Cryocooler Market Overview
According to a new report by IMIR Market Research on Global Cryocooler Market Size was valued at USD 2.9 Billion in 2022. The Cryocooler market industry is projected to grow from USD 2.9 Billion in 2023 to USD 4.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2023 - 2032).
Cryocoolers are being used more and more in the military and defense sectors, as well as in the semiconductor industry, to cool down power systems, superconducting magnets, and power electronics, are the key market drivers enhancing the market growth.
Cryocooler Market Trends
The growing adoption across the military and defense sectors is driving the market growth
One of the key factors affecting adoption is the growing usage of cryocoolers in the military and defense sectors to maintain cryogenic temperatures for IR sensors used in night vision-based systems. The employment of night vision devices has significantly increased in recent years as nations strengthen their defensive capabilities. Nations are also spending more on their militaries in order to equip them with new technologies. The United States spent more than $801.67 billion USD on its military in 2021, according to SIPRI. Demand for the market under research is also rising due to the growing use of cryocoolers in the semiconductor industry. Cryogenic gases are extensively used in semiconductor manufacturing and testing processes. Additionally, the removal of heat from the manufacturing process is usually accomplished using liquid nitrogen. Nitrogen gas, which is typically stored in liquid form at cryogenic temperatures, is also utilized to purge unwanted gases and provide inert conditions in key process regions.
In commercial applications, cryopumps and high-speed oil-free vacuum pumps for high-vacuum systems are where cryocoolers are most crucially used. Cryopumps operate by freezing vapours from the vacuum chamber onto an extended surface attached to the cryocooler's cold head. The cold head is periodically taken out of the chamber and warmed to desorb the vapours. Cryopumps often use two-stage Gifford-McMahon cryocoolers to achieve temperatures below 20K. They can now pump hydrogen thanks to this. Another recent commercial use for cryocoolers is the cooling of high-temperature superconducting filters for cellular phone base stations. These systems are currently offered by four American companies: Conductus, Superconducting Technologies Inc., Spectral Solutions Inc., and Illinois Superconductor.
Thanks to ongoing R&D and technological improvements, cryocoolers are being utilized more frequently in the healthcare sector for a number of applications, such as proton treatment, NMR equipment, and MRI. This is expected to stimulate market growth. A recent study from Brigham and Women's Hospital found a sharp rise in the incidence of cancer among people under 50. The use of proton therapy is expanding as a result of the global increase in cancer incidence. Cryocoolers are then more in demand as a result of this. Thus, driving the Cryocooler market revenue.
Scope of Cryocooler Market Report
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Cryocooler Market. On the basis of historic growth analysis and current scenario of Cryocooler market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Cryocooler market. This further helps users with their developmental strategy.
Cryocooler Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Cryocooler market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Cryocooler sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Cryocooler industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Cryocooler sector. Major players in the Cryocooler market, including Sumitomo Heavy Industries, Ltd., Advanced Research Systems, Chart Industries, AMETEK.Inc. (Sunpower Inc.), Cryomech Inc., DH Industries, Janis Research Company LLC, Brooks Automation, Superconductor Technologies Inc., Northrop Grumman, RICOR, and Cobham Missions Systems Wimborne Limited, are attempting to increase market demand by investing in research and development operations.
Cryomech is a company that creates and produces cryocoolers. Its products include cryocoolers, cryostats, equipment for managing liquid helium, helium circulation systems, and other things. Syracuse, New York serves as the company's headquarters. It was founded in 1963. Cryomech was purchased by Bluefors in February 2023. The terms of the purchase were kept private. Cryomech Inc. unveiled the industry-leading PT450 Pulse Tube Cryocooler and CP3000-Series Helium Compressor at the American Physical Society (APS) March 2023 Meeting.
Air Liquide SA (Air Liquide), a supplier of gases, technology, and services, provides its products and services to the industrial and healthcare sectors. The company also manufactures additional gases like oxygen, nitrogen, and hydrogen in addition to argon and other rare gases. This company provides these gases to clients in a range of sectors, including steel, food and pharmaceuticals, chemicals, electronics, automotive, and manufacturing. Additionally, the company builds processing facilities and related infrastructure. Air Liquide provides antiseptics, skin disinfectants, and medical equipment disinfection chemicals. The company uses regional facilities, tanker trucks, and cylinders to deliver its products. It operates across the Asia-Pacific, the Americas, Europe, Africa, and the Middle East. The Air Liquide corporate headquarters are in Paris, Ile-de-France, France. According to a contract between Air Liquide and Avio that was signed in October 2022, the new cryogenic tank for the upper stage of the next Vega-E rocket would be created by Avio, a pioneer in space propulsion. This new generation of tanks was developed in response to the introduction of oxygen-methane propellant for future launchers.
Key Companies in the Cryocooler market include
- Sumitomo Heavy Industries, Ltd.
- Advanced Research Systems
- Chart Industries
- Inc. (Sunpower Inc.)
- Cryomech Inc.
- DH Industries
- Janis Research Company LLC
- Brooks Automation
- Superconductor Technologies Inc.
