Global cryocooler market to witness notable growth by 2023
As per the research, the global cryocooler market is expected to reach $2,365.8 million by 2023, registering a CAGR of 7.3% during 2017 - 2023. Cryocooler refers to the mechanical device, used to generate cryogenic temperature and offers cooling to the environment and materials inside it. It follows the closed cycle thermodynamic mechanism and utilizes the flow of gas inside closed pipelines, absorbs the outer temperature and radiates it outside. The device typically uses helium, hydrogen or a mixture of gases to offer cryogenic temperatures. Some of the key application areas of cryocoolers include military, medical, commercial, environmental, energy, transport, research and development, and space. The global cryocooler market has been witnessing considerable demand from the developed economies owing to the briskly emerging technologies in the military and healthcare sectors.
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Insights on market segments
As per the findings of the research, the aerospace and defense industry is expected to contribute largest to the global cryocooler market. In this industry, cryocoolers are widely being used for military and space applications. Global cryocooler market is expected to register a significant growth, directed by the rising acceptance of several cryocoolers to offer cryogenic temperatures for IR sensors in missile guidance, satellite-based surveillance and night vision based systems.
Most commonly used cryocoolers for various applications are the Gifford–McMahon, Joule–Thomson, Brayton, Stirling and Pulse Tube. Weight and cooling capacity are the key parameters taken into consideration while comparing the overall performance of varied cryocoolers. The market for stirling cryocoolers is expected to grow fastest during the forecast period. These cryocoolers have emerged as preferred devices in terms of efficiency, compactness, lesser weight and comparatively low production cost.
Stirling cryocoolers use linear electric drive, resulting in their long life, which is likely to increase their adoption in the global cryocooler market. Moreover, developing nations such as China, Malaysia, India and Thailand are registering notable growth in industries such as aerospace and defense, healthcare and semiconductor, due to which the demand for these cryocoolers is expected to surge in these nations during the forecast period.
North America – The largest cryocooler market
Geographically, North America has been the largest contributor to the global cryocooler market, followed by Europe and Asia-Pacific. Some of the factors such as the mature aerospace and defense industry and the rising installation of cryogenic technology in aircraft carriers are responsible for the growth of North American cryocooler market. Moreover, acceptance of cryocoolers in healthcare industry for various applications, including cryosurgery and proton therapy, is also propelling the growth of cryocooler market in the region.
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Increasing demand of cryocoolers from aerospace and defense industry
Rising demand for cryocoolers across the aerospace and defense industry has been boosting the global cryocoolers market. Cryocoolers are being used in this industry to cater the individual demands of military and space applications. The military applications contributed largest to the global cryocooler market; however, market for space applications is expected to register the highest growth during the forecast period. The global cryocooler market has immense growth opportunities with the increasing applications of cryocoolers in the space sector, which is likely to spearhead the global cryocooler market in near future.
Moderate intensity of rivalry
The research states that the intensity of rivalry is moderate due to the presence of large number of regional players and moderate number of players operating globally. The ecosystem of global cryocooler market comprises of hardware manufacturers, prototype designers, and original equipment manufacturers (OEMs). Some of the major players in the global cryocooler market include Sumitomo Heavy Industries, Northrop Grumman Corporation, Janis Research Company, RICOR Cryogenic & Vacuum Systems, Advanced Research Systems, DH Industries, Air Liquide, L-3 Communications Holdings, Lockheed Martin Corporation, Superconductor Technologies, Chart Industries, Brooks Automation, Sunpower and Cryomech.
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