Cryocoolers are temperature control devices, which utilize the reverse Joule-Thomson effect in combination with thermodynamic refrigeration cycles to provide active cooling to low temperatures. They play a crucial role in cooling infrared detectors, superconducting devices, semiconductor devices, medical equipment, military devices, and space applications. Cryocoolers offer various advantages over traditional mechanical coolers such as Gifford McMahon and pulse tube cryocoolers. Cryocoolers do not require periodic maintenance, produce less vibrations, and come with compact designs.
The global Cryocooler Market is estimated to be valued at US$ 2926.75 Bn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cryocooler market is the increasing use of hydrogen-based cryocoolers. Hydrogen-based cryocoolers offer cooling at ultra-low temperatures as low as 20K. They are gaining popularity in space science applications such as infrared imaging, astrophysics, quantum computing, medical devices to freeze tumors for cancer treatment, and other research areas. Moreover, hydrogen-based cryocoolers are more efficient than helium-based cryocoolers as hydrogen has better thermophysical properties and a higher density. They provide longer hold times at lower temperatures, higher reliability, and longer lifetimes. Ongoing research and development of innovative hydrogen-based cryocooler technologies to achieve lower temperatures will further augment the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and technological advancements have lowered the threat of new entrants. However, established players have strong brand recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customized solutions increase customer dependence on specific suppliers.
Bargaining power of suppliers: A few cryocooler technology developers and component suppliers exist, giving them significant influence over prices. Supplier concentration is high.
Threat of new substitutes: Alternatives like fluid coolers are available, but cryocoolers offer superior precision and lower costs over the long run for specialized applications.
Competitive rivalry: The market has a few large players and several smaller regional vendors. Competition is based on technology, product portfolios, quality, and pricing.
Key Takeaways
The Global Cryocooler Market Size is expected to witness high growth over the forecast period due to increasing research activities and demand from end-use industries.
North America dominated the market in 2024 and is expected to continue its dominance during the forecast period due to strong government funding and presence of major players in the US and Canada.Asia Pacific is expected to be the fastest growing region, driven by rising research & development expenditure and growing semiconductor & electronics industries in countries like China, Japan and South Korea.
Key players operating in the cryocooler market are CRISPR Therapeutics AG, Editas Medicine, Inc., Intellia Therapeutics, Inc., Sangamo Therapeutics, Inc., Beam Therapeutics Inc., Caribou Biosciences, Inc., Mammoth Biosciences, Precision Biosciences, Inc., Synthego Corporation, GenScript Biotech Corporation, Horizon Discovery Group plc, Lonza Group Ltd., Takara Bio Inc., Merck KGaA, Thermo Fisher Scientific Inc. Innovation through strategic partnerships and new product launches will help these players to gain share in the growing cryocooler market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it