The global cryocooler market is projected to reach $2,365.8 million by 2023, witnessing a CAGR of 7.3% during the forecast period (2017–2023). The market is driven by several factors including increasing demand from aerospace & defense industry pertaining to growing military expenditure, and growing penetration in the healthcare sector.
Cryocoolers are mechanical devices that produce cryogenic temperatures for an environment or an object. The equipment works in a closed loop thermodynamic cycle where gas is used as a medium to transfer heat from one place to another. The gas absorbs the heat during compression and radiates it outside during expansion. A cryocooler usually uses helium, hydrogen, or a mixture of gases as a medium to achieve cryogenic temperatures. Some of the end users of cryocoolers include medical, defense, agriculture, environmental monitoring, transportation, and nuclear industries. Rapidly developing technologies in the military and healthcare sectors are boosting the growth of the cryocooler market.
Insights into the market segments
Based on industry, the cryocooler market is classified into aerospace & defense, healthcare, semiconductor & electronics, energy, environmental monitoring, agriculture & biology, nuclear, mining & metals, transportation, and others, wherein the others category includes commercial research & development, oil & gas, and lighting. Among these, the aerospace & defense industry is projected to be the largest contributor to the market. Cryocoolers are finding increasing applications in the military and space applications, where the market is poised to cite a significant growth rate in the forecast period. This can be attributed to their application such as maintaining cryogenic temperatures of infrared (IR) sensors in satellite surveillance systems, missile guidance systems, and night vision systems.
On the basis of heat exchanger, the cryocooler market is classified into regenerative and recuperative. Regenerative cryocoolers are further categorized into Gifford–McMahon, Stirling, and pulse-tube, while recuperative cryocoolers are further categorized into Joule–Thomson and Brayton. Key parameters which are taken into consideration for selecting a cryocooler are cooling capacity and weight. Among cryocooler technologies, Stirling cryocoolers are expected to witness the fastest growth during the forecast period, owing to their high efficiency, less weight, low production cost, and small size. Linear electric drive is used in these cryocoolers, which is the primary factor for their long life and is one of the other factors for their adoption. Developing countries, such as China, India, Thailand, and Malaysia, are expected to offer huge opportunities to market players particularly in industries including healthcare, aerospace & defense, and semiconductor.
Among regions, North America held the largest share in the cryocooler market followed by Europe and Asia-Pacific (APAC). North America has the mature aerospace & defense sector, with high military budget, which is witnessing high adoption of cryogenic technology in aircraft carriers. This is propelling the growth of the market in the region. Apart from this, cryocoolers are witnessing increasing adoption in the healthcare industry with applications including photon therapy and cryosurgery.
Aerospace & defense industry generates huge demand for cryocoolers
End-use industries, such as aerospace & defense, are providing an unprecedented growth to the cryocooler market. Several applications, including military and space, are witnessing an increasing adoption of cryocoolers. Among these, military application generated the largest demand for cryocoolers in the market. Whereas, cryocoolers demand in space application is expected to witness fastest CAGR during forecast period. Therefore, the spur in demand for cryocoolers from the space industry is one of the major drivers in the market.
Cryocooler Market Competitive Landscape
Intensity of rivalry in the cryocooler market is moderate, with the presence of large number of regional players and moderate number of international players. The value chain of the market comprises prototype designers, hardware manufacturers, and original equipment manufacturers (OEMs). The major players in the market are focusing on product innovation as well as innovations in specific solutions provided for end-use industries such as healthcare and military. For instance, Sumitomo Heavy Industries Ltd. developed new cryocooler for MRI system used in the healthcare sector. Also, the company strengthened its marketing activities by focusing on the semiconductor industry. Thus, new product offerings and strategic developments enable companies to increase their market share and achieve a wider consumer base.
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Some of the major players in the global cryocooler market include Northrop Grumman Corporation, Janis Research Company, RICOR Cryogenic & Vacuum Systems, Sumitomo Heavy Industries Ltd., Advanced Research Systems, Cryomech Inc, SunPower Corporation, Brooks Automation, Chart Industries Inc., Superconductor Technologies Inc., Lockheed Martin Corporation, L3 Technologies, Air Liquide S.A., and DH Industries Inc.
CRYOCOOLER MARKET SEGMENTATION
By Heat Exchanger
By Temperature Range