Cryocooler Market Forecasts to 2028 - Global Analysis By Offering, Heat Exchanger Type, Operating Cycle, Type, Temperature, Application, End User and Geography

According to Stratistics MRC, the Global Cryocooler Market is accounted for $2.68 billion in 2022 and is expected to reach $4.25 billion by 2028 growing at a CAGR of 8.0% during the forecast period. Cryogenic temperatures are reached by cooling an application using a mechanical refrigerator called a cryocooler. It is common to define cryogenic temperatures as being below 123 K, or -150°C or -238°F. At these temperatures, a number of physical phenomena begin to deviate from how they behave at room temperature and below, and new phenomena gain in importance. As a result, the discipline of cryogenics frequently necessitates the development of a completely new set of specialised abilities, operational constraints, and testing protocols. One of the distinctive features of cryogenics is the science and engineering needed to achieve cryogenic temperatures, in our case, producing cryogenic freezers known as cryocoolers. Cryocoolers are frequently used in defence applications, primarily to cool infrared focal planes.

According to the US Geological Survey, in 2020, the helium exports from the United States amounted to 100 million cubic meters, an increase of 19.04% compared to 2018.

Market Dynamics:

Driver:

Surging adoption of cryocoolers in MRI

For the purpose of cooling superconducting magnets, cryocoolers are employed in the medical and healthcare sectors. Crycocoolers are being employed in a number of medical settings, including MRI, NMR equipment, and proton therapy. Applications involving MRI shields make use of Gifford-McMahon cryocoolers. The extensive use of cryocoolers in proton therapy, MRI systems, NMR equipment, cryosurgery, and the liquefaction of oxygen in hospitals is mostly to blame for the sharp rise in demand for cryocoolers in the healthcare sector. Modern hospitals and cancer treatment facilities currently employ proton therapy as a therapeutic approach. High-powered magnets used in proton treatment have superconducting qualities, similar to MRI devices. Cryocoolers are required to cool these magnets to liquid helium temperatures. This life-saving technology is being invested in or considered by numerous cancer treatment facilities and hospitals. This is then anticipated to have an effect on market demand over the projection period.

Restraint:

Performance Constraint of Cryocoolers

Developing spacecraft thermal management systems that rely on dependable cryocooler functioning is one of the most difficult aspects of space thermal system design. When determining trade-offs at the system level, the majority of developers rely on a data set on cryocooler performance that is rather small. Another frequent cause of off-design point performance mapping constraints is time constraints imposed by system development timetables or follow-on cooler development deadlines. But at the Air Force Research Laboratory, a sizable quantity of off-nominal performance mapping has allowed empirical modelling of quantifiable parametric correlations when defining cryocoolers (AFRL). Through the creation of precise performance prediction methodologies that are useful for the majority of conceivable operating ranges, these models establish connections between key cryocooler operational and environmental variables.

Opportunity:

Growing demand for cryocoolers with enhanced capabilities

In conjunction with delicate electronics and sensors, cryocoolers are utilised in space missions for scientific, commercial, or military purposes. High power and reliability efficiency, low vibration and the ability to withstand the vibration of satellite launches, and prolonged exposure to space radiation are the general requirements for these applications. For big military and commercial satellite applications, cryocoolers are frequently employed to keep infrared sensors and electro-optical (EO) components at the proper temperature. Cryocoolers do not scale down linearly, which is one of the primary needs in space and microsatellite applications. As a result, the demand for cryocoolers for microsatellite technologies has expanded significantly. In the upcoming years, cryocooler manufacturers are anticipated to benefit from improved features such as detector sensitivity and signal/noise ratio for an EO and IR application in microsatellites. The development of small and microsatellites in recent years for missions with less funding has created new potential for the use of space cryocoolers.

Threat:

High input power consumption of cryocoolers

Power usage is a crucial consideration in the design of cryocoolers. The heating load and operating temperature have a big impact on how much input power cryocoolers need. When evaluating the overall performance of various cryocoolers, it is generally necessary to take into account the cooling capacity and weight of the cryocooler. By increasing the operating temperature from 4.2K, depending on the refrigerant utilised and the overall thermal efficiency of the systems, cryocoolers have greatly reduced their input power requirements. The cryocoolers market is seeing a number of major manufacturers introduce cutting-edge characteristics including reduced vibrations, high efficiency, and low power consumption. Therefore, it is anticipated that over time, these restraints will have less of an effect on the market.

