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The global cryocooler market size reached approximately USD 3.30 billion in 2023. The market is projected to grow at a CAGR of 7.2% between 2024 and 2032, reaching a value of around USD 6.13 billion by 2032.
A 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 the healthcare sector, military and defence sector, and space research, among others, where it cools down the high-powered superconducting magnets.
The global cryocooler market growth is 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 sector 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 market growth in the forecast period.
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Space exploration; growing LNG production; quantum computing; and technological innovations are the major trends impacting the cryocooler market development
April, 2024
Bluefors launched the Cryomech HeRL02-RM, a newly developed Helium Reliquefier, engineered specifically to facilitate helium recovery from individual Nuclear Magnetic Resonance (NMR) units.
February, 2024
EKWB, known for its high-performance cooling solutions, announced that it has acquired the technology behind Intel's discontinued cryo cooling system.
October, 2023
Fabrum, a New Zealand-based leader in zero-emission technologies aimed at fostering a lower-carbon economy, completed the acquisition of Alec Farrar Engineering Limited, which is known for its engineering manufacturing and foundry services.
February, 2023
Bluefors, a Finnish company specialising in cryogenic measurement systems, announced its plans to acquire Cryomech, a leader in cryocooler technology and manufacturing based in the United States.
Space exploration
Cryocoolers play a key role in space applications, particularly in the cooling of instruments used in space telescopes and other spacecraft systems.
Growing LNG production
Cryocoolers are essential in LNG plants for reliquefying boil-off gas, which helps in managing and maintaining the storage and transportation of LNG.
Quantum computing
The need for maintaining extremely low temperatures to ensure stable quantum states has positioned cryocoolers as a critical component of quantum computers.
Technological innovations
Innovations in reducing vibration and increasing the lifespan of cryocoolers are making them more suitable for a broader range of application
Cryocoolers play a crucial role in space applications by providing the necessary cooling for instruments on space telescopes and other spacecraft systems. Many space-bound instruments, such as sensors and detectors, operate most effectively at cryogenic temperatures, which can be as low as a few Kelvin above absolute zero. These low temperatures are essential for reducing thermal noise, which can interfere with the instrument's sensitivity and accuracy.
Market players are diversifying their product range and strengthening their position in the cryocooler market by adopting a technology that provides a competitive edge in high-performance cooling. EKWB, known for its high-performance cooling solutions, acquired the technology behind Intel's discontinued Cryo Cooling system. The EK Delta TEC water block is a product that uses this thermoelectric cooling technology. By integrating Intel's TEC technology, EKWB can push the limits of what’s possible in terms of cooling performance in PC setups.
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“Cryocooler Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Application
Market Breakup by Region
Gifford-McMahon (GM) cryocooler accounts for a major cryocooler market share owing to its widespread application across various sectors requiring reliable and efficient cooling solutions
On the basis of type, the Gifford-McMahon cryocoolers are anticipated to account for a significant share of the market, as they are easy to maintain and are ideal for recondensing cryogens in the temperature range of 25 to 125K. They are also favoured for their robust performance in low-frequency applications, where they can effectively maintain extremely low temperatures, making them ideal for use in cryo vacuum systems and scientific research.
On the other hand, stirling cryocoolers are gaining popularity due to their efficiency and versatility in cooling applications, particularly in military and aerospace sectors where precise temperature control is critical.
The healthcare sector maintains its dominance in the market due to the growing usage of cryocoolers in healthcare equipment
Based on application, the healthcare sector is likely to account for a significant share of the cryocooler 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, 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.
Meanwhile, the military and defence sector is likely to hold a considerable share of the cryocooler market owing to the strong demand for cryocoolers for sensitive equipment. Cryocoolers are essential for cooling infrared sensors used in night vision devices, which are critical for modern military operations
The market players are increasing their collaboration and research and development activities to gain a competitive edge in the cryocooler market
Superconductor Technologies Inc. is a company focused on developing and commercializing high-temperature superconductor (HTS) materials and related technologies.
Northrop Grumman is a global aerospace and defence technology company that provides innovative systems, products, and solutions in autonomous systems, cyber, and space, among others.
Sumitomo Heavy Industries, Ltd. is a Japanese company with a diverse portfolio that includes general machinery, shipbuilding, and construction equipment.
SunPower Corporation. is known for its production of high-efficiency solar panels and systems and provides solar products and services for residential, commercial, and utility-scale power plant projects.
Other market players include Brooks Automation, Inc., among others.
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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.
The demand for cryocoolers market in the Asia Pacific region is growing rapidly due to several factors. The region is witnessing a surge in healthcare advancements, with increased investments in medical imaging technologies like MRI systems and proton therapy, all of which require cryocoolers to operate efficiently.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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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. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global cryocooler market attained a value of nearly USD 3.30 billion.
The market is projected to grow at a CAGR of 7.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 6.13 billion by 2032.
The major regions in the market 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 various types of cryocoolers.
Space, healthcare, and military and defence, among others are the significant applications of cryocoolers.
A cryocooler is a mechanical refrigerator that is designed to reach cryogenic temperatures i.e., below 120 K or -153 °C.
The key trends aiding the market include space exploration, growing LNG production, quantum computing; and technological innovations in the cryocoolers sector.
The major players in the market are Superconductor Technologies Inc., Northrop Grumman, Sumitomo Heavy Industries, Ltd., SunPower Corporation, and Brooks Automation, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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