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Pulished Date February, 2021
ID: 11133
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Cryocooler Market Research Report - Segmentation By Industry (Healthcare, Aerospace & Defense, Energy, Semiconductor & Electronics, Transportation, Agriculture & Biology, Environmental Monitoring, Mining & Metals, Nuclear, and Others), By Heat Exchanger (Recuperative and Regenerative), By Offering (Hardware and Service), By Type (Gifford-McMahon, Pulse-Tube, Stirling, Joule-Thomson and Brayton) and By Region: Forecast of 2021-2026

Pulished: February, 2021
ID: 11133
Pages: 175

Cryocooler Market Market Size, Trends & Growth (2021 - 2026)

The global Cryocooler Market was worth US$ 2.73 billion in 2020, and it is anticipated to reach US$ 4.11 billion, rising at an annual development rate (CAGR) of 7.12% between 2021 and 2026.

The cryocooler is a device that is used to provide active cooling at cryogenic temperatures of approximately -150 degrees Celsius. Cryocoolers are widely used in defense applications, primarily for cooling infrared focal planes. Specifically, low temperature coolers are commonly used to cool the single semiconductor type focal plane of medium wave infrared (3–5-micron nominal wavelength) and long wave infrared (nominal 9-12 micron) sensors. The cryocooler follows the thermodynamic technology used at cryogenic temperatures. The average capacity of the cryocooler is approximately 100W and the capacity of the cryogenic plant is 500W. The ability of a low temperature cryocooler to cool the internal environment depends entirely on the type of thermodynamic properties of the circulating gas. The cryocooler is a mechanical device that is used to create very low temperatures by compressing and expanding gases. Low temperature is also known as cryogenic, which is used in a variety of applications, including super fluidity, superconductivity, densification, and low thermal noise. The cryocooler is managed by a variety of technologies including Gifford - McMahon, Joule - Thomson and pulse-tube. The mass of the gas remains constant throughout the process due to the closed-loop thermodynamic mechanism.

Market Drivers

The global cryocooler market is driven by the use of cryocoolers in space systems and microsatellites. A major factor driving cryocooler adoption is the growing deployment of cryocoolers in the semiconductor industry. To maintain the cryogenic temperatures of IR sensors installed in systems based on night vision and satellite surveillance, there is an increase in demand for cryogenic coolers in the military sector. The market for low-temperature cryocoolers grows when a significant number of low-temperature cryocoolers are used for atmospheric research on the greenhouse effect. Increased production of natural gas used for transportation is also positively driving the market. Traditional low-temperature refrigerators used liquids like liquid helium and liquid nitrogen for cooling. This type of system operated on an open loop thermodynamic mechanism and provided passive rather than active cooling. However, the depletion of helium as a natural resource has greatly accelerated the demand for freezers. The cryocooler works with a closed cycle mechanism and replaces the helium keeping the gas volume constant. Therefore, the lack of helium gas is increasing the need for freezers. The increasing adoption of cryocoolers in superconducting magnets, the semiconductor industry and power systems, and the rapid increase in the adoption of cryocoolers in MRI, magnetic resonance and proton therapy equipment in the medical field are the main factors driving growth of the global cryocooler market. In defense, it is used for satellite tracking and missile guidance. Increased defense budgets and increased investments in defense technology support the deployment of cryocoolers in the military sector. Other key factors driving market growth are the increasing demand for cryocoolers in space applications and the development of military microsatellite cryocoolers. Additionally, the use of silo coolers for MRI systems and superconducting magnets is further estimated to promote the growth of the global market.

Market growth is also accelerating as cryocooler adoption increases across a wide range of industries including healthcare, energy, military, and transportation. The main factors driving the growth of the global cryocooler market are the growth of healthcare and healthcare services in emerging economies, the rapid shortage of helium gas, the increase in the production of liquefied natural gas and the increasing adoption. of low temperature coolers in the semiconductor industry. Additionally, the increasing adoption of cooled IR sensors and superconducting applications, increasing innovation in cryogenic coolers for military microsatellite applications, and the increasing demand for cryogenic cooling in various space applications are further accelerating market growth during the outlook period. The increasing adoption of cryocoolers in the semiconductor industry is a key factor driving the growth of the global cryocooler market. Besides, the increasing adoption of cryocoolers in various fields such as healthcare, research and development, aerospace industry, etc., is another important factor driving the growth of the global cryocooler market. Cryocooler is used in satellite surveillance systems and night vision systems to maintain the temperature of infrared radiation sensors. This factor is supposed to significantly drive the growth of the global air conditioner market during the conjecture period.

