Cryocooler Market Analysis

Global Cryocooler Market Overview

Cryocooler Market Size was valued at USD 2.8 Billion in 2022. The Cryocooler market Heat Exchanger is projected to grow from USD 3.0 Billion in 2023 to USD 5.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.10% during the forecast period (2023 - 2032). Cryocoolers are being used more frequently to cool down power systems, superconducting magnets, and semiconductors. Demand for liquefied natural gas is also rising, and helium is being depleted at a rapid rate, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cryocooler Market Trends

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  Increasing adoption of cryocoolers in cooling down power systems, superconducting magnets, and the semiconductor industry is driving the market growth

  
  

Cryocoolers are being more widely used in the healthcare industry for a variety of applications, including proton treatment, NMR equipment, and MRI, thanks to continued R&D and technological advancements. This is anticipated to fuel market expansion. According to a new study by Brigham and Women's Hospital, the number of cancer cases among those under 50 has dramatically increased. Proton treatment utilization is increasing as a result of the rising incidence of cancer among people worldwide. In turn, this increases demand for cryocoolers.

Industrial machinery and equipment prices increased right away as a result of manufacturing supply chain disruptions and limitations. In 2021, the cryocoolers market began to rebound. The Russia-Ukraine war, however, caused market swings at the beginning of 2022. Nevertheless, during the course of the projected period, the market is anticipated to experience significant expansion.

In the United States, high-temperature superconducting magnets used in cell phone stations are now cooled using cryocoolers for commercial purposes. These superconducting receivers create incredibly small band-reject filters or bandpass filters with exceptionally steep skirt slopes using High-Temperature Superconducting (HTS) filters. In combination with cryogenically cooled low-noise amplifiers, these receivers increase call quality, allow the base station to handle more calls, and let it to hear a phone from a further distance. This technology is offered by four American businesses: Conductus, Illinois Superconductor, Superconducting Technologies, and Spectral Solutions Inc. Thus, driving the Cryocooler market revenue.

Cryocooler Market Segment Insights

Cryocooler Type Insights

The Cryocooler Market segmentation, based on Type includes Gifford-Mcmahon, Pulse-Tube, Stirling, Brayton, and Joule-Thomson. In terms of revenue, the Gifford McMahon segment had the greatest revenue share in 2022 and is anticipated to rule the market over the projected period. This can be due to the cryocooler's low price and special qualities. Low-performing nitrogen liquefiers, cryo vacuum gear, helium recondensation facilities, and cryogenic systems for various scientific research have all contributed to the rise in popularity of Gifford McMahon cryocoolers in recent years. These are some of the main uses for cryocoolers.

Cryocooler Heat Exchanger Type Insights

The Cryocooler Market segmentation, based on Heat Exchanger Type, includes regenerative heat exchanger and recuperative heat exchanger. In terms of revenue, the regenerative heat exchanger segment dominated the market in 2022, and it is anticipated that it will continue to hold that position throughout the forecast period. Applications that require high temperatures have increased recently. The increased demand for waste heat recovery has led to the widespread use of regenerative heat exchangers. For efficient heat transmission, a device known as a regenerative heat exchanger allows fluids to flow over the heat-storage material in varied ways. This has increased the market's demand for cryocoolers.

Cryocooler Application Insights

The Cryocooler Market segmentation, based on Application, includes military & defense, healthcare, power & energy, aerospace, research & development, transport, mining & metal, and others. The military & defense sector had the biggest market share in 2022, and it is anticipated that it will continue to hold that position during the forecast period. This is explained by the significant cryocooler usage in defense applications such night vision technology, ground-mounted military equipment, and aerial military equipment. The military industry's massive need is anticipated to propel the cryocooler market's expansion.

Over the forecast period, the healthcare segment is anticipated to experience the quickest CAGR. The increase in cancer cases and the global surge in health consciousness following COVID-19 are to blame for this growth. The American Cancer Society estimates that there will be 606,520 cancer-related deaths and 1.8 million new cancer diagnoses in the United States in 2020. In the United States, cancer is the second leading cause of death. Proton therapy is increasingly in demand due to the rise in cancer cases, which also fuels the market for cryocoolers.

Figure 1: Cryocooler Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cryocooler Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Due to the rapidly expanding use of the systems in the military industry and the growing use of cryocoolers in the healthcare sector, North America held the greatest revenue share of 45.80% in 2022 and now dominates the market. The bulk of cryocoolers are employed in space, medical, military, and R&D applications in the area. Further, the U.S. Cryocooler market held the largest market share, and the Canada Cryocooler market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Cryocooler Market SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Cryocooler market accounts for the second-largest market share. This may be due to the region's extensive use of cryocoolers in sophisticated systems and detectors like scaled-down payloads, thermal weapon sights, and missile warning systems. In the upcoming years, it is anticipated that improved performance with additional characteristics, such as detector sensitivity, for an EO and IR application in microsatellites, would create a more inventive possibility for cryocooler firms. Further, the German Cryocooler market held the largest market share, and the UK Cryocooler market was the fastest growing market in the European region.

