The ‘Global Cryocooler Market Trends, Share, Size, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global cryocooler market, assessing the market on the basis of its segments like types, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Cryocooler Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7%
|Market Size in 2020||USD 2.69 billion|
|Revenue Forecast in 2026||USD 4.09 billion|
|Growth Rate CAGR||7%|
|Major Players||Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd.,|
SunPower Corporation, Brooks Automation, Inc., and Others.
Cryocoolers are used to cool components belonging to diverse sectors such as semiconductors, healthcare, and space, among others, due to which the market is witnessing a steady growth. Cryocoolers are witnessing a heightened adoption in the semiconductor industry owing to the increasing demand for high-end electronic devices such as smartphones, laptops, and tablets, among others.
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The global cryocooler market is further being boosted by the increasing demand for space-qualified cryocoolers from the military and defence industry. Such cryocoolers facilitate satellite electro-optical infrared (EO/IR) missions. In addition, cryocoolers are gaining traction in satellite surveillance systems which is another critical market driving factor. Over the forecast period, the anticipated increase in military expenditure across the emerging economies is expected to escalate the demand for cryocoolers.
Cryocoolers are also being utilised in the healthcare sector in order to facilitate proton therapy, cryosurgery, MRI systems, and liquification of oxygen. In this regard, the expansion of healthcare industry is further fuelling the cryocooler market growth.
Furthermore, the market dynamics are expected to be influenced by the rapid digitalisation, rising standards of living, and growing advancements across various end-use industries of cryocoolers. Moreover, cryocoolers are likely to witness a heightened demand in engineering applications, to cater to the demand from various end-use industries.
Cryocooler Industry Definition and Major Segments
A cryocooler is a mechanical refrigerator which is developed to reach cryogenic temperatures to cool down anything placed within it. Cryogenic temperature is less than around 123 K. Cryocoolers are used to cool down critical components across various end use industries which is propelling the growth of the market for cryocoolers.
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Based on type, the market can be segmented into:
• Pulse-Tube (PT)
• Gifford-McMohan (GM)
• Joule-Thomson (JT)
On the basis of application, the market can be classified into:
• Military and Defence
Based on region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Cryocooler Market Trends
The key trends in the global cryocooler market include the increasing incorporation of high-end electrical equipment across the healthcare industry. The upgradation of cancer institutes, ambulatory surgical centres, and hospitals across developing nations are propelling the demand for cryocoolers.
Rapidly occurring space research innovations, along with the increasing initiatives by governments encouraging space exploration activities are fuelling the demand for cryocoolers. They are commonly used for sensors they keep sensors in cryogenic temperatures, ensuring proper functioning of the sensors during long-term space research missions.
Meanwhile, the increasing geopolitical tensions across the world are key trends guiding the market for cryocoolers, as it is leading to increased sophistication of high-tech ground and air military equipment. Technical upgradations in combat aircrafts, battle tanks, and submarines, among others, are likely to generate the demand for cryocoolers in the forecast period.
In geographical terms, North America holds a decent share in the market and is expected to witness a steady growth in the forecast period. Increasing focus on space research missions across strong economies such as the United States, is increasing the demand for cryocoolers. Strong foothold of technology innovators in the region is supporting the market revenue by upgrading existing versions of the technologies, thereby, aiding the cryocooler market growth.
Key Market Players
The major players in the cryocooler market report include:
- Superconductor Technologies Inc.
- Northrop Grumman
- Sumitomo Heavy Industries, Ltd.
- SunPower Corporation
- Brooks Automation, Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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