- Northrop Grumman
- RICOR
- Cobham Missions Systems Wimborne Limited
Cryocooler Industry Developments
March 2023: Chart Industries and Nikola Corporation, a world leader in zero-emission mobility, energy supply, and infrastructure solutions, under the HYLA brand, have inked a strategic collaboration agreement to create new mobile and modular hydrogen refueling stations for quick deployment. This agreement covers innovative mobile and modular hydrogen refueling stations, transport trailers, and liquid hydrogen storage tanks.
February 2023: Manufacturer of cryogenic measurement devices Bluefors (Cryomech Inc.) has announced plans to purchase Cryomech. This will enable the business to increase its knowledge in the US, the Netherlands, and Finland.
Cryocooler Market Segmentation Analysis
Cryocooler Offering Outlook
Cryocooler Heat Exchanger Type Outlook
- Recuperative Heat Exchangers
- Regenerative Heat Exchangers
Cryocooler Operative Cycle Outlook
- Open-loop Cycle
- Closed-loop Cycle
Cryocooler Type Outlook
- Gfford-Mcmahon
- Pulse-Tube
- Stirling
- Joule-Thomson
- Brayton
Cryocooler Application Outlook
- Military
- Medical
- Commercial
- Environmental
- Energy
- Research and Development
- Transport
- Agriculture & Biology
- Space
- Mining and Metal
- Others
Cryocooler Market Segment Insights
Cryocooler Offering Insights
The global Cryocooler market segmentation, based on Offering, includes hardware and services. Hardware segment dominated the global market in 2022. This is due to the rising popularity of cryocooler gear.
Cryocooler Heat Exchanger Type Insights
The global Cryocooler market segmentation, based on Heat Exchanger Type, includes recuperative heat exchangers and regenerative heat exchangers. The regenerative heat exchangers segment dominated the global market in 2022. High-temperature applications have become more prevalent recently. Regenerative heat exchangers are frequently used as a result of the rising demand for waste heat recovery. A device known as a regenerative heat exchanger allows fluids to flow over the heat-storage material in various ways for effective heat transmission. Cryocoolers are now more in demand due to this.
Cryocooler Operative Cycle Insights
The global Cryocooler market segmentation, based on Operative Cycle, includes open-loop cycle and closed-loop cycle. Closed-loop cycle segment dominated the global market in 2022 This is because of the variety of uses they have, which includes infrared (IR) detectors and sensors, thermal cameras, MRI, surgical probes, night vision systems, superconducting devices, and even commercial freezers. High-temperature infrared detectors with a cooling range of 150–200 K have been developed thanks to recent technological advances.
Cryocooler Type Insights
The global Cryocooler market segmentation, based on Type, includes Gfford-Mcmahon, Pulse-Tube, Stirling, Joule-Thomson, and Brayton. Gifford-Mcmahon Type segment dominated the global Cryocooler market in 2022. This might be because of the cryocooler's unique features and inexpensive cost. Cryogenic systems for various types of scientific research, low-performance nitrogen liquefiers, cryo vacuum equipment, helium recondensation facilities, and these systems have all led to the surge in popularity of Gifford McMahon cryocoolers in recent years. These are a few of the primary applications of cryocoolers.
Cryocooler Application Insights
The global Cryocooler market segmentation, based on Application, includes military, medical, commercial, environmental, energy, research and development, transport, agriculture & biology, space, mining and metal, and others. The military segment dominated the global Cryocooler market in 2022. The extensive use of cryocoolers in defense applications including night vision technology, ground-mounted military equipment, and aerial military equipment explains this. It is projected that the enormous demand from the defense sector will fuel the growth of the cryocooler market.
Cryocooler Regional Insights
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Cryocooler Market dominated this market in 2022 (45.80%). This is a result of the devices' swiftly growing employment in the military and the rise of cryocoolers in the medical field. The majority of cryocoolers are used in local R&D, medical, military, and space applications. Further, In the North American area, the U.S. Cryocooler market had the biggest market share, while the Canada Cryocooler market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
In 2022, the Europe Cryocooler market held a sizable market share. This is due to the fact that cryocoolers are increasingly being used by the military and in the healthcare sector. Further, In the European region, the German Cryocooler market had the biggest market share, and the U.K. Cryocooler market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Cryocooler market is anticipated to grow significantly. Numerous factors are to blame for this rise in demand, including the military and defense industries in the region, particularly those from countries like India, China, Vietnam, and Pakistan. The region's dense population is fostering the growth of the healthcare sector. Developing countries like China and India are primarily responsible for the regional market's expansion. Moreover, In the Asia-Pacific region, the Indian Cryocooler market had the quickest rate of growth while China's Cryocooler market had the greatest market share.
Cryocooler Market Report is also available for below Regions and Country Please Ask for that
North America
Europe
- Switzerland
- Belgium
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Rest of Europe
Asia-Pacific
- India
- Australia
- Philippines
- Singapore
- South Korea
- Japan
- China
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Argentina
- Peru
- Colombia
- Brazil
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
Points Covered in the Report
- The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
- The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
- The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Questions
- How much the global Cryocooler Market valued?
- Which region has the largest share in 2023 for the global Cryocooler Market?
- What are the driving factors for the market?
- Which is the leading segment in the global market?
- What are the major players in the market?
Research Scope of Cryocooler Market
- Historic year: 2018- 2021
- Base year: 2022
- Forecast: 2023 to 2032
- Representation of Market revenue in USD Million
Cryocooler Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
