Rockville , March 08, 2023 (GLOBE NEWSWIRE) -- Global sales of cryostats are predicted to expand at a modest 5% CAGR from 2022 to 2032. The current value of the global cryostat market is US$ 2.4 billion, and it is projected that by the end of 2032, sales will be worth US$ 3.5 billion.
Increasing demand for advanced medical equipment and the rising use of cryogenic technology in the energy sector are expected to primarily drive the demand for cryostats over the next ten years. Advancements in aerospace technology and rising investments in the aerospace industry are also expected to crucially shape the demand for cryostats in the future.
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Substantial R&D Spending & Fast Deployment of Modern Cryogenic Technology in the U.S.
Due to the increasing adoption of cuttingedge technologies and significant investments made in the field of research & development, the market for cryostats in the United States is predicted to be among the most lucrative in the entire world. At present, sales of cryostats in the United States raked in a sales revenue valuation of US$ 750 million.
The aerospace industry has seen a considerable increase in investments as major economies compete to expand their space fleets. This sector is expected to play a big role in the cryosystem market over the coming years. Shipments of cryostats in the aerospace industry are anticipated to increase over the course of the forecast period due to their use in modern space equipment and numerous astronomical applications.
Competitive Landscape
Cryostat market are expected to focus on the expansion of their business scope through acquisitions, mergers, and collaborations.
Key companies manufacturing cryostats are collaborating to develop novel products and cryogenic solutions for various applications to drive their sales potential and increase their market share.
- In August 2022, Atlas Copco, a leading provider of sustainable productivity solutions announced its agreement to buy Montana Instruments Corporation, a United States-based cryostat service provider. Atlas aims to expand its business scope in the cryogenic technology market through this acquisition.
- In August 2020, Janis Research’s Laboratory Cryogenics Business was acquired by Lake Shore Cryotronics, a leading name in advanced scientific research. Lake Shore acquired the business for low-temperature research applications and created an extensive portfolio for the same through this acquisition.
- In August 2020, Cryomech and AFCryo, a division of Fabrum Solutions, collaborated to design a liquid nitrogen generation and helium recovery system for Nuclear Magnetic Resonance (NMR) lab at Victoria University of Wellington, New Zealand.
Key Takeaways from Market Study
- In 2022, the global cryostat market enjoys revenue of US$ 2.4 billion.
- By 2032-end, the global cryostat market is anticipated to be reach US$ 3.9 billion.
- Increasing use of cryostats in advanced medical equipment, growing demand from the aerospace industry, advancements in cryogenic technology, and growing demand from the quantum computing industry are expected to positively impact market growth going forward.
- The U.S. cryostat market is currently valued at US$ 750 million.
- High power consumption by cryostats is anticipated to act as a constraining factor for market development over the coming years.
- Demand for cryostats in Japan is projected to increase at 5.2% CAGR over the next ten years.
- Sales of bath cryostats are set to rise at 5.4% CAGR across the forecast period.
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Key Companies Profiled In Cryostat Market :
- Boeckeler Instruments Inc.
- Lake Shore Cryotronics
- Leica Biosystems
- Cryomech Inc.
- Jinhua YIDI Medical Appliance Co. Ltd.
- Medimeas
- SLEE Medical GmbH
- Advanced Research Systems
- Epredia
- Amos Scientific
- MEDITE
- SM Scientific Instruments
- Bright Instruments
- Dakewe Medical
- Hacker Instruments & Industries
Winning Strategy
Cryostat manufacturers are focusing on mergers, acquisitions, and collaborations to increase their market presence and gain a competitive advantage over other market players. The market is highly opportune for new market players owing to changing scope of application of cryostats in several applications.
All of the strategies adopted by established and new market players have been discussed in this latest cryostat market research report by Fact.MR, a market research and competitive intelligence provider.
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Key Segments in Cryostat Industry Research
By Type :
- Closed-cycle
- Continuous-flow
- Bath
- Multi-stage
By System Component:
- Dewars
- Transfer Tubes
- Gas Flow Pumps
- Temperature Controllers
- High Vacuum Pumps
- Microtome Blades
By Cryogen:
- Cryogenic Helium
- Cryogenic Nitrogen
By End-use Industry:
- Healthcare
- Energy & Power
- Aerospace
- Metallurgy
- Biotechnology
- Forensic Science
- Marine Biology
- Other Industries
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cryostat market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of type (closed-cycle, continuous-flow, bath, multi-stage), system component (dewars, transfer tubes, gas flow pumps, temperature controllers, high vacuum pumps, microtome blades), cryogen (helium, nitrogen), and end-use industry (healthcare, energy & power, aerospace, metallurgy, biotechnology, forensic science, marine biology, other industries), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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