The global Cryocoolers market is accounted to US$ 1415.52 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 – 2027, to account to US$ 3137.17 Mn by 2027.
Asia-Pacific is anticipated to be the fastest growing market and North America is to be the highest revenue contributor throughout the forecast period. Higher investments for cryocooler application such as increase in the number of healthcare and space applications would accentuate the growth of cryocooler market in North America. Moreover, in Asian countries witnessed higher military spending, which includes high budget for military outer-space programmes. The overall military spending recorded by Asia Pacific region in the year 2018 was over US$ 450 Bn, which is expected to fuel cryocoolers market in this region.
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Company Profiles
- Advanced Research Systems, Inc.
- Brooks Automation Inc.
- Chart Industries Inc.
- Cryomech Inc.
- Northrop Grumman Corporation
- RICOR – Cryogenic & Vacuum Systems
- Sumitomo Heavy Industries, Ltd.
- Sunpower Inc. (Ametek Inc.)
- Superconductor Technologies Inc.
- Thales Group
Adoption of Cryogenic Solutions for space applications
Cryogenic fluids such as liquid helium, liquid nitrogen, or cold nitrogen, and helium gas were primarily being used in the cryostats. However, higher costs associated with the extraction of these cryogenic liquids for passive cooling led to the search of substitute materials. Cryocooler have been put into commercial usage more than three decades back as able substitutes to the cryogenic liquids in terms of cost-effectiveness, reliability, and lower maintenance costs. The highlighting features of cryocoolers that make them unique products especially in the space based applications are smaller sizes, lesser weights, and volumes.
Emergence of Effective cryocoolers
It is expected that emerging diagnostic procedures in cardiovascular imaging along with therapeutic procedures involving image-guided surgery will produce a concurrent demand for higher fields than are currently available in ‘open’ slot magnets and greater access to the patient than is currently available in ‘short bore’ magnets. These goals are not consistent with the perceived need for continuing magnet price reduction. Continued progress in cryogenic refrigeration will result in a moving cost target for HTS conductors and it is doubtful that they will ever be applied in air core MRI magnet windings where significant amounts of conductor are required because they cost so much more than LTS conductors.
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GLOBAL CRYOCOOLERS – MARKET SEGMENTATION
By Hardware
- Power Conditioning Units
- Cold Heads
- Compressors
- Heat Dissipation Pipes
- Others
By Type
- Brayton Cryocoolers
- Pulse-Tube (PT)
- Stirling
- Gifford-McMahon
- Joule-Thomson (JT)
- Others
By Application
- Healthcare
- Environmental
- Transport
- Military
- Commercial
- Space
- Research & Development
- Agriculture
- Others
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia Pacific (APAC)
- Taiwan
- China
- India
- Australia
- Japan
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
What does this report contains? Why to Purchase? Have a Look
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global cryocooler market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global cryocooler market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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