The Cryocooler Market was estimated around USD 2,100 million in 2019, exhibiting a CAGR of 7.1% over the forecast period (2020-2027).
The factors driving the growth of Cryocooler Market includes rise in the production of Liquified Natural Gas (LNG) across the globe, increasing application of cryocooler in the end-used industries such as Military, Space and Agriculture Biology and expansion of the semiconductor industry. According to the report published by Bloomberg, the Global Liquified Natural Gas Market is expected to reach USD 205,280 million by the end of 2027, growing at a CAGR of 5.7% over the forecast period (2021-2027), which will boost the Global Cryocooler Market in the approaching years. Moreover, technological advancements in the cryocooler, increasing investments by the leading players on research and development and the expansion of healthcare sector, are some of the additional factors supplementing the Cryocooler Market share. In addition, growing demand for low-cost microsatellites, rising adoption of cryocooler in the NMR equipment, MRI and proton therapy, improvements in the living standards, increasing disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, the growth of Cryocooler Market is hindered due to high input power consumption of cryocoolers.
The major players operating in the market are Sunpower, Inc., Northrop Grumman Corporation, Advanced Research Systems, Inc., Janis Research Company, LLC, Chart Industries, Inc., Brooks Automation, Inc., Sumitomo Heavy Industries Ltd., Cryomech, Inc., Ricor, Ltd.- Cryogenic Vacuum Systems, and Superconductor Technologies Inc., among others.
Application: Segment Analysis
Based on Application, the Military segment is projected to grow at a significant CAGR during the forecast period attributed to increasing use of cryocoolers in the Cooling Infrared (IR) sensors for military applications.
Type: Segment Analysis
Based on Type, the Stirling cryocoolers segment is anticipated to expand at a remarkable CAGR over the forecast period owing to increasing application of cryocoolers in the Medical, Agriculture Biology and Mining and Metal industries.
Regional: Segment Analysis
Based on Region, the North American region is predicted to capture the largest market share during the forecast period. The increasing use of cryocoolers in medical photon therapy and cryosurgery, rise in the consumption of Liquified Natural Gas (LNG), installation of cryogenic technology in the aircrafts, rapid urbanization, and high per capita incomes, are some of the important factors propelling the market growth in North America.
Global Cryocooler Market by Hardware and Service
- Cold heads
- Heat dissipation pipes
- Power conditioning units
- Technical support services
- Product repairs refurbishment services
- Preventive maintenance services
- Customer training services
Global Cryocooler Market by Type
- Gifford-McMahon cryocoolers
- Pulse-Tube cryocoolers
- Stirling cryocoolers
- Joule Thomson cryocoolers
- Brayton cryocoolers
Global Cryocooler Market by Temperature Range
Global Cryocooler Market by Heat Exchanger Type
- Recuperative heat exchangers
- Regenerative heat exchangers
Global Cryocooler Market by Application
- Ir sensors for missile guidance
- Ir sensors for satellite-based surveillance
- Cooling superconducting magnets for MRI systems
- Liquefaction of oxygen for storage
- Semiconductor fabrication
- High-temperature superconductors for cell-phone base stations
- Ir sensors for Nde and process monitoring
- Ir sensors for atmospheric studies on ozone hole and greenhouse effects
- Ir sensors for pollution monitoring
- Ir sensors for thermal loss measurements
- Superconducting magnetic energy storage for peak shaving
- Superconducting magnets in maglev trains
- Lng for fleet vehicles
- Research and Development
- Nuclear Magnetic Resonance (NMR)
- Electron Paramagnetic Resonance (EPR)
- Space Astronomy
- Planetary Science
- Agriculture Biology
- Storage of biological cells and specimens
- Mining and Metal
- Shrink Fitting
Global Cryocooler Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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