The Asia-Pacific Cryocooler market is expected to grow at the fastest CAGR from 2023 to 2032. Numerous factors, including rising demand from the military and defense industries in the region, particularly from nations like India, China, Vietnam, and Pakistan, are to blame for this increase. The region's high population density is contributing to the expansion of the healthcare industry. The expansion of the regional market is primarily attributed to nations like China and India. Further, China’s Cryocooler market held the largest market share, and the Indian Cryocooler market was the fastest growing market in the Asia-Pacific region.

Cryocooler Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the Cryocooler market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cryocooler Heat Exchanger Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cryocooler Heat Exchanger Industry to benefit clients and increase the market sector. In recent years, the Cryocooler Heat Exchanger Industry has offered some of the most significant advantages to medicine. Major players in the Cryocooler market, including Sumitomo Heavy Industries, Ltd., Advanced Research Systems, Chart Industries, AMETEK.Inc. (Sunpower Inc.), Cryomech Inc., DH Industries, Janis Research Company LLC, Brooks Automation, Superconductor Technologies Inc., Northrop Grumman, RICOR, Cobham Missions Systems Wimborne Limited, are attempting to increase market demand by investing in research and development operations.

Cryomech is a firm that develops and manufactures cryocoolers. Cryocoolers, cryostats, liquid helium management products, helium circulation systems, and other items are among its products. The business is headquartered in Syracuse, New York, and was established in 1963. Bluefors purchased Cryomech in February 2023. The PT425—the latest advancement in Cryomech Inc.'s long line of 4K Pulse Tube Cryocoolers—was unveiled in March 2021. The largest two-stage pulse tube cryocooler supplied by any company in the world is the PT425, which has a combined performance of 2.5W at 4.2K and 55W at 45K on an integrated motor platform.

Engineered equipment is produced by Chart Industries Inc. It creates and produces engineered cryogenic equipment for use in the value chain of the liquid gas supply. The company sells a variety of products, such as ambient temperature fans and equipment, cold boxes, liquefaction process units, heat exchangers, vacuum insulated confinement vessels, and other cryogenic components. The manufacture, liquefaction, storage, delivery, and use of industrial, hydrocarbon, and atmospheric gases all involve the usage of Chart products. Air-X-Changers, BlueInGreen, Chart China, Chart Ferox, Cofimco, Cryo Technologies, Flow, Gofa, Hudson, Industrie Meccaniche di Bagnolo (IMB), Smithco, SES Innovation, VCT Vogel, and VRV are some of the brands under which the company sells its goods. The business conducts business in the Americas, Asia, and Europe. United States-based company Chart is based in Ball Ground, Georgia. The assets of Worthington Industries, Inc.'s cryogenic and hydrogen trailer businesses were acquired by Chart Industries Inc. in October 2020.

Key Companies in the Cryocooler market include

• Sumitomo Heavy Industries, Ltd.


• Advanced Research Systems


• Chart Industries


• Inc. (Sunpower Inc.)


• Cryomech Inc.


• DH Industries


• Janis Research Company LLC


• Brooks Automation


• Superconductor Technologies Inc.


• Northrop Grumman


• RICOR


• Cobham Missions Systems Wimborne Limited

Cryocooler Heat Exchanger Type Developments

December 2020: In a multi-national partnership, Clean Power Hydrogen (CPH2) and AFCryo, one of the leading suppliers of cryogenic systems for gas separation and hydrogen liquefaction, will provide the market with a less expensive and more dependable method of producing green hydrogen from renewable sources.

January 2020: A 20 Watt, 20 Kelvin cryocooler that NASA just built is essential for achieving 0% boil-off of liquid hydrogen.

Cryocooler Market Segmentation

Cryocooler Type Outlook

• Gifford-Mcmahon


• Pulse-Tube


• Stirling


• Brayton


• Joule-Thomson

Cryocooler Heat Exchanger Type Outlook

• Regenerative Heat Exchanger


• Recuperative Heat Exchanger

Cryocooler Application Outlook

• Military & Defense


• Healthcare


• Power & Energy


• Aerospace


• Research & Development


• Transport


• Mining & Metal


• Others

Cryocooler Regional Outlook

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  North America

  
  
  
  
  • US.
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America