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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Cryocooler Market Size
The global cryocooler market size reached approximately USD 3.30 billion in 2023. The market is projected to grow at a CAGR of 7.2% between 2024 and 2032, reaching a value of around USD 6.13 billion by 2032.
Key Takeaways
- Pulse Tube cryocoolers have established themselves as cryocoolers with widespread usage ranging from industrial to military purposes.
- North America currently leads the global cryocooler market due to strong demand from both healthcare and military sectors.
- As countries and private entities invest increasingly in space exploration, the need for advanced cryogenic technology like cryocoolers grows.
A cryocooler is defined as a type of refrigerator that is designed to reach cryogenic temperatures. The cryogenic temperature can go lower than -153° C. It is usually used in the healthcare sector, military and defence sector, and space research, among others, where it cools down the high-powered superconducting magnets.
The global cryocooler market growth is driven by the rising demand for cryocoolers in semiconductor applications. The semiconductors are a crucial component in the military and defence sector, where the development of IR sensors and satellite surveillance systems require cryocoolers. Furthermore, the flourishing healthcare sector and the increasing government investment to upgrade the existing healthcare infrastructure are likely to bolster the demand for cryocoolers. Additionally, the increasing demand for MRI, cryosurgery, and liquefication of oxygen due to the increase in hospitalisation rate, globally is expected to significantly contribute to the market growth in the forecast period.
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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