USD 17.53 Billion
Cryocooler Market Size, Share, Growth Analysis, Type (Gifford-McMahon, Stirling), By Application (Healthcare, Military 7 Defense), By Heat Exchanger Type (Recuperative Heat Exchangers, Regenerative Heat Exchangers), By Region -Industry Forecast 2025-2032
Report ID:
SQMIG20E2096 |
Region:
Global |
Published Date: December, 2024
Pages:
185
|Tables:
115
|Figures:
68
Cryocooler Market Insights
Global Cryocooler Market size was valued at USD 17.53 Billion in 2022 and is poised to grow from USD 18.81 Billion in 2023 to USD 33.05 Billion by 2031, growing at a CAGR of 7.3% in the forecast period (2024-2031).
Cryocoolers are seeing a rise in demand as they are important in power electronics, magnets and semiconductors applications in the cooling systems. These devices find applications in the defense industry for night vision systems, land and air based military applications. Thus, a large-scale demand from military and defense sector is anticipated to further push the cryocooler market growth during the forecast period.
They have also been gaining traction in the healthcare industry, with increased use in cryopreservation procedures and for cooling magnetic resonance imaging (MRI) systems. The demand for cryocoolers is rapidly increasing in the healthcare due to the low temperature requirement for storage and transport of Covid-19 vaccines. However, the market also has to deal with difficulties like the risk of faulty or poorly insulated cryocoolers, causing substantial expenses and prolonged response times. This is why manufacturers are invested in minimizing the risk of malfunctioning and improving performance with advanced designs.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Fastest Growth
Growth Rate
7.3% CAGR
Global Cryocooler Market ($ Bn)
Country Share for North America Region (%)
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Cryocooler Market Segmental Analysis
The global cryocooler market is segmented into type, heat exchanger type, operating cycle, application, and region. Based on type, the market is segmented into pulse-tube, Gifford McMahon, Joule-Thomson, and Brayton, Stirling. Based on heat exchanger type, the market is segmented into recuperative heat exchangers and regenerative heat exchangers. Based on application, the market is segmented into open-loop cycle and closed-loop cycle. Based on application, the market is segmented into space, healthcare, and military & defense. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Analysis by Type
Based on type, the Stirling segment is dominating the market with the largest cryocooler market share. The demand for Stirling cryocoolers is increasing owing to their efficiency, compactness, and reliability found in low temperature applications. The cryocoolers work on the Stirling thermodynamic cycle and are very effective for infrared sensor cooling, superconductors and scientific instruments. Their application in space and satellite systems and portable medical devices has made them the most sought out technology in the market. Their ability to work efficiently in the space industry, satellite systems, and portable medical devices allows them to become an essential technology in the industry. Due to the advancements in energy efficiency and miniaturization, cryocoolers are now becoming the norm in applications where low electricity consumption is a necessity. Also, the demand for economical cooling solutions in areas like defense, medical and aerospace also contributes to their expansion. Their ability to function in rugged environments and conditions leave them essential elements in both military and commercial use.
The Gifford McMahon segment is witnessing the fastest growth in the cryocooler market. Due to their consistent and competent construction, Gifford-McMahon (GM) cryocoolers are some of the most widely used systems in the industry. Designed to reach the lowest possible temperature, these cryocoolers are widely used in quantum computing, gas liquefaction, and cryopreservation. The GM mechanism employs regenerative heat exchange as a mode of operation, thus providing reasonably low temperature heat sink with good continuity of the system. The segment is benefitting from the expanding utilization of MRI machines and cryocooler research instruments in both healthcare and educational institutions. It is fortifying its market stance also due to the increased requirement for energy saving cryocooler devices in industrial gas manufacturing as well as scientific instruments. Companies are striving towards performance enhancement and cost reduction which would ensure that GM cryocoolers are efficient in both developed and developing markets.
