Press Release
Press Release
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:
Key Findings of the Report:
Key Offerings of the Report:
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.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.