Valued to be $3.1 Billion by 2026, Cryocoolers Slated for Robust Growth Worldwide

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May 31, 2022, 09:35 ET

SAN FRANCISCO , May 31, 2022 /PRNewswire/ --A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Cryocoolers - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Valued to be $3.1 Billion by 2026, Cryocoolers Slated for Robust Growth Worldwide

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Edition: 7; Released: April 2022
Executive Pool: 761
Companies: 52 - Players covered include Advanced Research Systems, Inc.; AIM Infrarot-Module GmbH; Air Liquide SA; Brooks Automation, Inc.; Chart Industries, Inc.; Creare LLC; Cryomech, Inc.; Fabrum Solutions Ltd.; Janis Research Company, LLC.; L3 Cincinnati Electronics; Le-tehnika, d.o.o. ; Lihan Technologies Co., Ltd.; Northrop Grumman Corporation; Oxford Cryosystems; Ricor - Cryogenic & Vacuum Systems; Sierra Lobo, Inc.; Stratox Limited; Sumitomo Heavy Industries Ltd.; Sunpower Inc.; Superconductor Technologies, Inc.; Thales Cryogenics B.V.; Tristan Technologies, Inc.; Vacree Technologies Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Type (Gifford-McMahon Cryocoolers, Pulse-Tube Cryocoolers, Stirling Cryocoolers, Joule Thomson Cryocoolers, Brayton Cryocoolers); Application (Military, Commercial, Research & Development, Medical, Energy & Power, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Amid the COVID-19 crisis, the global market for Cryocoolers estimated at US$2.3 Billion in the year 2022, is projected to reach a revised size of US$3.1 Billion by 2026, growing at a CAGR of 6.5% over the analysis period. Gifford-McMahon Cryocoolers, one of the segments analyzed in the report, is projected to grow at a 7% CAGR, while growth in the Pulse-Tube Cryocoolers segment is readjusted to a revised 5.4% CAGR. Cryocoolers are increasingly being used in medical, commercial and military applications. Since these cryocoolers aid in the efficient functioning of various systems by maintaining the cryogenic temperatures, they find wider use in research and development, energy, transport and space applications. Continuous efforts in research and development have boosted the growth and innovation of the cryocooler market. Small and efficient cryocoolers are popular in military, space and medical applications. Cryocoolers are effective in cooling superconducting electronics towards advanced digital filters. Cryocoolers also cool infrared sensors to attain better resolutions. Similarly, cryocoolers are useful in varied applications, from security and environment to agriculture and transportation. Cryocoolers help in cooling MRI systems and low-temperature sensors. A potential area for cryocooler usage is image-guided surgery and diagnostic cardiovascular procedures.

The global cryocoolers market is being driven by the growing demand for cooling systems that are efficient for use during the production of power systems, magnets, and superconductors. Sophisticated technology applications such as solar cells, semiconductors, general and thermal vacuum coating systems, lighting, flat panel displays, and hard disk drives generally employ cryocoolers or cryopumps in their important processes.

The extensive use of closed-loop cryocoolers for night vision systems, thermal cameras, detectors, commercial refrigerators, and IR sensors are also fueling market growth. Further, the growing adoption of these systems for use with NMR equipment, MRI systems and surgical probes to maintain low temperatures are providing impetus to the market. Cryocoolers also find use in proton therapy, advanced cancer treatments, oxygen liquefaction in healthcare facilities and hospitals, and cryosurgery, and this aiding the growth of the market. The market is also benefitting from advancements such as the design of space cryocoolers. Such systems can endure vibrations during launch and extended exposure to radiations in space. The growing demand for low noise amplifiers that are cooled cryogenically in cellular base stations in addition to widespread R&D activities are expected to augur well for the market. Growing healthcare services mainly in developing regions, increasing LNG (liquefied natural gas) production, and shortfall of helium gas are the other factors promoting market growth.

The use of cryocoolers in space applications is expected to strongly increase, given the rise in space exploration projects. GM kind cryocoolers are widely used for IR sensors cooling that are used for satellite and missiles monitoring. Further, they are employed for superconductivity applications in semiconductor fabrication units, MRI systems, and magnetic levitation trains. The market is also steered by the growing use of cryocoolers in satellite surveillance systems and infrared radiation sensors, and also the semiconductor industry. But cryocoolers are highly power-intensive. The cost of cryogen fluid that helps achieve low temperatures is prohibitive.

Closed-loop cycle type cryocoolers are anticipated to register strong demand, supported by their widespread application with commercial refrigerators, superconducting devices, night vision systems, surgical probes, MRI, thermal cameras, and IR sensors/detectors. Latest technological advancements have resulted in the creation of infrared detectors (high temperature) having 150-200K cooling range. Closed-cycle systems including JT cryocoolers are finding use in night vision systems, owing to their compact size, lack of mechanical parts, and fast cooling capability.

Transportation, metal and mining, nuclear, biology, agriculture, environmental monitoring, energy, electronics and semiconductor, healthcare, aerospace and defense are some of the sectors where cryocoolers are commonly used. In the aerospace and defense industry, cryocoolers are extensively being employed in space and military applications. Cryocoolers are used in the space application in space astronomy and planetary science. In military, cryocoolers are mostly used for maintaining cryogenic temperatures in IR sensors that are employed for monitoring guide missiles and satellites. In the healthcare sector, cryocoolers are used during oxygen liquefaction, proton therapy, cryosurgery, and MRI systems. For MRI systems, open cycle cryostats are generally used. With cryocooler developments, the requirement for helium refilling is being eliminated and this is leading to greater use of cryocoolers in the healthcare industry.

OEMs, hardware producers, and prototype designers are the main participants in the market. Prototype designers create custom cryocoolers for particular industries. The hardware producers offer vibrant absorbers, pressure vessels, service tubes, and feedthrough pipes, compressors, cold heads, and heat dissipation pipes. OEMs manufacture cryocoolers and offer services to customers. The general recessionary trend in the world has affected the Cryocooler industry too. But there is optimism and it is expected to grow at over 6% over the next few years. The market is likely to see a rapid rise in the coming decade.

Cryocoolers achieve very low cryogenic temperatures due to the mechanical expansion and compression of gases. Due to this feature, they can be used in applications that require active cooling. Infrared sensors that are utilized in missile range detection and guidance are cooled with low-frequency pulse tube cryocoolers. Their role in missile defense and reconnaissance is significant. Space programs such as NASA's AIRS Earth –science instrument and SIRTF space telescope and space astronomy including planetary science make use of cryocoolers. Specialized medical equipment intended for medical organ storage and MRI machines also use this kind of cryocoolers. The role of cryocoolers in cryosurgeries is vital. But they are highly power-dependent to ensure optimal operating temperature and heating load performance. Cryocoolers are ecologically better than usage of helium in cryostats.

The market for cryocoolers looks promising, driven by demand in the space industry, and accelerated by the dearth of helium gas reserves. however, performance issues of cryocoolers pose a challenge to market growth. The inflated costs associated with cryocoolers are restricting the growth. However, applications in sectors such as the space industry, military, organ storage, cryosurgery, and superconductive process are driving the market for cryogenic coolers. More

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