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 51: Italy 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• UNITED KINGDOM
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2025 (E)
  • TABLE 52: UK Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 53: UK 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 54: UK Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 55: UK 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• REST OF EUROPE
  • TABLE 56: Rest of Europe Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 57: Rest of Europe 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 58: Rest of Europe Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 59: Rest of Europe 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• ASIA-PACIFIC
  • Magnetic Refrigeration Systems Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2025 (E)
  • TABLE 60: Asia-Pacific Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 61: Asia-Pacific 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 62: Asia-Pacific Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 63: Asia-Pacific 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030
• REST OF WORLD
  • TABLE 64: Rest of World Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by Application - Commercial, Industrial, Transportation and Domestic - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 65: Rest of World 6-Year Perspective for Magnetic Refrigeration Systems by Application - Percentage Breakdown of Value Sales for Commercial, Industrial, Transportation and Domestic for the Years 2025 & 2030
  • TABLE 66: Rest of World Recent Past, Current & Future Analysis for Magnetic Refrigeration Systems by System Type - Refrigeration Systems, Air Conditioning Systems and Heat Pumps - Independent Analysis of Annual Sales in US$ for the Years 2024 through 2030 and % CAGR
  • TABLE 67: Rest of World 6-Year Perspective for Magnetic Refrigeration Systems by System Type - Percentage Breakdown of Value Sales for Refrigeration Systems, Air Conditioning Systems and Heat Pumps for the Years 2025 & 2030

IV. COMPETITION