The application of magnetic refrigeration in the present market scenario is limited to some form of cryogenic refrigerator used in biological research centers, owing to its ultra-low operating temperature. However, the magnetic refrigeration system is expected to become fully commercialized in 2016. The lower cost, light weight, and higher product life cycle of the magnetic refrigeration is expected to be dominant drivers for the rapid growth of the magnetic refrigeration market in the coming years. Magnetic refrigeration has several advantages, such as higher efficiency, large temperature range, and environmental sustainability over its conventional counterparts.