Dublin, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The "Global Cryostat Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cryostat market is projected to grow at a CAGR of 5.27% during the forecast period to reach US$2.879 billion by 2026, from US$2.010 billion in 2019.
A cryostat is an artificial chamber that preserves the object stored in it by maintaining a very low temperature in the chamber. The low temperature freezes the content and keeps it secure and intact. Furthermore, interference of environmental substances and microorganisms can be prevented through the use of cryostats. Robust growth in medical research and technology has significantly increased the demand for cryostat, supporting the market growth during the forecasted period. Key developments in various industry verticals are expected to create strong market potential. Moreover, technological advancement in the industry is anticipated to open opportunities during the forecasted period.
Helium cryostat is expected to hold a noteworthy market during the forecasted period
Based on cryogen, the global cryostat market is distinguished into nitrogen cryostat and helium cryostat. It is predicted that during the forecasted period, helium cryostat will hold a noteworthy share in the market. Liquid helium cryostat is effective in undertaking target cooling, hence has wider adoption across various industry verticals. ARS's liquid helium flow cryostat is the most cryogen-efficient flow cryostat with the ability to reach less than 2,000 K temperature. This feature makes ARS liquid-helium cryostat most suited across several industry verticals. Liquid helium bath cryostat is the prime basis of cryostats manufactured for usage in neutron scattering experiments. However, the limited availability of helium and environmental concerns act as a constrain towards the segment growth, limiting the market prospects.
Bath and continuous-flow cryostat are expected to hold a large share of the global cryostat market
The global cryostat market, based on the type of cryostat, is distinguishable as closed-flow cryostat, continuous-flow cryostat, bath cryostat, and multistage cryostat. It is predicted that continuous-flow cryostat and bath cryostat will hold a large share of the market during the forecasted period. The wide-neck bath cryostat having vacuum chamber and helium and/ or nitrogen chamber is the standard cryostat device with the temperature ranging from 1.2- 4.2 K. Janis Bath Cryostat is liquid-helium, 4 dewar has DC field resistive which makes it superior technology in the cryostats industry. The company's SuperTran Continuous flow cryostat is also a market leader having less than 2 K to 325 K operational range. The technology is capable of using both, liquid helium or liquid nitrogen, giving the user a greater advantage.
Strong growth across several industry verticals is expected to increase the end-user consumption of cryostat technology, creating significant demand in the cryostat industry in the coming years.
The global cryostat industry is divided, based on end-users industry verticals, into healthcare, metallurgy, energy and power, aerospace, biotechnology, and others. These industry verticals are projected to show robust growth potential, creating significant demand for cryostat technology, hence driving the market growth. The energy and power industry demand for cryostat technology is expected to grow at an exponential rate owing to the rise in the number of construction projects, especially renewable energy projects, during the forecasted period. Citing data from Our World in Data, renewable energy production has been increasing at an exponential rate. The share of prime energy from renewable sources, globally, has increased significantly from 8.29% in 2010 to 11.41% in 2019.
Moreover, new renewable energy projects around the world are expected to further support market growth. Wudongde Hydropower Project, China, Inga 3 in Congo, Keeyask Hydropower Generating Station, Canada, Hornsea Project 2 in the UK, and Leh and Kargil Solar Power Project in India, are key USD multi-billion projects under construction in 2021. The development of these projects is expected to open new opportunities for the cryostat industry.
Development in healthcare, aerospace and biotechnology are other key market drivers for the industry. Higher demand for cryostat is the result of increased investment coupled with rising demand for end-products. Furthermore, technological enhancement in these industries is expected to increase the scope of the cryostat market.
COVID-19 Insights
The coronavirus pandemic boosted the adoption of the cryostat industry in healthcare and forensic science industries. With the outbreak of the virus, medical research institutes indulged themselves in developing cures and vaccines. The research included increasing the adoption of advanced technology yielding better results. This included the adoption of enhanced cryostat technology for superior storage and observation of the tissues and/ or virus. Moreover, increased medical testing of patients led to higher adoption of cryostat technology. Testing, per 1000 people increased significantly in the United Kingdom from 2.69 on 30 July 2020, to 13.74 on July 30, 2021. Other countries as well have observed a surge in testing during this period.
Key development.
- April 2020, Innovation. Quantum Design, a cryogenic specialist, has innovated a magneto-optical cryostat that combines high magnetic field with cryogenics technology, into a dedicated optical environment.
- June 2019, Acquisition. PHC Holding Corporation acquired Thermo Fisher Scientific's anatomical pathology business, including the latter's NX series of cryostats.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. GLOBAL CRYOSTAT MARKET, BY PRODUCT TYPE
5.1. Introduction
5.2. Closed-cycle Cryostat
5.3. Continuous-flow Cryostat
5.4. Bath Cryostat
5.5. Multistage Cryostat
6. GLOBAL CRYOSTAT MARKET, BY COMPONENT
6.1. Introduction
6.2. Dewars
6.3. Transfer Tubes
6.4. Gas Flow Pumps
6.5. High vacuum Pumps
7. GLOBAL CRYOSTAT MARKET, BY CRYOGEN
7.1. Introduction
7.2. Nitrogen
7.3. Helium
8. GLOBAL CRYOSTAT MARKET, BY INDUSTRY
8.1. Introduction
8.2. Healthcare
8.3. Metallurgy
8.4. Forensic Science
8.5. Energy & Power
8.6. Aerospace
8.7. Biotechnology
8.8. Others
9. GLOBAL CRYOSTAT MARKET, BY GEOGRAPHY
9.1. Introduction
9.2. North America
9.2.1. United States
9.2.2. Canada
9.2.3. Mexico
9.3. South America
9.3.1. Brazil
9.3.2. Argentina
9.3.3. Others
9.4. Europe
9.4.1. Germany
9.4.2. France
9.4.3. United Kingdom
9.4.4. Spain
9.4.5. Others
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.5.2. UAE
9.5.3. Israel
9.5.4. Others
9.6. Asia Pacific
9.6.1. China
9.6.2. India
9.6.3. South Korea
9.6.4. Taiwan
9.6.5. Thailand
9.6.6. Indonesia
9.6.7. Japan
9.6.8. Others
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.1. Leica Biosystems Nussloch GmbH
11.2. Advanced Research Systems
11.3. Cadinox
11.4. Cryovac GmbH & Co. KG
11.5. Cryomech Inc.
11.6. Amos Scientific Pty Ltd
11.7. SLEE Medical GmbH
11.8. Jinhua Yidi Medical Appliance Co., Ltd.
11.9. Bright Instruments Ltd
11.10. Jains Research Company, LLC
For more information about this report visit https://www.researchandmarkets.com/r/e8c45o
