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Global Cryocooler Market: By Type: Pulse-Tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, Stirling; By Application: Space, Healthcare, Military and Defence, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Value Chain Analysis; Competitive Landscape; Industry Events and Developments
Global Cryocooler Market Outlook
The global cryocooler market stood at a value of around USD 2.69 billion in 2020. The market is further expected to grow at a CAGR of 7% in the forecast period of 2022-2027 to attain USD 4.09 billion by 2026.
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Increasing Product Application in the Healthcare Industry to Bolster the Growth of the Cryocooler Industry
Based on application, the healthcare industry is likely to account for a significant share in the market in the forecast period. Cryocooler is a crucial component for MRI, NMR equipment, cryosurgery, liquefication of oxygen, and proton therapy, among others. Over the forecast period, technological advancements and the modification of hospitals and cancer treatment centres are likely to bolster the demand for cryocoolers. For instance, proton therapy is used in highly advanced treatment centres in order to treat head and neck cancer and paediatric cancers, spine tumours, and breast cancers, among others. Therefore, this factor will propel the demand for cryocoolers, as the product is used for cooling down the high-powered superconducting magnets used in proton therapy. Furthermore, the rising cases of COVID-19 in India are likely to bolster the demand for cryocoolers for the liquefication of oxygen. Meanwhile, the military and defence sector is likely to hold a considerable share in the market owing to the strong demand for cryocoolers for sensitive equipment.
On the basis of type, the Gifford-McMahon cryocoolers are anticipated to account for a significant share in the market, as they are easy to maintain and are ideal for recondensing cryogens in the temperature range of 25 to 125K.
North America Accounts for a Significant Share in the Market
The presence of the major key payers and the rapid industrialisation in the region are likely to bolster the market growth in the forecast period. Some of the countries of North America, such as the United States, are ahead in terms of military and space innovations. The strong research and development in the field of space carried out by NASA will further propel the demand for cryocoolers in the coming years. In addition, the market is expected to be aided by the growing technological advancements in the healthcare infrastructure.
Cryocooler: Market Segmentation
Cryocooler is defined as a type of refrigerator that is designed to reach cryogenic temperatures. The cryogenic temperature can go lower than -153° C. It is usually used in healthcare industry, military and defence sector, and space research, among others, where it cools down the high-powered superconducting magnets.
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Based on type, the market is divided into:
- Pulse-Tube (PT)
- Gifford-McMohan (GM)
- Joule-Thomson (JT)
- Brayton
- Stirling
The significant applications of the product include:
- Space
- Healthcare
- Military and Defence
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for the Product in Semiconductor Applications to Boost the Growth of the Cryocooler Industry
The global cryocooler industry is being driven by the rising demand for cryocoolers in semiconductor applications. The semiconductors are a crucial component in the military and defence sector, where the development of IR sensors and satellite surveillance systems require cryocoolers. Furthermore, the flourishing healthcare industry and the increasing government investment to upgrade the existing healthcare infrastructure are likely to bolster the demand for cryocoolers. Additionally, the increasing demand for MRI, cryosurgery, and liquefication of oxygen due to the increase in hospitalisation rate, globally is expected to significantly contribute to the industry growth in the forecast period.
Key Industry Players in the Global Cryocooler Market
The report gives a detailed analysis of the following key players in the global cryocooler market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Superconductor Technologies Inc.
- Northrop Grumman
- Sumitomo Heavy Industries, Ltd.
- SunPower Corporation
- Brooks Automation, Inc.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2017-2021 |
| Forecast Period | 2022-2027 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, Region |
| Breakup by Type | Pulse-Tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, Stirling |
| Breakup by Application | Space, Healthcare, Military and Defence, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles-Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., SunPower Corporation, Brooks Automation, Inc., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Cryocooler Market Analysis
8.1 Key Industry Highlights
8.2 Global Cryocooler Historical Market (2017-2021)
8.3 Global Cryocooler Market Forecast (2022-2027)
8.4 Global Cryocooler Market by Type
8.4.1 Pulse-Tube (PT)
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2017-2021)
8.4.1.3 Forecast Trend (2022-2027)
8.4.2 Gifford-McMohan (GM)
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2017-2021)
8.4.2.3 Forecast Trend (2022-2027)
8.4.3 Joule-Thomson (JT)
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2017-2021)
8.4.3.3 Forecast Trend (2022-2027)
8.4.4 Brayton
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2017-2021)
8.4.4.3 Forecast Trend (2022-2027)
8.4.5 Stirling
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2017-2021)
8.4.5.3 Forecast Trend (2022-2027)
8.5 Global Cryocooler Market by Application
8.5.1 Space
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2017-2021)
8.5.1.3 Forecast Trend (2022-2027)
8.5.2 Healthcare
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2017-2021)
8.5.2.3 Forecast Trend (2022-2027)
8.5.3 Military and Defence
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2017-2021)
