Drivers & Restraints
The significant growth of the Global Cryocooler Market can be primarily attributed to the following factors:
- Growth in medical & healthcare services in developing nations
- Shortage of Helium gas
- Growing demand for cryocoolers in space and military applications
- Increased production of liquefied natural gas
In addition, development of Cryocoolers for microsatellite military applications is likely to provide good growth opportunities for this market. However, high power consumption of cryocoolers may hinder the growth of this market. Also, the efficient and overall performance required by cryocoolers is a key challenge faced by the leading players involved in this market.
The value of the global Cryocooler Market which was projected to be USD 1.76 Billion in 2015 is expected to hit USD 2.94 Billion by the end of 2022, growing at a CAGR of 7.29% between 2016 and 2022. Among regions, the Americas accounted for the largest market share in 2015, with North America taking up the maximum share, while Asia-Pacific is expected to be the fastest-growing market by 2022.
Based on industry, the military application held the largest share in 2015, followed by the markets for commercial and medical sectors. This segment is expected to grow at a significant rate between 2016 and 2022. Among cryocooler types, the market for GM crycooler is expected to grow at the highest CAGR during the forecast period, owing to its wide adoption for cooling IR sensors in medical MRI systems, cryosurgeries, and cryopumps in semiconductor applications.
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As per the researchers, the analysis and forecasts for the global market for cryocoolers has been done by breaking it down into the following segments and sub-segments:
- Type: Gifford-McMahon Cryocoolers, Pulse-Tube Cryocoolers, Stirling Cryocoolers, Joule Thomson Cryocoolers, Brayton Cryocoolers
- Industry: Military, Medical, Commercial, Environmental, Energy, Transport, Research & Development, Space, Agriculture & Biology, Others
- Service: Technical Support Services, Product Repairs & Refurbishment Services, Preventive Maintenance Services, Customer Training Services
- Geography: Americas, Europe, Asia-Pacific, RoW
The key players operating in the global market for cryocooler are Advanced Research Systems, Inc. (U.S.), Brooks Automation, Inc. (U.S.), Chart Industries, Inc. (U.S.), Cryomech, Inc. (U.S.), DH Industries BV (The Netherlands), Janis Research Company, LLC (U.S.), RICOR – Cryogenic & Vacuum Systems (Israel), Sumitomo Heavy Industries Ltd. (Japan), Sunpower, Inc. (U.S.), and Superconductor Technologies, Inc. (U.S.) among others.