New Castle, Delaware., March 11, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cryopump Market by Configuration (Straight, Flat), Cooldown Duration (90 Minutes or Less, More Than 90 Minutes), and Crossover Rating (Less Than 250 Torr-Liters, 250-500 Torr-Liters, More Than 500 Torr-Liters): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global cryopump market generated $580.2 million in 2020, and is anticipated to generate $1,239.3 million by 2032, witnessing a CAGR of 6.4% from 2023 to 2032.
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Prime determinants of growth
The cryopump market is growing owing to increasing demand for cryogenic technology in various industries, including semiconductor manufacturing, aerospace, and medical research. Cryopumps offer superior performance in vacuum generation, enabling efficient and reliable processes in these sectors. Additionally, advancements in cryogenic technology and expanding applications drive the market's growth further. However, the fluctuating prices of raw materials restrict the market growth. Moreover, a rise in initiatives by the governments of their respective countries to support the growth of the domestic semiconductor industry is poised to offer new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Historical Period | 2020-2021 |
| Base Year | 2022 |
| Market Size in 2020 | $580.2 million |
| Market Size in 2032 | $1,239.3 million |
| CAGR | 6.4% |
| No. of Pages in Report | 211 |
| Segments covered | Configuration, Cooldown Duration, Crossover Rating, and Region. |
| Drivers | Increasing industrialization Increasing demand for cryogenic gases High budget allocation for R&D activities |
| Opportunities | Growing support for semiconductor industries |
| Restraints | Fluctuating cost of raw materials |
The flat segment to maintain its leadership status throughout the forecast period
Based on configuration, the flat segment held the highest market share in 2020, accounting for more than half of the global cryopump market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment is also expected to grow with a higher CAGR of 6.6% during the forecast period. Flat cryopumps, additionally referred to as cold traps have a compact, horizontal design with a flat surface area for cooling. Flat cryopumps are ideal for applications in which the space is constrained or where a compact footprint is desired.
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The more than 90 minutes segment to maintain its leadership status throughout the forecast period
Based on cooldown duration, the more than 90 minutes segment held the highest market share in 2020, accounting for nearly two-thirds of the global cryopump market, and is estimated to maintain its leadership status throughout the forecast period. These cryopumps are characterized by relatively shorter cooldown durations, typically taking 90 minutes or less to reach their optimal operating temperature. These cryopumps offer rapid cooldown times, allowing for quicker setup and operation in applications where time is of the essence. However, the 90 minutes or less segment is projected to manifest the highest CAGR of 46.8% from 2023 to 2032. Cryopumps in this category have cooldown durations exceeding 90 minutes, requiring a longer period to reach their optimal operating temperature.
The more than 500 Torr-Liters segment to maintain its lead position during the forecast period
Based on crossover rating, the more than 500 Torr-Liters segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global cryopump market revenue, and is projected to maintain its lead position during the forecast period. Cryopumps with a crossover rating of more than 500 Torr-Liter provide efficient gas evacuation capabilities at elevated pressures, supporting faster down times and overall system performance. However, the less than 250 Torr-Liters segment is expected to portray the largest CAGR of 6.9% from 2023 to 2032. Cryopumps with a crossover rating of less than 250 Torr-Liter offer superior performance in maintaining clean and controlled vacuum environments essential for sensitive processes and measurements.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for nearly half of the global cryopump market revenue, and is likely to dominate the market during the forecast period. The Asia-Pacific region presents many growth opportunities to the major players in the cryopump market, owing to rapid industrialization in the countries such as India and China. However, the Europe region is expected to witness the fastest CAGR of 6.9% from 2023 to 2032. Growing semiconductor industry in the region drives the market growth.
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Leading Market Players: -
- SHI Cryogenics Group
- Trillium
- Leybold Products GmbH
- Edward Vacuum (Atlas Copco)
- Ulvac Cryogenics, Inc.
- Pfeiffer Vacuum GmbH
- Vacree Technologies Co., Ltd.
- Ebra Corporation
- Nikkiso
- Elliott Group
The report provides a detailed analysis of these key players in the global cryopump market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, acquisitions, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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