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The magnetic refrigeration market is estimated to grow at a CAGR of 50.44% to reach US$202.757 million in 2025 from US$17.493 million in 2019. Magnetic refrigeration is a cooling technology based on magnetocaloric effect that can be used to attain extremely low temperature in conventional refrigeration systems. Magnetocaloric effect is a phenomenon in which temperature of magnetocaloric materials such as Gd, FeRh increases on experiencing a sharp fall while the magnetic field applied on the material is stopped instantly.