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Global Cryocooler Market Size was valued at USD 2.5 Billion in 2022. The Cryocooler market Heat Exchanger Type is projected to grow from USD 3.5 Billion in 2023 to USD 5.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.20% during the forecast period (2023 - 2032). More typically, cryocoolers are used to cool down semiconductors, superconducting magnets, and power systems. Additionally, there is a growing need for liquefied natural gas, and helium is rapidly running out, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
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.
As a result of limits and disruptions in the manufacturing supply chain, prices for industrial machinery and equipment immediately surged. The cryocoolers market started to grow again in 2021. However, market fluctuations in the start of 2022 were brought on by the Russia-Ukraine conflict. However, it is anticipated that the market would significantly expand throughout the course of the projected time.
Cryocoolers are now utilized commercially in the United States to cool the high-temperature superconducting magnets used in cell phone stations. High-Temperature Superconducting (HTS) filters are used in these superconducting receivers to produce extremely tiny band-reject filters or bandpass filters with extremely steep skirt slopes. These receivers improve call quality, let the base station handle more calls, and enable it to hear a phone from a further distance when used with cryogenically cooled low-noise amplifiers. Four American companies—Conductus, Illinois Superconductor, Superconducting Technologies, and Spectral Solutions Inc.—offer this technology. Thus, driving the Cryocooler market revenue.
The global Cryocooler market segmentation, based on Type includes Gifford-Mcmahon, Pulse-Tube, Stirling, Brayton, and Joule-Thomson. In terms of revenue, the Gifford McMahon segment had the greatest revenue share in 2022 and is anticipated to rule the market over the projected period. This can be due to the cryocooler's low price and special qualities. Low-performing nitrogen liquefiers, cryo vacuum gear, helium recondensation facilities, and cryogenic systems for various scientific research have all contributed to the rise in popularity of Gifford McMahon cryocoolers in recent years. These are some of the main uses for cryocoolers.
The global Cryocooler market segmentation, based on Heat Exchanger Type, includes regenerative heat exchanger and recuperative heat exchanger. The regenerative heat exchanger segment dominated the market in 2022 in terms of revenue, and it is predicted that it will keep that position for the duration of the forecast period. 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.
The global Cryocooler market segmentation, based on Application, includes military & defense, healthcare, power & energy, aerospace, research & development, transport, mining & metal, and others. The largest market share in 2022 belonged to the military and defense sector, and it is projected that it will keep that position throughout the forecast period. This is accounted for by the large use of cryocoolers in defense-related technologies like night vision, ground-mounted military equipment, and aerial military equipment. The enormous demand from the military sector is expected to drive the cryocooler market's growth.
Over the forecast period, the healthcare segment is anticipated to experience the quickest CAGR. The increase in cancer cases and the global surge in health consciousness following COVID-19 are to blame for this growth. The American Cancer Society estimates that there will be 606,520 cancer-related deaths and 1.8 million new cancer diagnoses in the United States in 2020. In the United States, cancer is the second leading cause of death. Proton therapy is increasingly in demand due to the rise in cancer cases, which also fuels the market for cryocoolers.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Cryocooler Regional Insights
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America owned the largest revenue share of 45.80% in 2022 and now controls the market as a result of the fast growing use of the systems in the military business and the growing use of cryocoolers in the healthcare industry. 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 U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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From 2023 to 2032, the Cryocooler market in Asia-Pacific is anticipated to experience the quickest CAGR growth. Many factors are to blame for this surge, including the expansion of the military and defense sectors in the area, particularly in 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. Further, 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.
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.
The second-largest market share belongs to the cryocooler market in Europe. This might be because sophisticated systems and detectors used in the region frequently use cryocoolers, such as scaled-down payloads, thermal weapon sights, and missile warning systems. It is projected that in the coming years, cryocooler companies will have more creative options thanks to enhanced performance with new features, like detector sensitivity, for an EO and IR use in microsatellites. 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.
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, 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. In March 2021, Cryomech Inc. launched the PT425, the most recent improvement in their extensive line of 4K Pulse Tube Cryocoolers. The PT425 is the largest two-stage pulse tube cryocooler that any manufacturer has ever offered. It has an integrated motor platform and a combined performance of 2.5W at 4.2K and 55W at 45K.
Chart Industries Inc. produces engineered equipment. In order to be used in the value chain of the supply of liquid gas, it designs and manufactures engineered cryogenic equipment. The business offers a range of goods, including fans and equipment for ambient temperature, cold boxes, liquefaction process units, heat exchangers, vacuum-insulated confinement vessels, and other cryogenic parts. Products from Chart are used in the production, liquefaction, storage, delivery, and use of industrial, hydrocarbon, and atmospheric gases. Some of the brands that the business uses to market its products include Air-X-Changers, BlueInGreen, Chart China, Chart Ferox, Cofimco, Cryo Technologies, Flow, Gofa, Hudson, Industrie Meccaniche di Bagnolo (IMB), Smithco, SES Innovation, VCT Vogel, and VRV. The company has operations in the Americas, Europe, and Asia. The headquarters of the American business Chart are in Ball Ground, Georgia. In October 2020, Chart Industries Inc. purchased the assets of Worthington Industries, Inc.'s cryogenic and hydrogen trailer operations.
· 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
· Cobham Missions Systems Wimborne Limited
December 2020: In a multi-national partnership, Clean Power Hydrogen (CPH2) and AFCryo, one of the leading suppliers of cryogenic systems for gas separation and hydrogen liquefaction, will provide the market with a less expensive and more dependable method of producing green hydrogen from renewable sources.
January 2020: A 20 Watt, 20 Kelvin cryocooler that NASA just built is essential for achieving 0% boil-off of liquid hydrogen.
· Gifford-Mcmahon
· Pulse-Tube
· Stirling
· Brayton
· Joule-Thomson
· Regenerative Heat Exchanger
· Recuperative Heat Exchanger
· Military & Defense
· Healthcare
· Power & Energy
· Aerospace
· Research & Development
· Transport
· Mining & Metal
· Others
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 2.5 Billion |
|
Market Size 2023 |
USD 3.5 Billion |
|
Market Size 2032 |
USD 5.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
7.20% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Heat Exchanger Type, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
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, Cobham Missions Systems Wimborne Limited |
|
Key Market Opportunities |
Rise in the need for cryogenic refrigeration for space applications |
|
Key Market Dynamics |
Increasing adoption of cryocoolers in cooling down power systems, superconducting magnets, and the semiconductor industry and rise in the demand for liquefied natural gas & high rate of depletion of helium |
The global Cryocooler Market was valued at USD 2.5 billion in 2022, and it is estimated to reach USD 5.6 billion by 2032.
The global market is projected to grow at a CAGR of 7.20% during the forecast period, 2023-2032
North America had the largest share in the global market
The key players in the market are 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, Cobham Missions Systems Wimborne Limited.
The Gifford-McmahonType dominated the market in 2022.
The Regenerative Heat Exchanger Heat Exchanger Type had the largest share in the global market.
Report Code :
RL6597
Published on :
Aug 2023
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