Cryocooler Market Opportunities, Size, Share, Trends, Revenue, Growth and Demand by 2023
Global cryocooler market is application driven, where some of the key application areas of cryocoolers are industries such as aerospace and defense, healthcare, semiconductor & electronics, environmental monitoring and transportation.
Global cryocooler market is application driven, where some of the key application areas of cryocoolers are industries such as aerospace and defense, healthcare, semiconductor & electronics, environmental monitoring and transportation.
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Global <strong>Cryocooler</strong> <strong>Market</strong> to Witness<br />
7.3% CAGR during 2017 – <strong>2023</strong><br />
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Global <strong>Cryocooler</strong> <strong>Market</strong><br />
According to a new market research report “Global <strong>Cryocooler</strong> <strong>Market</strong> <strong>Size</strong>, <strong>Share</strong>,<br />
Development, <strong>Growth</strong> <strong>and</strong> Dem<strong>and</strong> Forecast to <strong>2023</strong> - Industry Insights <strong>by</strong> Offering<br />
(Hardware <strong>and</strong> Service), <strong>by</strong> Heat Exchanger (Recuperative <strong>and</strong> Regenerative), <strong>by</strong><br />
Temperature Range (1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K <strong>and</strong> 100.1K-300K), <strong>by</strong><br />
Industry (Aerospace <strong>and</strong> Defense, Healthcare, Semiconductor <strong>and</strong> Electronics,<br />
Environmental Monitoring, Energy, Transportation, Agriculture & Biology, Nuclear,<br />
Mining <strong>and</strong> Metals <strong>and</strong> Others)” published <strong>by</strong> P&S <strong>Market</strong> Research, the global<br />
cryocooler market is projected to reach $2,365.8 million <strong>by</strong> <strong>2023</strong>.<br />
Explore Report Description at: https://www.psmarketresearch.com/marketanalysis/cryocooler-market
Global <strong>Cryocooler</strong> <strong>Market</strong><br />
Global cryocooler market to witness notable growth<br />
<strong>by</strong> <strong>2023</strong><br />
As per the research, the global cryocooler market is expected to reach<br />
$2,365.8 million <strong>by</strong> <strong>2023</strong>, registering a CAGR of 7.3% during 2017 - <strong>2023</strong>.<br />
<strong>Cryocooler</strong> refers to the mechanical device, used to generate cryogenic<br />
temperature <strong>and</strong> offers cooling to the environment <strong>and</strong> materials inside it.<br />
It follows the closed cycle thermodynamic mechanism <strong>and</strong> utilizes the flow<br />
of gas inside closed pipelines, absorbs the outer temperature <strong>and</strong> radiates it<br />
outside. The device typically uses helium, hydrogen or a mixture of gases to<br />
offer cryogenic temperatures. Some of the key application areas of<br />
cryocoolers include military, medical, commercial, environmental, energy,<br />
transport, research <strong>and</strong> development, <strong>and</strong> space. The global cryocooler<br />
market has been witnessing considerable dem<strong>and</strong> from the developed<br />
economies owing to the briskly emerging technologies in the military <strong>and</strong><br />
healthcare sectors.
