Top 4 Companies Dominating the Global Cryocooler Market, Aided by the Robust Growth of the Healthcare Sector

Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., and SunPower Corporation, among others, are the major players in the global cryocooler market.

The global cryocooler market is expected to grow at a CAGR of 7% in the forecast period of 2022-2027. As per the analysis of Expert Market Research, the market is expected to be driven by the growing healthcare applications of cryocoolers.

As cryocoolers are essential for the liquefaction of oxygen, their growing demand in various sectors like space, healthcare, military, and defence, space, among others, is driving the market growth. The increasing investments in liquified natural gas (LNG) infrastructure and the growing demand for industrial gases are also propelling the market growth of cryocooler.

The robust growth of the military and defence sector owing to the surging government investments is likely to drive the utilisation of cryocoolers in satellites and missile guidance systems, among others. Cryocoolers are also extensively used for the cooling of infrared sensors in military night vision equipment as well as high-speed and high-precision infrared cameras.

In December 2020, Thales signed a contract with Airbus Defence and Space to deliver two cryocoolers for the Thermal infraRed Imaging Satellite for High-resolution Natural resource Assessment (TRISHNA) satellite. The company’s cryocoolers were to be used for the cooling of an infrared detector in the satellite’s instrument to optimise its performance. As the company’s cryocoolers can target various applications, it is a cost-effective solution. Through the innovative product, Thales aimed to meet the surging demand for high-performance and economic cryocoolers for space applications.

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Top 4 Cryocooler Companies in the World:

Superconductor Technologies Inc.

Superconductor Technologies Inc. is an innovative superconductor company. Its flagship Conductus® superconducting wire platform delivers 100 times the current carrying capacity of conventional aluminium and copper, cost-effectiveness, high-performance, and scalable superconducting wire. The company has developed more than 100 patents. Moreover, the manufacturing of the company involves the operation of material handling and sophisticated production equipment by using production techniques.

Northrop Grumman

Northrop Grumman offers innovative solutions in the aeronautics, defence, space, and cyberspace sectors. The company develops, delivers, and designs weapons with increased capabilities and complexities for the US forces. With 90,000 employees, the company aims to meet evolving consumer demands.

Sumitomo Heavy Industries, Ltd.

Sumitomo Heavy Industries, Ltd. is a company that manufactures integrated industrial machinery, automatic weaponry, ships, bridges, and steel structure, among others. Its products are used in several industries, including mechatronics, construction and logistics, industrial machinery, and energy, among others.

SunPower Corporation

SunPower Corporation designs and manufactures solar panels and all-in-one residential solutions. By using the SunPower® Maxeon® cell technology, the company offers access to high-efficiency solar panels. It has received over 1000 patents for solar innovations. In May 2022, SunPower Corp. collaborated with IKEA to provide innovative home care solutions in the United States.