Restraints

The high energy consumption of cryocoolers is a key factor holding back the growth of the global market. Additionally, the high cost of cryogenic fluids, a feedstock used for low temperature production, is another factor impeding the growth of the worldwide market.

Impact of COVID-19 on the Cryocooler market

The impact of Coronavirus on the cryocooler market is expected to persist through the first two quarters of 2020, growth will be slow, and there will be some sort of recovery in the second half of fiscal 20-21. Various end-user application segments, such as military equipment, energy, and transportation, have seen a significant decline in demand for cryocoolers, primarily due to supply chain disruptions caused by the COVID-19 pandemic.

Cryocooler Market Market Segmentation

This global market research report is segmented and sub-segmented into the following categories:

Global Cryocooler Market - By Industry

  • Health
  • Aerospace and Defense
  • Energy
  • Semiconductor and Electronics
  • Transportation
  • Agriculture and Biology
  • Environmental Monitoring
  • Mining and Metals
  • Nuclear Energy, etc

Of these, the aerospace and defense industries are expected to make the largest contribution to the market.

Global Cryocooler Market - Heat Exchangers

  • Recuperative
    • Gifford-McMahon
    • Stirling
    • Pulse-Tube
  • Regenerative
    • Joule-Thomson
    • Brayton

Global Cryocooler Market - By Offering

  • Hardware
  • Service

Hardware is expected to dominate the market during the foreseen period as the use of compressors in cryocoolers increases. The compressor is an important component of a cryocooler. The main function of the compressor is to convert low pressure gas to high pressure gas.

Global Cryocooler Market - By Type

  • Gifford-McMahon
  • Pulse-Tube
  • Stirling
  • Joule-Thomson
  • Brayton

Stirling cryocooler segment is likely to grow at a higher CAGR in the market over the outlook period as the adoption of Stirling cryocoolers for multiple applications such as medical, military, research and development and commercial increases.

Regional Analysis

North America is expected to dominate the global cryocooler market and is foreseen to occupy the largest share in terms of revenue compared to markets in other regions. This may be due to the increasing adoption of cryocoolers for medical, aerospace and military use and the presence of the main manufacturers in the region. In addition to this, the growing installation of cryogenic technology on aircraft carriers is generating an increase in the demand for cryogenic refrigerators in the region. The European market occupies the second highest percentage of revenue in the global cryocooler market, followed by the Asia Pacific, Latin America, Middle East and Africa markets. Asia Pacific is believed to be the fastest growing market, and increased investments in cryogenic cryocooler applications, as an increasing number of medical and space applications, will accelerate the growth of the cryogenic cryocooler market in the Asia Pacific region.

Leading Companies

Key players in the global cryocooler market include Northrop Grumman Corporation, Janis Research Company, RICOR Cryogenic & Vacuum Systems, Sumitomo Heavy Industries Ltd., Advanced Research Systems, Cryomech Inc., SunPower Corporation, Brooks Automation, Chart Industries Inc., Superconductor Technologies Inc, Lockheed Martin Corporation, L3 Technologies, Air Liquide SA and DH Industries Inc.

