Overview and Scope
A cryocooler is a mechanical refrigerator that is used to cool an application to cryogenic temperatures. The primary application of cryocooling is to cool equipment that heat up quickly.
Sizing and Forecast
The cryocooler market size has grown strongly in recent years. It will grow from $2.77 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to military and defense applications, medical equipment cooling needs, emergence of cryogen-free systems, rise in adoption for research applications, increased accessibility and affordability.
The cryocooler market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to growing demand in quantum computing, energy storage and superconductivity applications, rising demand for cryocoolers in electronics, expansion of space and satellite technologies, increased use in cryogenic storage and transportation. Major trends in the forecast period include growing demand in medical applications, miniaturization of cryocooler systems, advancements in cryocooler technology, focus on sustainable cooling solutions, rise in space exploration initiatives.
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Segmentation & Regional Insights
The cryocooler market covered in this report is segmented –
1) By Offering: Hardware, Services
2) By Type: Pulse-Tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, Stirling
3) By Operating Cycle: Open-Loop Cycle, Closed-Loop Cycle
4) By Temperature: 1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K, 100.1K-300K
5) By Application: Space, Healthcare, Military and Defence, Other Applications
North America was the largest region in the cryocooler market in 2023 and is expected to be the fastest-growing region in the cryocooler market report during the forecast period. The regions covered in the cryocooler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Major companies operating in the cryocooler market report are Sumitomo Heavy Industries Ltd., Sunpower Inc., RICOR Systems, Northrop Grumman Corporation, Cryomech Inc., Chart Industries Inc., Janis Research Company LLC, Advanced Research Systems Inc., Superconductor Technologies Inc., Stirling Cryogenics B.V., Cobham PLC, Brooks Automation Inc., Honeywell International Inc., The Lockheed Martin Corporation, L3 Technologies Inc., Air Liquide S.A., Devex, Raytheon Technologies Corporation, Refrigiwear Inc., Refrigeration Engineering Inc., Sanyo Denki Co. Ltd., Scitec Instruments Ltd., Secop Group Holding GmbH, Shimadzu Corporation, Siemens Energy AG, Supercon Inc., Thermo Fisher Scientific Inc., Titan Cryogenics, UHV Design Ltd., Thales Cryogenics B.V..
Key Industry Players
Major companies operating in the cryocoolers market are focused on developing innovative products, such as high capacity cryocoolers, to gain a competitive edge in the market. A high capacity cryocooler is a device that can produce a large amount of refrigeration at cryogenic temperatures, typically below 100 Kelvin (-173 degrees Celsius). For instance, in November 2022, SHI Cryogenics Group, a Tokyo-based manufacturer of cryogenic equipment, launched the CH-160D2 77K Cryocooler. It is uniquely designed with Whisper technology, which makes operation quieter, and Displex pneumatic drive technology, which reduces the amount of wear parts in the refrigerator. Its patent-pending gas-energized seal and revolutionary gas-balanced valve design reduce wear and tear overall while also reducing torque. The CH-160D2 also features a unique heat exchanger that is intended to boost efficiency in addition to a new stem drive.
The cryocooler market report table of contents includes:
1. Executive Summary
2. Cryocooler Market Characteristics
3. Cryocooler Market Trends And Strategies
4. Cryocooler Market – Macro Economic Scenario
5. Global Cryocooler Market Size and Growth
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31. Global Cryocooler Market Competitive Benchmarking
32. Global Cryocooler Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cryocooler Market
34. Cryocooler Market Future Outlook and Potential Analysis
35. Appendix
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