Cryocooler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Cryocooler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

The global cryocooler market reached a value of US$ 2.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.0 Billion by 2027, exhibiting a CAGR of 6.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

The cryocooler is a standalone mechanical refrigerator used for active cooling at extremely low temperatures. It uses cryogenic fluids with helium, nitrogen and hydrogen gasses circulating in a thermodynamic cycle to absorb the ambient heat and radiate it at low temperature. The fluid is compressed at room temperature, precooled in a heat exchanger and expanded at extremely low temperatures. The returning low-pressure fluid passes through the heat exchanger again to precool the high-pressure fluid before entering the compressor intake and repeats the cycle. Cryocoolers are commonly available in pulse-tube, Brayton, Stirling, Gifford- Mahon and Joule-Thomson variants. They are compact, vibrationless, energy-efficient, require minimal maintenance and find extensive applications across various industries, including medical, mining, military, aerospace, automotive and power.

Cryocooler Market Trends:
The increasing requirement for efficient cooling systems for the production of superconductors, magnets and power systems is one of the key factors driving the market growth. This can also be attributed to the widespread adoption of closed-loop cryocoolers for operating infrared (IR) sensors, detectors, thermal cameras, night vision systems and commercial refrigerators. Moreover, the increasing product utilization for maintaining low temperatures while operating surgical probes and magnetic resonance imaging (MRI) systems is providing a thrust to the market growth. Cryocoolers are also used for advanced cancer treatments, proton therapy, cryosurgery and liquefaction of oxygen in hospitals and healthcare centers, which is favoring the market growth. Additionally, various innovations, such as the development of space cryocoolers, are acting as other growth-inducing factors. These innovative variants can withstand launch vibrations and long-term exposure to space radiations. Other factors, including the increasing adoption of cryogenically cooled low-noise amplifiers in cellular telephone base stations, along with extensive research and development (R&D) activities, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cryocooler market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, heat exchanger type, operating cycle, temperature and application.

Breakup by Type:

Pulse-Tube
Gifford-McMahon
Joule-Thomson
Brayton
Stirling

Breakup by Heat Exchanger Type:

Recuperative Heat Exchangers
Regenerative Heat Exchangers

Breakup by Operating Cycle:

Open-Loop Cycle
Closed-Loop Cycle

Breakup by Temperature:

1K-5K
5.1K-10K
10.1K-50K
50.1K-100K
100.1K-300K

Breakup by Application:

Space
Healthcare
Military and Defense
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Advanced Research Systems Inc., Air Liquide S.A., AMETEK Inc., Brooks Automation Inc., Chart Industries Inc., Cryomech Inc., Honeywell International Inc., Lake Shore Cryotronics Inc., Northrop Grumman Corporation, RICOR Cryogenic & Vacuum Systems, Sumitomo Heavy Industries Ltd., Superconductor Technologies Inc. and Thales Group.

Key Questions Answered in This Report:
How has the global cryocooler market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cryocooler market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the heat exchanger type?
What is the breakup of the market based on the operating cycle?
What is the breakup of the market based on the temperature?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cryocooler market and who are the key players?
What is the degree of competition in the industry?