Cryocooler Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Cryocooler Market: Overview
A cryocooler has the ability to cool its interior environment and the global cryocooler market has been witnessing a steady rise in demand, especially from developed economies. There are numerous types of cryocoolers currently in use: Brayton cryocoolers, Gifford-McMahon cryocoolers, Stirling cryocoolers, Joule Thomson cryocoolers, and pulse-tube cryocoolers. Among these, Stirling cryocoolers are likely to witness a steady increase in demand owing to the many advantages they present to varied application areas. These benefits include compact size, high efficiency, lower need for maintenance, and reduced weight.
The many services provided by players in the cryocooler market include customer training, product repair and refurbishment, preventive maintenance, and technical support. As far as application is concerned, cryocoolers are being used in industries such as energy, research and development, military, medical, commercial, space, environmental, and transport. The military sector has been a key consumer of cryocoolers and has, as a result, emerged as a key contributor toward the growth of the global market. The medical sector is also a leading segment, wherein cryocoolers are used in a number of medical devices such as MRI machines, for organ storage, and for cryosurgery.
Global Cryocooler Market: Key Trends
The global cryocooler market is primarily driven by the rising demand for medical systems and a dearth of helium. The market is also propelled by the use of cryocoolers in microsatellites and space systems. Expanding defense budgets and rising investments in the defense technology are supporting the implementation of cryocoolers in the military sector. On the flip side, however, the market is likely to be hindered by the high cost of cryocoolers. In addition to this, the high consumption of power will prove to be a hindrance.
Global Cryocooler Market: Market Potential
Considering the immense potential this market presents, companies are partnering with government and research organizations in order to expand their operations. A case in point would be Ball Aerospace and Technologies Corporation, who was awarded the US$18 mn contract to design, test, and deliver a cryocooler for NASA. Developed by NASA’s Jet Propulsion Laboratory, the innovative cryocooler will be launched in 2018 and will be used in the Landsat-9 spacecraft to freeze the Space Telescope’s mid-infrared instrument (MIRI).
Companies are also expanding their operations and end-use portfolios by shifting focus on new and emerging cryocooler markets and by offering a wider range of systems and services respectively. For instance, Japan-based Sumitomo Heavy Industries Ltd. recently expanded its business in China and set up a much larger facility in Shanghai. The firm also offers customers a number of value-added services and after-sales services. This has enabled it to strengthen its foothold in the cryocooler market.
Global Cryocooler Market: Regional Outlook
Regionally, the cryocooler market is segmented into North America, Asia Pacific, Europe, and Rest of the World. North America accounts for a significant share in the global market. While the use of cryocoolers in the medical sector is a key factor driving the North America market, the increasing use of these systems in the military sector is likely to offer potential for growth. In the medical industry, cryocoolers are used for proton therapy in treating cancer; in the military sector, they are being used for missile guidance and satellite monitoring. In November 2015, the USS Gerald R Ford - the U.S. Navy’s aircraft carrier - was installed using cryocooler technology.
During the course of the forecast period, the Asia Pacific cryocooler market is slated to witness strong growth as well. This can be attributed to the rising usage of cryocoolers in space, medical, research and development, and military applications.
Companies mentioned in the report
Advanced Research Systems, Inc., Sunpower, Inc., Sumitomo Heavy Industries Ltd., Cryomech, Inc., Chart Industries, Inc., DH Industries BV, Superconductor Technologies Inc., Janis Research Company LLC, and Brooks Automation Inc. are some of the leading players operating in the global cryocooler market. The vendor landscape of this market comprises hardware component manufacturers, prototype designers, and original equipment manufacturers (OEMs). Analysts have observed that a number of companies are focused on expanding their application portfolio into the energy and military sectors, recognizing the potential of cryocoolers here.
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Latest Trends and Cardinal Growth Prospects
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Existing and Future Insights in Growth
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Ascensions in Technology
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The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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