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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Cryocooler Market Share
Gifford-McMahon (GM) cryocooler accounts for a major cryocooler market share owing to its widespread application across various sectors requiring reliable and efficient cooling solutions
On the basis of type, the Gifford-McMahon cryocoolers are anticipated to account for a significant share of the market, as they are easy to maintain and are ideal for recondensing cryogens in the temperature range of 25 to 125K. They are also favoured for their robust performance in low-frequency applications, where they can effectively maintain extremely low temperatures, making them ideal for use in cryo vacuum systems and scientific research.
On the other hand, stirling cryocoolers are gaining popularity due to their efficiency and versatility in cooling applications, particularly in military and aerospace sectors where precise temperature control is critical.
The healthcare sector maintains its dominance in the market due to the growing usage of cryocoolers in healthcare equipment
Based on application, the healthcare sector is likely to account for a significant share of the cryocooler market in the forecast period. Cryocooler is a crucial component for MRI, NMR equipment, cryosurgery, liquefication of oxygen, and proton therapy, among others. Over the forecast period, technological advancements and the modification of hospitals and cancer treatment centres are likely to bolster the demand for cryocoolers. For instance, proton therapy is used in highly advanced treatment centres in order to treat head and neck cancer, paediatric cancers, spine tumours, and breast cancers, among others. Therefore, this factor will propel the demand for cryocoolers, as the product is used for cooling down the high-powered superconducting magnets used in proton therapy.
Meanwhile, the military and defence sector is likely to hold a considerable share of the cryocooler market owing to the strong demand for cryocoolers for sensitive equipment. Cryocoolers are essential for cooling infrared sensors used in night vision devices, which are critical for modern military operations.
Cryocooler Market Report Snapshots
Cryocooler Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global cryocooler market attained a value of nearly USD 3.30 billion.
The market is projected to grow at a CAGR of 7.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 6.13 billion by 2032.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Pulse-tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, and Stirling, among others are the various types of cryocoolers.
Space, healthcare, and military and defence, among others are the significant applications of cryocoolers.
A cryocooler is a mechanical refrigerator that is designed to reach cryogenic temperatures i.e., below 120 K or -153 °C.
The key trends aiding the market include space exploration, growing LNG production, quantum computing; and technological innovations in the cryocoolers sector.
The major players in the market are Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., SunPower Corporation, and Brooks Automation, Inc., among others.
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