The global Cryocooler Market is estimated to be valued at US$ 2540.58 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cryocoolers are devices used to produce cryogenic temperatures below 123 K (-150 °C). The most common applications of cryocoolers include infrared imaging & sensors, medical instruments, magnetic resonance imaging (MRI), space telescopes & satellites, food & beverages storage, and liquefaction of gases. Some of the key advantages of cryocoolers include compact size, light weight, portability, high reliability, and no contamination issues.
Market Overview:
Cryocoolers find application in scientific, space, medical and military industries for cooling infrared detectors, MRI machines, space telescopes and satellites. Of late, the Gifford-McMahon cryocooler segment has emerged as one of the fastest growing segments owing to its compact size and high reliability needed in space applications.
Market key trends:
One of the key trends in the cryocooler market is the focus on developing more efficient and lightweight cryocoolers. Owing to stringent weight limits in space applications, there is a growing demand for lighter and more compact cryocoolers. Additionally, with the increasing use of infrared imaging technology in various industries and scientific research, the need for continuous cooling of infrared detectors is also growing. This is expected to drive the demand for highly reliable and efficient cryocoolers over the forecast period.
Segment Analysis
The cryocooler market is segmented into Gifford-Mcmahon cryocoolers, pulse tube cryocoolers, stirling cryocoolers, Joule Thomson cryocoolers, and Brayton cryocoolers. Among these, pulse tube cryocoolers dominate the market and accounted for over 30% of the global share in 2023. Pulse tube cryocoolers are preferred over other cryocooler types due to their advantages such as compact design, lack of moving parts, high reliability, and efficient vibration-free operation.
Key Takeaways
The Global Cryocooler Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for cryocoolers across medical, military, energy, and environmental industries for applications such as cooling detectors, semiconductor manufacturing, and sample testing.
Regional analysis
North America dominated the global cryocooler market in 2023 and is expected to maintain its dominance during the forecast period. This is attributed to the presence of major cryocooler manufacturers and suppliers in the US and Canada. The Asia Pacific region is projected to grow at the fastest rate due to rising infrastructural development and increasing investments in semiconductor manufacturing facilities across China, India, and Southeast Asian countries.
Key players
Key players operating in the cryocooler market are Northrop Grumman Corporation, Sumitomo Heavy Industries Limited, Stirling Cryogenics BV, Sunpower Inc. (AMETEK Inc.), Superconductor Technologies Inc., RICOR, Advanced Research Systems Inc., Cobham PLC, Janis Research Company LLC, Cryomech Inc., and Chart Industries Inc. Northrop Grumman Corporation and Sumitomo Heavy Industries Limited captured over 35% of market share in 2023 owing to their diverse product portfolios and strong global distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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