Cryocooler Market Share, Size, Growth and Forecast 2020-2027

 

Cryocooler Market

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.

Request a free sample of this report

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.

 

Market Segmentation

Global Cryocooler Market by Hardware and Service

  • Hardware
    • Compressors
    • Cold heads
    • Heat dissipation pipes
    • Power conditioning units
    • Others
  • Services
    • 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   

  • 1K–50K
  • 50K–100K
  • 100K–300K
  • others

Global Cryocooler Market by Heat Exchanger Type  

  • Recuperative heat exchangers
  • Regenerative heat exchangers

Global Cryocooler Market by Application    

  • Military
    • Ir sensors for missile guidance
    • Ir sensors for satellite-based surveillance
  • Medical
    • Cooling superconducting magnets for MRI systems
    • Liquefaction of oxygen for storage
    • Cryosurgery
  • Commercial
    • Semiconductor fabrication
    • High-temperature superconductors for cell-phone base stations
    • Ir sensors for Nde and process monitoring
  • Environmental
    • Ir sensors for atmospheric studies on ozone hole and greenhouse effects
    • Ir sensors for pollution monitoring
  • Energy
    • Ir sensors for thermal loss measurements
    • Superconducting magnetic energy storage for peak shaving
  • Transport
    • Superconducting magnets in maglev trains
    • Lng for fleet vehicles
  • Research and Development
    • Nuclear Magnetic Resonance (NMR)
    • Electron Paramagnetic Resonance (EPR)
  • Space
    • Space Astronomy
    • Planetary Science
  • Agriculture & Biology
    • Storage of biological cells and specimens
  • Mining and Metal
    • Tempering
    • Shrink Fitting
  • Others

Global Cryocooler Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/

Location: United States

Comments

Post a Comment

Popular posts from this blog

Seizing the Europe Smart Home Market Opportunity

Image
 The Europe smart home market presents a vast and promising opportunity for businesses and consumers alike. With advancements in technology, changing lifestyles, and increasing awareness about energy efficiency, the smart home industry in Europe is ripe with potential for growth and innovation. The opportunity in the Europe smart home market stems from several key factors. Firstly, the region boasts a large and affluent consumer base that is increasingly embracing connected technology to enhance their lifestyles. From smart thermostats and lighting systems to security cameras and voice-controlled assistants, the demand for smart home devices is on the rise across the continent. Moreover, supportive regulatory initiatives and incentives aimed at promoting energy efficiency and sustainability are creating a conducive environment for the adoption of smart home technology in Europe. Tax incentives, rebates, and subsidies for energy-efficient home upgrades are encouraging homeowners to...
Read more

Unlocking Opportunities: GCC Medical Packaging Market Growth in 2024

Image
The GCC medical packaging market is poised for substantial growth in 2024, driven by factors such as technological advancements, increasing healthcare spending, and a focus on patient safety. The region's growing population, coupled with rising demand for quality healthcare services, is fueling the expansion of the medical packaging sector. Let's explore the key drivers and opportunities contributing to the growth of the GCC medical packaging market this year. One of the primary drivers of market growth is the continuous innovation in medical packaging technologies. Companies are investing in advanced packaging materials, designs, and functionalities to meet the evolving needs of healthcare providers and patients. Smart packaging solutions equipped with sensors, RFID tags, and tracking capabilities are enhancing product safety, supply chain visibility, and real-time monitoring. This technological progress is driving the adoption of intelligent packaging solutions and fueling m...
Read more

Riding the Wave: India Wireless Earphone Market Surges Amidst Growing Demand

Image
 The India Wireless Earphone Market is witnessing remarkable growth, buoyed by an increasing demand for wireless audio solutions and a shift towards a wireless lifestyle. With consumers seeking convenience, mobility, and superior audio quality, wireless earphones have emerged as a must-have accessory in today's digital age, driving significant market expansion. One of the key drivers of growth in the India Wireless Earphone Market is the rising penetration of smartphones and smart devices. With smartphone ownership becoming ubiquitous across urban and rural areas, there is a growing need for wireless earphones that complement these devices seamlessly. As consumers look for hassle-free connectivity and on-the-go audio solutions, the demand for wireless earphones continues to surge, fueling market growth. Moreover, technological advancements in wireless audio technology are driving market expansion. Innovations such as true wireless earbuds, active noise cancellation, and advanced B...
Read more