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Cryocooler Market, By Type             

                    6.1.1 Gifford-McMahon     

                    6.1.2 Pulse-Tube    

                    6.1.3 Stirling

                    6.1.4 Joule-Thomson        

                    6.1.5 Brayton

                    6.1.6 Market Size Estimations & Forecasts (2021-2026)        

                    6.1.7 Y-o-Y Growth Rate Analysis         

                    6.1.8 Market Attractiveness Index         

          6.2 Cryocooler Market, By Offering                  

                    6.2.1 Hardware       

                    6.2.2 Software        

                    6.2.3 Market Size Estimations & Forecasts (2021-2026)        

                    6.2.4 Y-o-Y Growth Rate Analysis         

                    6.2.5 Market Attractiveness Index         

          6.3 Cryocooler Market, By Heat Exchanger                 

                    6.3.1 Recuperative  

                    6.3.2 Regenerative  

                    6.3.3 Market Size Estimations & Forecasts (2021-2026)        

                    6.3.4 Y-o-Y Growth Rate Analysis         

                    6.3.5 Market Attractiveness Index         

          6.4 Cryocooler Market, By Industry                  

                    6.4.1 Healthcare     

                    6.4.2 Aerospace & Defense         

                    6.4.3 Energy 

                    6.4.4 Semiconductor & Electronics         

                    6.4.5 Transportation         

                    6.4.6 Agriculture & Biology         

                    6.4.7 Environmental Monitoring  

                    6.4.8 Nuclear

                    6.4.9 Mining & Metals       

                    6.4.10 Market Size Estimations & Forecasts (2021-2026)      

                    6.4.11 Y-o-Y Growth Rate Analysis       

                    6.4.12 Market Attractiveness Index       

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     

                              7.2.1.1 USA

                              7.2.1.2 Canada

                    7.2.2 By Type         

                    7.2.3 By Offering    

                    7.2.4 By Heat Exchanger   

                    7.2.5 By Industry    

          7.3 Europe             

                    7.3.1 By Country     

                              7.3.1.1 UK

                              7.3.1.2 France

                              7.3.1.3 Germany

                              7.3.1.4 Spain

                              7.3.1.5 Italy

                              7.3.1.6 Rest of Europe

                    7.3.2 By Type         

                    7.3.3 By Offering    

                    7.3.4 By Heat Exchanger   

                    7.3.5 By Industry    

          7.4 Asia Pacific                 

                    7.4.1 By Country     

                              7.4.1.1 China

                              7.4.1.2 India

                              7.4.1.3 Japan

                              7.4.1.4 South Korea

                              7.4.1.5 South East Asia

                              7.4.1.6 Australia & NZ

                              7.4.1.7 Rest of Asia-Pacific

                    7.4.2 By Type         

                    7.4.3 By Offering    

                    7.4.4 By Heat Exchanger   

                    7.4.5 By Industry    

          7.5 Latin America             

                    7.5.1 By Country     

                              7.5.1.1 Brazil

                              7.5.1.2 Argentina

                              7.5.1.3 Mexico

                              7.5.1.4 Rest of Latin America

                    7.5.2 By Type         

                    7.5.3 By Offering    

                    7.5.4 By Heat Exchanger   

                    7.5.5 By Industry    

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                              7.6.1.1 Middle East

                              7.6.1.2 Africa

                    7.6.2 By Type         

                    7.6.3 By Offering    

                    7.6.4 By Heat Exchanger   

                    7.6.5 By Industry    

8. Key Player Analysis                           

          8.1 Northrop Grumman Corporation                

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 Sumitomo Heavy Industries Ltd                 

          8.3 Advanced Research Systems            

          8.4 Cryomech Inc             

          8.5 SunPower Corporation           

          8.6 Lockheed Martin Corporation           

          8.7 L3 Technologies                    

          8.8 Air Liquide SA             

          8.9 DH Industries Inc                  

          8.10 Brooks Automation             

9. Market Outlook & Investment Opportunities                     

Appendix                         

          List of Tables          

          List of Figures                  

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by type, by application, by end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Cryocooler Market By Region, From 2021-2026 ( USD Billion )
  2. Global Cryocooler Market By Type, From 2021-2026 ( USD Billion )
  3. Global Gifford-McMahon Market By Region, From 2021-2026 ( USD Billion )
  4. Global Pulse-Tube Market By Region, From 2021-2026 ( USD Billion )
  5. Global Stirling Market By Region, From 2021-2026 ( USD Billion )
  6. Global Joule-Thomson Market By Region, From 2021-2026 ( USD Billion )
  7. Global Brayton Market By Region, From 2021-2026 ( USD Billion )
  8. Global Cryocooler Market By Offering, From 2021-2026 ( USD Billion )
  9. Global Hardware Market By Region, From 2021-2026 ( USD Billion )
  10. Global Software Market By Region, From 2021-2026 ( USD Billion )
  11. Global Cryocooler Market By Heat Exchanger, From 2021-2026 ( USD Billion )
  12. Global Recuperative Market By Region, From 2021-2026 ( USD Billion )
  13. Global Regenerative Market By Region, From 2021-2026 ( USD Billion )
  14. Global Cryocooler Market By Industry, From 2021-2026 ( USD Billion )
  15. Global Healthcare Market By Region, From 2021-2026 ( USD Billion )
  16. Global Aerospace & Defense Market By Region, From 2021-2026 ( USD Billion )
  17. Global Energy Market By Region, From 2021-2026 ( USD Billion )
  18. Global Semiconductor & Electronics Market By Region, From 2021-2026 ( USD Billion )
  19. Global Transportation Market By Region, From 2021-2026 ( USD Billion )
  20. Global Agriculture & Biology Market By Region, From 2021-2026 ( USD Billion )
  21. Global Environmental Monitoring Market By Region, From 2021-2026 ( USD Billion )
  22. Global Nuclear Market By Region, From 2021-2026 ( USD Billion )
  23. Global Mining & Metals Market By Region, From 2021-2026 ( USD Billion )

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