How Has The Cryocooler Market Size Evolved In Recent Years?
The cryocooler market has seen considerable growth due to a variety of factors.
• In recent years, the cryocooler market has seen significant growth. It's projected to expand from $3 billion in 2024 to $3.26 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. The boost in historical growth can be credited to factors such as the use in military and defense sectors, the necessity of cooling for medical equipment, the development of cryogen-free systems, a surge in usage for research purposes, and enhanced affordability and accessibility.
What are the Market Size and Expected Growth Rates for the Cryocooler Market?
The Cryocooler market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the cryocooler market is anticipated to experience robust growth, projecting it to reach $4.62 billion by 2029 with a 9.1%.
compound annual growth rate (CAGR). This expected expansion during the forecast period is linked to the increasing demand in areas such as quantum computing, energy storage, and superconductivity applications. Along with the rising appeal for cryocoolers in the field of electronics, advancements in space and satellite technologies, and the growing utilization in cryogenic storage and transportation also contribute to its growth. Key trends to look out for during the forecast period encompass increasing demand in medical applications, the downsizing of cryocooler systems, progress in cryocooler technology, emphasis on eco-friendly cooling solutions, and a surge in space exploration initiatives.
Which Key Drivers Are Propelling The Cryocooler Market's Growth?
The growth of the cryocoolers market is predicted to be propelled by increasing production of liquefied natural gas (LNG). LNG - natural gas that has been cooled to a liquid state, approximately -260° Fahrenheit, for the purpose of storage and transport - requires compact and high-efficiency cryocoolers in small liquid natural gas distribution stations to reliquefy any gas that has boil-off in the LNG tank. According to the data released by the U.S. Energy Information Administration, a US-based primary agency of the Federal Statistical System, in July 2024, the trade of liquefied natural gas (LNG) saw an increase of 3.1% during 2023, registering an average of 52.9 billion cubic feet per day (Bcf/d), which indicates an increase of 1.6 Bcf/d as compared to 2022. Therefore, the cryocoolers market is being fuelled by the expansion in LNG production.
What Are The Key Segments Within The Global Cryocooler Market?
The cryocooler market covered in this report is segmented –
1) By Offering: Hardware, Services
2) By Type: Pulse-Tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, Stirling
3) By Operating Cycle: Open-Loop Cycle, Closed-Loop Cycle
4) By Temperature: 1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K, 100.1K-300K
5) By Application: Space, Healthcare, Military And Defense, Other Applications
Subsegments:
1) By Hardware: Cryocooler Systems, Cryogenic Refrigerants, Accessories And Components
2) By Services: Installation Services, Maintenance And Repair Services, Consulting And Customization Services
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How Are New Trends Impacting The Size Of The Cryocooler Market?
Product innovations have been identified as the leading trend gaining traction in the cryocoolers market. Prominent companies in the cryocoolers sector are introducing unique products to consolidate their market presence. For example, Cryomech, a cryocooler manufacturer based in the US, unveiled the PT310 Pulse Tube cryocooler in March 2022 at the American Physical Society (APS). The PT310 Pulse Tube boasts revolutionary features delivering performances of 1 W at 3 K and 35 W at 35 K with its remote motor version. With the PT310 Pulse Tube Cryocooler, clients can upgrade their technology and enhance the efficiency of their dilution refrigerators.
Who Are the Key Players In The Cryocooler Market?
Major companies operating in the cryocooler market include:
• Sumitomo Heavy Industries Ltd.
• Sunpower Inc.
• RICOR Systems
• Northrop Grumman Corporation
• Cryomech Inc.
• Chart Industries Inc.
• Janis Research Company LLC
• Advanced Research Systems Inc.
• Superconductor Technologies Inc.
• Stirling Cryogenics B.V.
• Cobham PLC
• Brooks Automation Inc.
• Honeywell International Inc.
• The Lockheed Martin Corporation
• L3 Technologies Inc.
• Air Liquide S.A.
• Devex
• Raytheon Technologies Corporation
• Refrigiwear Inc.
• Refrigeration Engineering Inc.
• Sanyo Denki Co. Ltd.
• Scitec Instruments Ltd.
• Secop Group Holding GmbH
• Shimadzu Corporation
• Siemens Energy AG
• Supercon Inc.
• Thermo Fisher Scientific Inc.
• Titan Cryogenics
• UHV Design Ltd.
• Thales Cryogenics B.V.
What Are The Regional Insights Into The Cryocooler Market?
North America was the largest region in the cryocooler market in 2024 and is expected to be the fastest-growing region in the cryocooler market report during the forecast period. The regions covered in the cryocooler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