Analysis by Application
Based on application, the military & defense segment is dominating with the largest cryocooler market share. The military & defense sector is the most lucrative for cryocoolers owing to the advanced cooled devices used in surveillance and targeting systems and in electronic warfare. They are important for cooling infrared detectors and thermal imagers, which improves situational awareness in difficult circumstances. The demand is also compounded by the use of such devices in missile guidance as well as in satellite missiles defense systems. There is a surge in the deployment of defense’s upgraded platforms globally ushering developments in micro and rugged cryocoolers for harsh operational environments. This segment also eases the utilization of cryocooler in radar and communication systems, reinforcing mission assurance with precise cooling.
As per cryocooler market analysis, the medical segment is witnessing the fastest growth. The healthcare sector emerges as an active segment as it contributes to the improvement of diagnosis and treatment in patients. MRI systems, cryosurgery devices, and biological sample cryopreservation systems heavily depend on cryocoolers. More and more healthcare professionals began to use advanced imaging and therapeutic technologies, which significantly increased the demand for efficient and reliable cryocooler systems. It is especially true for miniature cryocoolers that are used in portable and home-care medical devices. Additionally, the growth of biobanking and tissue engineering also increased the need for accurate cooling systems. This segment as well is supported by the government and private sector investments into medical science research which provides for further expansion into this market.
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Cryocooler Market Regional Insights
North America is dominating with the largest cryocooler market share. North America is leading the cryocoolers market because of numerous investments in the aerospace, defense, and healthcare sectors. The demand for cryocoolers is increasing rapidly in the United States because these are used in space research and military uses with the assistance of institutions like NASA and the Department of Defense. The demand is also supported by improvements in quantum computing and superconducting technologies. Furthermore, cryocoolers are also utilized in the healthcare system for Angio reconstructive surgery and MRI systems, resulting in the growth of the market in the region. The market is also further propelled by the continuous upgradation of the military’s physical structures and increasing expenditure in satellite development. Due to a well-structured and established setting of manufacturers and R&D centers, North America continues to be the central point of the new developments concerning the cryocooler technologies.
Europe is witnessing the fastest growth in the market. Europe continues to be an important market for cryocooler applications owing to strong development of the aerospace and healthcare industry. The Europe’s resolve to lessen the carbon footprint has also resulted in research and advancements in energy efficient cryocooler systems. Nations such as Germany as well as France and the United Kingdom are leading in the development of cryocooler system thanks to great efforts focused on space programs and superconducting applications. Also, the healthcare industry increases the demand for advanced imaging and diagnostic equipment thus pushes the market further. In addition to that, the actions of the European Union set to stimulate the development of adequate tools and scientific research for the promotion of sustainable energy technologies also encourage use of cryocoolers. Cooperation between the major producers and researchers also enhances the economic position of Europe in the international arena.
Global Cryocooler Market By Geography
- Largest
- Fastest
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Cryocooler Market Dynamics
Drivers
Growing Medical and Healthcare Services in Developing Countries
- The medical sector in the developing countries has been experiencing continuous growth in the last few years. The demand for cryocoolers is rapidly rising owing to the increasing usage of these technologies in several medical applications like cryosurgery, proton therapy, and MRI systems among others. The cryocoolers have the potential of cooling its interior environment, this capability relies on various thermodynamic properties of the circulating gas.
Increasing Production of Liquefied Natural Gas
- The increasing production of liquefied natural gas and increase in penetration of cryocoolers in semiconductor industry is boosting the growth of the market. Furthermore, the distribution stations of small liquid natural gas require compact, highly effective cryocoolers for re-liquifying boil-off gas in the LNG tank. Therefore, liquefied natural gas or compressed natural gas along with liquid hydrogen are playing a crucial part for the adoption of cryocoolers.
Restraints
Restrictions in Performance of Cryocoolers
- One of the major restrictions of designing space thermal system is the development of spacecraft thermal management systems relying on predictable cryocooler performance. There are many manufacturers who depend on the extremely sparce cryocooler performance data when they perform the system-level trade-offs. The off-design point performance mapping is also facing difficulties with time constraints implemented either by system or schedules of cooler development.
High Expense of Cryocoolers
- The high expense of cryocoolers is creating difficulties for the end users in various sectors like transportation. Furthermore, the expense of instrument along with other costs like maintenance, staffing, laboratory are related to the use of cryocoolers. This is restricting the adoption of cryocoolers among end users, which is hindering the growth of the market during the forecast period.
