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.
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
Of these, the aerospace and defense industries are expected to make the largest contribution to the market.
Global Cryocooler Market - Heat Exchangers
Global Cryocooler Market - By Offering
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
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.
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