The "Cryocooler Market with COVID-19 Impact and Analysis by Type (GM, PT, JT, Stirling, Brayton), Offering (Hardware, Services), Heat Exchanger (Recuperative, Regenerative) Operating Cycle (Open,Closed loop), Application, and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The overall cryocooler market is expected to grow at a CAGR of 6% from 2020 to 2025. The market is estimated to grow from USD 2.3 billion in 2020 to USD 3.1 billion in 2025.
The cryocooler market has a promising growth potential owing to several factors such as surging adoption of cryocoolers in MRI, NMR equipment, and proton therapy in the healthcare sector, high rate of depletion of helium, growing demand for liquefied natural gas and increasing adoption of cryocoolers in the semiconductor industry, superconducting magnets, and power systems.
The cryocooler market is at a promising stage and is expected to see strong growth during the forecast period. High technology applications such as semiconductors, hard disk drives, flat panel displays, lighting, solar cells, and thermal and general vacuum coating systems typically use cryopumps or cryocoolers as a part of their critical processes. The growing adoption of cryocoolers in the semiconductor industry and superconducting magnets is expected to increase their demand in the coming years.
The market for space application is estimated to grow at the highest CAGR during the forecast period
The market for space application is expected to grow at the highest CAGR from 2020 to 2025. Growing space exploration projects in developed parts of the world are likely to increase the deployment of cryocoolers in these projects at a rapid pace. Further, the rising focus of developing countries including China and India on space missions is further expected to boost the demand for cryocoolers from the space vertical.
The market for GM type of cryocoolers is estimated to account for the largest share between 2020 and 2025
The cryocooler market for hardware is expected to flourish at a significant growth rate and estimated to hold the dominant position during the forecast period. The GM type cryocoolers are used in wide application use cases including military applications for cooling down the IR sensors used in missiles and satellite monitoring. In addition, they are used for superconductivity applications in magnetic levitation trains, MRI systems, and semiconductor fabrication units.
The market for closed-loop cycle type is estimated to grow at the highest CAGR from 2020 to 2025
The cryocooler market for the closed-loop cycle type is expected to grow at the highest CAGR during the forecast period. This is majorly due to their broader application areas, which include IR detectors/ sensors, thermal cameras, magnetic resonance imaging (MRI), surgical probes, night vision systems, superconducting devices, and commercial refrigerators. Recent technological advancements have led to the development of high-temperature infrared detectors with a cooling range between 150 and 200 K. Closed-cycle systems such as JT cryocoolers are being used in a wide range of applications in night vision systems due to the absence of mechanical parts, miniature size, and rapid cooling capacity.
Cryocooler market in the APAC region is expected to witness robust growth during 2020-2025
The market in APAC is expected to grow at the highest CAGR during the forecast period. This market growth in APAC can be attributed to the increasing adoption of various cryocoolers such as GM, PT, JT, Stirling, and Brayton for producing very low temperatures required in various applications across sectors such as medical, space, commercial, environmental, transport, and energy.
High Rate of Depletion of Helium
Surging Adoption of Cryocoolers in MRI, Nmr Equipment, and Proton Therapy in the Healthcare Sector
Growing Demand for Liquefied Natural Gas
Increasing Adoption of Cryocoolers in Semiconductor Industry, Superconducting Magnets, and Power Systems
High Input Power Consumption of Cryocoolers
Rising Need for Cryogenic Refrigeration for Space Applications
Growing Demand for Cryocoolers with Enhanced Capabilities and Low Cost for Microsatellite and Military Applications
Performance Constraints of Cryocoolers
Leakage of Cryogen Gases
Reduction in Cost of Cryocoolers
Advanced Research Systems, Inc.
Air Liquide Sa
Chart Industries, Inc.
Fabrum Solutions Limited
Honeywell International Inc.
Janis Research Company, LLC
Lihan Cryogenic Technology Co. Ltd
Northrop Grumman Corporation
Ricor - Cryogenic & Vacuum Systems
Sumitomo Heavy Industries Limited
Sunpower, Inc. (Ametek, Inc.)
Superconductor Technologies, Inc. (Allied Integral United, Inc.)
Thales Cryogenics Bv
Tristan Technologies, Inc.
Vacree Technologies Co. Ltd.
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Laura Wood, Senior Press Manager
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