by The cryocooler market is estimated to be valued at US$ 2540.58 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryocoolers are devices that produce cryogenic cooling effects near or below 123 Kelvin. They are used in applications where normal refrigeration techniques are not viable. Cryocoolers are used in applications such as semiconductor manufacturing, space payloads, medical devices, research & development among others. They help maintain extremely low temperatures which are essential for operations of superconducting quantum interference devices (SQUIDs), infrared sensors, and space telescopes.
Market Dynamics:
Rising demand for medical devices, especially dental MRI, is expected to fuel growth of the cryocooler market over the forecast period. Cryocoolers help to maintain low temperatures in cryoprobes and medical probes during procedures. Furthermore, growing usage of cryocoolers in space applications is another factor expected to drive the market growth. Cryocoolers are used as payload refrigerators in military and commercial satellites to maintain sensors, detectors and focal plan arrays at cryogenic temperatures. They are also used in space simulation thermal vacuums to replicate environments of outer space. Additionally, increasing R&D investment by governments and private organizations in semiconductor devices and superconducting materials is propelling the demand for cryocoolers. However, high maintenance costs associated with cryocoolers may hamper market growth over the forecast period.
SWOT Analysis
Strength: Global Cryocooler Market Size has high growth potential due to increase in demand for superconducting quantum interference devices (SQUIDs), space applications and electronic devices cooling. Cryocoolers offers compact design and high reliability in cooling applications. The versatility of cryocoolers allows them to function in diverse cooling applications.
Weakness: The initial investment cost associated with cryocoolers is high. Maintenance of cryocoolers also requires skilled workforce which increases the operating costs.
Opportunity: Increasing demand for infrared detectors from military, space and commercial sector provides new growth prospects. Rising funding towards development of superconducting quantum devices by government organizations worldwide presents remunerative opportunities.
Threats: Alternative cooling technologies like magnetic refrigeration and adiabatic demagnetization refrigeration poses threat. Volatility in raw material prices can adversely impact production cost.
Key Takeaways
The global Cryocooler market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand for space applications and consumer electronics. Cryocoolers are used for cooling infrared detectors and superconducting devices used in satellites, rockets and space shuttles.
Regional analysis North America dominates the cryocooler market with highest market share and is expected to maintain its leading position during the forecast period as well. This is attributed to increasing investments in defense, healthcare and electronics sectors by major players in the region. Asia Pacific exhibits the fastest growthrate led by China and India attributed to expansion of consumer electronics industry.
Key players operating in the Cryocooler market are Northrop Grumman Corporation, Sumitomo Heavy Industries Limited, Stirling Cryogenics BV, Sunpower Inc. (AMETEK Inc.), Superconductor Technologies Inc., RICOR, Advanced Research Systems Inc., Cobham PLC, Janis Research Company LLC, Cryomech Inc., and Chart Industries Inc. The players focus on new product development and strategic collaborations with end users to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