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Cryocooler Market Competitive Landscape
The cryocoolers industry is intensely competitive due to major investments in strategic partnerships and innovation. The market is dominated by organizations such as Sumitomo Heavy Industries, Northrop Grumman, Ricor USA which have established themselves as major providers of sophisticated equipment for cryocooler. Leading companies are facing more competition as emerging startups are offering more affordable and energy-efficient products. The emphasis on the miniaturization of devices and their enhanced performance leads to an increasing number of advanced cryocooler products being introduced into the market. One of the approaches to strengthen market position includes partnerships with end-users, particularly in the defense and healthcare sectors. Increasing focus on R&D owing to the growing demand for advanced cryocooler solutions in the aerospace, quantum computing and renewable energy industries is leading to growth of the market.
Top Player’s Company Profile
- Sumitomo Heavy Industries, Ltd.
- RIX Industries
- Northrop Grumman
- Bluefors Oy
- RICOR
- AMETEK, Inc.
- ULVAC CRYOGENICS, INC.
- CryoSpectra GmbH
- Lihan Cryogenics Co., Ltd.
- CSSC Pride (Nanjing) Cryogenic Technology Co., Ltd
- Edwards Vacuum
Recent Developments
- In January 2024, the SHI Cryogenics Group presented the RJT-100 4K GM-JT Cryocooler. This new Gifford-McMahon / Joule-Thomson (GM-JT) Cryocooler is currently the most powerful 4K Cryocooler manufactured by SHI, with a maximum capacity of 9.0 W at 4.2 K (50/60 Hz).
- In March 2023, Bluefors Oy purchased Cryomech, the leading cryocooler manufacturer in Syracuse, New York, U.S. This decision brings together around 600 personnel globally enabling Bluefors Oy to further improve its offering to quantum technology, physics research and industrial application clients. The development is in line with Bluefors Oy’s growth strategy and intentions to promote ultra-low temperature cooling technology in R&D and industrial applications areas.
- In March 2022, Cryomech Inc. reported about new Pt310 Pulse Tube Cryocooler as well. It has optimal heat lift performance of 3 Kelvin (K) which allows dry dilution refrigerators to cool down to practically millikelvin temperatures.
Cryocooler Key Market Trends
- Increasing Medical and Healthcare Services: In recent times, the global cryocoolers market is growing rapidly owing to the increasing demand for cryocoolers in the medical and healthcare sector. This is because of their extensive usage in MRI systems, cryosurgery, proton treatment, and the liquefaction of oxygen in hospitals. Furthermore, the cryocoolers ability to chill the atmosphere relies on a number of circulating gas’s thermodynamic features.
- Advent of Quantum Communication and Cryptography: Cryocoolers can be utilized for maintaining ultra-cold temperature necessary for quantum systems. The quantum computers operate at millikelvin temperatures for preserving coherence in qubits. The developing systems for quantum communications and cryptography depend on the capability to transmit single photons with high fidelity. Growing emphasis on secure communication is driving investing in advanced quantum technologies like quantum key distribution (QKD), fueling market growth.
Cryocooler Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, most recent developments in the fields of aerospace, military, medical and healthcare have increased demand for cooler technologies, especially cryocoolers. Due to the requirement for providing cryogenic temperatures for different applications such as infrared detectors, superconducting magnets and medical imaging, cryocoolers are important. Thermal efficiency and reliability growth due to technological improvement of Stirling and Gifford-McMahon systems contributed to an expansion in market growth. Trends in the development of quantum computers that require additional miniaturization processes as well as industrial integration of cryocoolers are expanding the market. The growth of renewable energy and space exploration programs also contributed to the growth. Regions like North America and Europe are witnessing high growth in the market because government facilities are investing in the medical and healthcare sectors.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 17.53 Billion |
| Market size value in 2031 | USD 33.05 Billion |
| Growth Rate | 7.3% |
| Base year | 2024 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cryocooler Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cryocooler Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cryocooler Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cryocooler Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cryocooler Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cryocooler Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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