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Global Cryocooler Market to Grow at a CAGR of 7% During 2021-2026, Aided by the Rising Product Demand in the Healthcare Industry

According to a new report by EMR titled, ‘Global Cryocooler Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 2.69 billion in 2020. The cryocooler industry is further expected to grow at a CAGR of 7% between 2021 and 2026 to reach USD 4.09 billion by 2026.

The global cryocooler industry is anticipated to be driven by the rising demand for the product in the healthcare industry for MRI, NMR equipment, cryosurgery, liquefication of oxygen, and proton therapy, among others. The upgradation of hospitals and cancer treatment centres is expected to further aid the demand for the cryocoolers in the forecast period. Meanwhile, the technological advancements in the military and defence sector are likely to augment the market growth in the coming years.

Superconductor Technologies, Inc. (OTCMKTS: SCON) and Northrop Grumman Corporation (NYSE: NOC) are some of the leading players in the industry. The increasing R&D activities by the key players to enhance their capability are aiding the market. For instance, in December 2020, Thales Group (EPA: HO) and Airbus Defence and Space singed a contract for the delivery of two cryocoolers (Thermal infraRed Imaging Satellite for High-resolution Natural resource Assessment Satellite) for the TRISHNA satellite, which is dedicated to the monitoring of climate change. This project will enhance the understanding of the Earth’s water cycle. Therefore, the new LPT6510 cryocooler developed by Thales and Absolut system will be used to cool the infrared detector in TRISHNA TIR instrument to a very low temperature to enhance its performance.

North America accounts for a significant share in the market owing to the increased research and development activities in the field of space and the rising demand for cryocoolers for military applications. Meanwhile, the Asia Pacific is likely to account for a considerable share in the market, owing to the rising demand for Stirling coolers in India and China.

Market Breakup by Type, Application, and Region:

  • The market is segmented based on type into pulse-tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, and Stirling.
  • The different applications of the product include space, healthcare, and military and defence, among others.
  • Region-wise, the global market for crycooler can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for cryocooler is being driven by the rising demand for the product in the healthcare industry.
  • The crucial usage of the product in the space research organisations like NASA and ISRO is expected to further aid the market growth. 
  • The market is anticipated to be propelled by the thriving military and defence sector, owing to the rising development of IR sensors and surveillance satellites. 
  • Over the forecast period, the technological advancements in the field of healthcare, military and defence, and space research is expected to further augment the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for cryocooler for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, applications, and regions of cryocoolers.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cryocooler market are Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., SunPower Corporation, and Brooks Automation, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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