Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Global Cryocooler Market Report by Type, Heat Exchanger Type, Operating Cycle, Temperature, Application, and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The cryocooler industry is experiencing a significant growth phase, prompted by advancements in various sectors including healthcare, aerospace, and quantum computing. The global cryocooler market, which stood at US$ 3 billion in 2022, is expected to burgeon to a value of US$ 4.3 billion by 2028. This represents an impressive compound annual growth rate (CAGR) of 6.18% during the forecast period of 2022-2028.
The report offers a comprehensive overview of various cryocooler market segments, from technological Sophistication of different types like Gifford-McMahon and Stirling coolers, to the utilization of both recuperative and regenerative heat exchangers. The analysis spans across various temperature ranges and applications, highlighting the verticals driving market growth such as healthcare and military. The study also presents an in-depth look into regional market performances, with North America currently leading the cryocooler market share.
Driven by the growing need for efficient cooling in medical equipment and the proliferation of space and satellite technologies, the cryocooler market is witnessing a surge in demand. The proliferation of MRI and cryopreservation systems, as well as the increasing use of cryogenic cooling in satellite and space exploration, play a vital role in market expansion. In addition, significant technological advancements in superconducting magnets, quantum computing, and superconductivity underscore the market growth and diversification.
Key Findings from the Cryocooler Market Report:
- Gifford-McMahon coolers hold the highest market share due to their efficiency and broad application across industries.
- Regenerative heat exchangers dominate the cryocooler market offering superior cooling efficiency and high capacity.
- Healthcare applications lead the market, with critical contributions from magnetic resonance imaging (MRI) systems and cryopreservation protocols.
- North America maintains its dominance with robust growth, propelled by its strong technological base and advanced healthcare and military sectors.
Robust Research and Development Fueling the Market
The competitive landscape of the cryocooler market is a testament to the vigorous effort in R&D by key industry players. There has been a notable shift towards improving product performance and efficiency through innovation, addressing the need for more sophisticated cooling solutions in various sectors. The market’s trajectory is marked by recent developments, including:
- The launch of the highest capacity 77K Cryocooler by Sumitomo Heavy Industries Ltd.
- Cryomech Inc.'s introduction of the new Pt310 Pulse Tube Cryocooler for enhanced dry dilution refrigeration.
- The contract awarded to Thales Group by Airbus Defence and Space for the provision of cryocoolers for the TRISHNA satellite.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $3 Billion |
| Forecasted Market Value (USD) by 2028 | $4.3 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
Companies Mentioned
- Advanced Research Systems Inc.
- Air Liquide S.A.
- AMETEK Inc.
- Brooks Automation Inc.
- Chart Industries Inc.
- Cryomech Inc.
- Honeywell International Inc.
- Lake Shore Cryotronics Inc.
- Northrop Grumman Corporation
- RICOR Cryogenic & Vacuum Systems
- Sumitomo Heavy Industries Ltd.
- Superconductor Technologies Inc.
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/bb5f4u
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