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Cryocooler Market to Witness the Highest Growth Globally in Coming Years
The high-power consumption of cryocoolers is hindering the growth of the global cryocooler market. T
The global cryocooler market is projected to reach $2,365.8 million by 2023. As per the research, the global cryocooler market is expected to reach $2,365.8 million by 2023, registering a CAGR of 7.3% during 2017 – 2023. Cryocooler refers to the mechanical device, used to generate cryogenic temperature and offers cooling to the environment and materials inside it.
The device typically uses helium, hydrogen or a mixture of gases to offer cryogenic temperatures. Some of the key application areas of cryocoolers include military, medical, commercial, environmental, energy, transport, research and development, and space.
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The major cryocooler vendors have been focusing on innovation to compete in the global market. Major players are targeting on innovating the applications of cryocoolers mainly across the military and healthcare sectors. Sumitomo Heavy Industries, for instance developed cryocoolers for MRI applications, which is helpful for healthcare industry.
Geographically, North America has been the largest contributor to the global cryocooler market, followed by Europe and Asia-Pacific. Some of the factors such as the mature aerospace and defense industry and the rising installation of cryogenic technology in aircraft carriers are responsible for the growth of North American cryocooler market.
Global cryocooler market is expected to register a significant growth, directed by the rising acceptance of several cryocoolers to offer cryogenic temperatures for IR sensors in missile guidance, satellite-based surveillance and night vision based systems.
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Sumitomo Heavy Industries is one of the major players in the global cryocooler market. The company also intensified its marketing activities aimed at semiconductor manufacturing equipment players who require cryogenic machines. Thus, new offerings and developments help companies to generate more revenues besides serving to wide range of customer requirements.
GLOBAL CRYOCOOLER MARKET SEGMENTATION
- Cold Heads
- Heat Dissipation Pipes
- Power Conditioning Units
- Others (Pressure vessels, feedthrough pipes, service tubes, and vibration absorbers)
- Product Repairs & Refurbishment Services
- Technical Support Services
- Preventive Maintenance Services
- Customer Training Services
By Heat Exchanger
- Gifford-Mcmahon Cryocoolers
- Stirling Cryocoolers
- Pulse-Tube Cryocoolers
- Joule-Thomson Cryocoolers
- Brayton Cryocooler
By Temperature Range
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