Global <strong>Cryocooler</strong> <strong>Market</strong><br />
Insights on market segments<br />
As per the findings of the research, the aerospace <strong>and</strong> defense industry is expected to<br />
contribute largest to the global cryocooler market. In this industry, cryocoolers are<br />
widely being used for military <strong>and</strong> space applications. Global cryocooler market is<br />
expected to register a significant growth, directed <strong>by</strong> the rising acceptance of several<br />
cryocoolers to offer cryogenic temperatures for IR sensors in missile guidance, satellitebased<br />
surveillance <strong>and</strong> night vision based systems.<br />
Most commonly used cryocoolers for various applications are the Gifford–McMahon,<br />
Joule–Thomson, Brayton, Stirling <strong>and</strong> Pulse Tube. Weight <strong>and</strong> cooling capacity are the<br />
key parameters taken into consideration while comparing the overall performance of<br />
varied cryocoolers. The market for stirling cryocoolers is expected to grow fastest during<br />
the forecast period. These cryocoolers have emerged as preferred devices in terms of<br />
efficiency, compactness, lesser weight <strong>and</strong> comparatively low production cost.<br />
Stirling cryocoolers use linear electric drive, resulting in their long life, which is likely to<br />
increase their adoption in the global cryocooler market. Moreover, developing nations<br />
such as China, Malaysia, India <strong>and</strong> Thail<strong>and</strong> are registering notable growth in industries<br />
such as aerospace <strong>and</strong> defense, healthcare <strong>and</strong> semiconductor, due to which the<br />
dem<strong>and</strong> for these cryocoolers is expected to surge in these nations during the forecast<br />
period.
Global <strong>Cryocooler</strong> <strong>Market</strong><br />
North America – The largest cryocooler market<br />
Geographically, North America has been the largest contributor to the<br />
global cryocooler market, followed <strong>by</strong> Europe <strong>and</strong> Asia-Pacific. Some of the<br />
factors such as the mature aerospace <strong>and</strong> defense industry <strong>and</strong> the rising<br />
installation of cryogenic technology in aircraft carriers are responsible for<br />
the growth of North American cryocooler market. Moreover, acceptance of<br />
cryocoolers in healthcare industry for various applications, including<br />
cryosurgery <strong>and</strong> proton therapy, is also propelling the growth of cryocooler<br />
market in the region.
Global <strong>Cryocooler</strong> <strong>Market</strong><br />
Increasing dem<strong>and</strong> of cryocoolers from aerospace<br />
<strong>and</strong> defense industry<br />
Rising dem<strong>and</strong> for cryocoolers across the aerospace <strong>and</strong> defense industry<br />
has been boosting the global cryocoolers market. <strong>Cryocooler</strong>s are being<br />
used in this industry to cater the individual dem<strong>and</strong>s of military <strong>and</strong> space<br />
applications. The military applications contributed largest to the global<br />
cryocooler market; however, market for space applications is expected to<br />
register the highest growth during the forecast period. The global<br />
cryocooler market has immense growth opportunities with the increasing<br />
applications of cryocoolers in the space sector, which is likely to spearhead<br />
the global cryocooler market in near future.
Global <strong>Cryocooler</strong> <strong>Market</strong><br />
Moderate intensity of rivalry<br />
The research states that the intensity of rivalry is moderate due to the presence of large<br />
number of regional players <strong>and</strong> moderate number of players operating globally. The<br />
ecosystem of global cryocooler market comprises of hardware manufacturers, prototype<br />
designers, <strong>and</strong> original equipment manufacturers (OEMs). Some of the major players in the<br />
global cryocooler market include Sumitomo Heavy Industries, Northrop Grumman<br />
Corporation, Janis Research Company, RICOR Cryogenic & Vacuum Systems, Advanced<br />
Research Systems, DH Industries, Air Liquide, L-3 Communications Holdings, Lockheed<br />
Martin Corporation, Superconductor Technologies, Chart Industries, Brooks Automation,<br />
Sunpower <strong>and</strong> Cryomech.<br />
The major cryocooler vendors have been focusing on innovation to compete in the global<br />
market. Major players are targeting on innovating the applications of cryocoolers mainly<br />
across the military <strong>and</strong> healthcare sectors. Sumitomo Heavy Industries, for instance<br />
developed cryocoolers for MRI applications, which is helpful for healthcare industry.<br />
Sumitomo Heavy Industries is one of the major players in the global cryocooler market. The<br />
company also intensified its marketing activities aimed at semiconductor manufacturing<br />
equipment players who require cryogenic machines. Thus, new offerings <strong>and</strong> developments<br />
help companies to generate more revenues besides serving to wide range of customer<br />
requirements.
Global <strong>Cryocooler</strong> <strong>Market</strong><br />
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