Global Cryocooler Market to Grow at a CAGR of 7.2% During 2024-2032, Aided by the Rising Product Demand in the Healthcare Industry

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.

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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 (2018-2023) and (2024-2032). 
• The report also offers historical (2018-2023) and forecast (2024-2032) 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.

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