Cryocooler Market Size, Share, Growth Analysis, Type (Gifford-McMahon, Stirling), By Application (Healthcare, Military 7 Defense), By Heat Exchanger Type, By Region -Industry Forecast 2025-2032

Cryocooler Market size was valued at USD 18.81 Billion in 2023 and is poised to grow from USD 20.19 Billion in 2024 to USD 35.47 Billion by 2032, growing at a CAGR of 7.3% during the forecast period (2025-2032).

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.