Global Cryocooler Market to Witness 7.3% CAGR during 2017 - 2023

1
Global Cryocooler Market to Witness 7.3 CAGR
during 2017 2023
2
Global Cryocooler Market
According to a new market research report Global
Cryocooler Market Size, Share, Development,
Growth and Demand Forecast to 2023 - Industry
Insights by Offering (Hardware and Service), by
Heat Exchanger (Recuperative and Regenerative),
by Temperature Range (1K-5K, 5.1K-10K, 10.1K-50K,
50.1K-100K and 100.1K-300K), by Industry
(Aerospace and Defense, Healthcare, Semiconductor
and Electronics, Environmental Monitoring,
Energy, Transportation, Agriculture Biology,
Nuclear, Mining and Metals and Others) published
by PS Market Research, the global cryocooler
market is projected to reach 2,365.8 million by
2023. Explore Report Description at
https//www.psmarketresearch.com/market-analysis/c
ryocooler-market 
3
Global Cryocooler Market
Global cryocooler market to witness notable
growth 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. It follows the closed cycle thermodynamic
mechanism and utilizes the flow of gas inside
closed pipelines, absorbs the outer temperature
and radiates it outside. 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. The global cryocooler market has been
witnessing considerable demand from the developed
economies owing to the briskly emerging
technologies in the military and healthcare
sectors.
4
Global Cryocooler Market
Insights on market segments
As per the findings of the research, the
aerospace and defense industry is expected to
contribute largest to the global cryocooler
market. In this industry, cryocoolers are widely
being used for military and space applications.
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. Most commonly used
cryocoolers for various applications are the
GiffordMcMahon, JouleThomson, Brayton, Stirling
and Pulse Tube. Weight and cooling capacity are
the key parameters taken into consideration while
comparing the overall performance of varied
cryocoolers. The market for stirling cryocoolers
is expected to grow fastest during the forecast
period. These cryocoolers have emerged as
preferred devices in terms of efficiency,
compactness, lesser weight and comparatively low
production cost. Stirling cryocoolers use linear
electric drive, resulting in their long life,
which is likely to increase their adoption in the
global cryocooler market. Moreover, developing
nations such as China, Malaysia, India and
Thailand are registering notable growth in
industries such as aerospace and defense,
healthcare and semiconductor, due to which the
demand for these cryocoolers is expected to surge
in these nations during the forecast period.
5
Global Cryocooler Market
North America The largest cryocooler market
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. Moreover, acceptance of
cryocoolers in healthcare industry for various
applications, including cryosurgery and proton
therapy, is also propelling the growth of
cryocooler market in the region.
6
Global Cryocooler Market
Increasing demand of cryocoolers from aerospace
and defense industry
Rising demand for cryocoolers across the
aerospace and defense industry has been boosting
the global cryocoolers market. Cryocoolers are
being used in this industry to cater the
individual demands of military and space
applications. The military applications
contributed largest to the global cryocooler
market however, market for space applications is
expected to register the highest growth during
the forecast period. The global cryocooler market
has immense growth opportunities with the
increasing applications of cryocoolers in the
space sector, which is likely to spearhead the
global cryocooler market in near future.
7
Global Cryocooler Market
Moderate intensity of rivalry
The research states that the intensity of rivalry
is moderate due to the presence of large number
of regional players and moderate number of
players operating globally. The ecosystem of
global cryocooler market comprises of hardware
manufacturers, prototype designers, and original
equipment manufacturers (OEMs). Some of the major
players in the global cryocooler market include
Sumitomo Heavy Industries, Northrop Grumman
Corporation, Janis Research Company, RICOR
Cryogenic Vacuum Systems, Advanced Research
Systems, DH Industries, Air Liquide, L-3
Communications Holdings, Lockheed Martin
Corporation, Superconductor Technologies, Chart
Industries, Brooks Automation, Sunpower and
Cryomech. 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. 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.
8
Global Cryocooler Market
Download report sample at
https//www.psmarketresearch.com/market-analysis/c
ryocooler-market/report-sample
9
GET IN TOUCH
THANK YOU!
For information regarding permissions and other
queries Kindly write to
US/Canada Toll-Free 1-888-778-7886