Cryocooler Market with COVID-19 Impact and Analysis by Type, Offering, Heat Exchanger Operating Cycle, Application, and Geography - Global Forecast to 2025 - ResearchAndMarkets.com

·4-min read

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.

Market Dynamics

Drivers

  • 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

Restraints

  • High Input Power Consumption of Cryocoolers

Opportunities

  • Rising Need for Cryogenic Refrigeration for Space Applications

  • Growing Demand for Cryocoolers with Enhanced Capabilities and Low Cost for Microsatellite and Military Applications

Challenges

  • Performance Constraints of Cryocoolers

  • Leakage of Cryogen Gases

  • Winning Imperative

  • Reduction in Cost of Cryocoolers

Companies Mentioned

  • Acme Cryogenics

  • Advanced Research Systems, Inc.

  • Air Liquide Sa

  • Bright Instruments

  • Chart Industries, Inc.

  • Creare LLC

  • Cryomech, Inc.

  • Fabrum Solutions Limited

  • Honeywell International Inc.

  • Janis Research Company, LLC

  • Lihan Cryogenic Technology Co. Ltd

  • Northrop Grumman Corporation

  • Oxford Cryosystems

  • 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.

For more information about this report visit https://www.researchandmarkets.com/r/pn3fzz

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005673/en/

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900