8.5.3.3 Forecast Trend (2022-2027)
8.5.4 Others
8.6 Global Cryocooler Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Superconductor Technologies Inc.
12.2.1.1 Company Overview
12.2.1.2 Product Portfolio
12.2.1.3 Demographic Reach and Achievements
12.2.1.4 Certifications
12.2.2 Northrop Grumman
12.2.2.1 Company Overview
12.2.2.2 Product Portfolio
12.2.2.3 Demographic Reach and Achievements
12.2.2.4 Certifications
12.2.3 Sumitomo Heavy Industries, Ltd.
12.2.3.1 Company Overview
12.2.3.2 Product Portfolio
12.2.3.3 Demographic Reach and Achievements
12.2.3.4 Certifications
12.2.4 SunPower Corporation
12.2.4.1 Company Overview
12.2.4.2 Product Portfolio
12.2.4.3 Demographic Reach and Achievements
12.2.4.4 Certifications
12.2.5 Brooks Automation, Inc.
12.2.5.1 Company Overview
12.2.5.2 Product Portfolio
12.2.5.3 Demographic Reach and Achievements
12.2.5.4 Certifications
12.2.6 Others
13 Industry Events and Developments
List of Key Figures and Tables
1. Global Cryocooler Market: Key Industry Highlights, 2016 and 2026
2. Global Cryocooler Historical Market: Breakup by Type (USD Billion), 2017-2021
3. Global Cryocooler Market Forecast: Breakup by Type (USD Billion), 2022-2027
4. Global Cryocooler Historical Market: Breakup by Application (USD Billion), 2017-2021
5. Global Cryocooler Market Forecast: Breakup by Application (USD Billion), 2022-2027
6. Global Cryocooler Historical Market: Breakup by Region (USD Billion), 2017-2021
7. Global Cryocooler Market Forecast: Breakup by Region (USD Billion), 2022-2027
8. North America Cryocooler Historical Market: Breakup by Country (USD Billion), 2017-2021
9. North America Cryocooler Market Forecast: Breakup by Country (USD Billion), 2022-2027
10. Europe Cryocooler Historical Market: Breakup by Country (USD Billion), 2017-2021
11. Europe Cryocooler Market Forecast: Breakup by Country (USD Billion), 2022-2027
12. Asia Pacific Cryocooler Historical Market: Breakup by Country (USD Billion), 2017-2021
13. Asia Pacific Cryocooler Market Forecast: Breakup by Country (USD Billion), 2022-2027
14. Latin America Cryocooler Historical Market: Breakup by Country (USD Billion), 2017-2021
15. Latin America Cryocooler Market Forecast: Breakup by Country (USD Billion), 2022-2027
16. Middle East and Africa Cryocooler Historical Market: Breakup by Country (USD Billion), 2017-2021
17. Middle East and Africa Cryocooler Market Forecast: Breakup by Country (USD Billion), 2022-2027
18. Global Cryocooler Market Structure
Key Questions Answered in the Report
In 2020, the global cryocooler market attained a value of nearly USD 2.69 billion.
The market is projected to grow at a CAGR of 7% between 2021 and 2026.
The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach USD 4.09 billion by 2026.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Pulse-tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, and Stirling, among others are the major types of the product.
Space, healthcare, and military and defence, among others are the significant applications of the product.
The major players in the industry are Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., SunPower Corporation, and Brooks Automation, Inc., among others.
Analyst Review
The global cryocooler market attained a value of nearly USD 2.69 billion in 2020, driven by the thriving healthcare industry, technological advancements in the military and defence sector, and the growing R&D activities in the field of space. Aided by the development of advanced cryogenic systems for the scientific community, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 7%. The market is projected to reach USD 4.09 billion by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on type, the market is divided into pulse-tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, and Stirling, among others. The significant applications of the product include space, healthcare, and military and defence, among others. The major regional markets for cryocooler are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., SunPower Corporation, and Brooks Automation, Inc., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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