COVID-19 Impact

Nearly every business was impacted by the unprecedented worldwide public health emergency known as COVID-19, and the long-term effects are expected to have an impact on the expansion of a number of end-use industries over the course of the forecast period. In order to assure the inclusion of underlying COVID-19 concerns and potential future directions, this ongoing research expands the research framework. The paper offers insights on COVID-19, taking into account changes in consumer demand and behaviour, buying habits, supply chain rerouting, dynamics of contemporary market forces, and important government initiatives. In-depth examination of the effects of COVID-19 and its succeeding variant outbreaks on demand, supply, pricing, and vendor uptake is revealed in the report's devoted section, which also offers suggestions for long-term solutions.

The regenerative heat exchanger segment is expected to be the largest during the forecast period

The regenerative heat exchanger segment is estimated to have a lucrative growth. Applications that require high temperatures have increased recently. The increased demand for waste heat recovery has led to the widespread use of regenerative heat exchangers. For efficient heat transmission, a device known as a regenerative heat exchanger allows fluids to flow over the heat-storage material in varied ways. This has increased the market's demand for cryocoolers.

The stirling segment is expected to have the highest CAGR during the forecast period

The stirling segment is anticipated to witness the fastest CAGR growth during the forecast period, due to various advantages associated with them including their compact structure and the ability to achieve higher frequency compared to other cryocoolers. The surging adoption of Stirling cryocoolers in defence and space applications across the world is another major factor attributing to the growth of the market for these cryocoolers. The adoption of Stirling cryocoolers in developing countries is increasing rapidly.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to The effective transport of large volumes of natural gas is made possible by a significant commercial application of cryocoolers in the liquefaction, transport, and storage of LNG by drastically reducing the volume (by more than a factor of 600) between natural gas at atmospheric pressure and temperature and LNG. The International Gas Union rated Japan's capability for liquefied natural gas (LNG) regasification as the best in the world. This development is anticipated to decelerate even though China will shortly start obtaining LNG through pipelines from Russia.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to their widespread use in MRI systems, cryosurgery, proton treatment, and oxygen liquefaction in hospitals. The main research groups are devoted to the treatment of leukaemia, solid tumours, and lung cancer. The area is a major global producer of cutting-edge cancer treatments and swiftly developing technology, such as cryocooler gadgets. The cryocooler market in North America has grown as a result of the device's primary application in proton therapy for the treatment of cancer. Cryocoolers are generally employed in MRI scanners and other similar applications in the medical profession. To bring cutting-edge cryogenic cooling technologies to market, American government space organisations have invested a significant amount of money in research and development.

Key players in the market

Some of the key players profiled in the Cryocooler Market include: Sunpower Inc., Cobham PLC, Cryomech Inc., Sumitomo Heavy Industries Limited, RICOR, Chart Industries Inc., Advanced Research Systems Inc., Superconductor Technologies Inc., Stirling Cryogenics BV, Janis Research Company LLC, Northrop Grumman Corporation, Cobham Missions Systems Wimborne Limited, DH Industies BV, Brooks Automation Inc., Honeywell International Inc., Lockheed Martin Corporation, L3 Technologies, Air Liquide S.A. and INTERNATIONAL CRYOCOOLER CONFERENCE INC.

Key Developments:

In Dec 2018, Sunpower announced that NASA launched CT-S cryocooler aboard SpaceX's CRS 16 spacecraft, as part of the Robotic Refuelling Mission 3 (RRM3), that will establish techniques for storing and replenishing spacecraft fuel.

In Nov 2016, Brooks Automation acquired Cool Lab, LLC, a subsidiary of BioCision, LLC. With this acquisition, Brooks cooperated with BioCision for developing innovative solutions in temperature control, which include the CryoPod personal mobile carrier that is capable of maintaining cryogenic temperatures for more than four hours.

Offerings Covered:

• Hardware
• Services
• Other Offerings

Heat Exchanger Types Covered:

• Recuperative Heat Exchangers
• Regenerative Heat Exchangers

Operating Cycles Covered:

• Closed-loop Cycle
• Open-loop Cycle

Types Covered:

• Stirling
• Gifford-Mcmahon
• Pulse-Tube
• Brayton
• Joule-Thomson
• Other Types

Temperatures Covered:

• 1K-5K
• 5.1K-10K
• 10.1K-50K
• 50.1K-100K
• 100.1K-300K

Applications Covered:

• Spectrometers
• Magnetic Resonance Imaging (MRI)
• Particle Accelerators
• Transformers
• Electric Motors & Generators
• Magnetic Levitation (Maglev) Devices
• Superconducting Quantum Interference Devices (SQUID)
• Zero-Boil Off (ZBO) Storage Tanks
• Magnetic Separators
• Cryopumps
• Infrared Detector
• Superconducting Magnetic Energy Storage (SMES)
• Fault Current Limiter (FCL)
• Other Applications

End Users Covered:

• Medical
• Military and Defense
• Environmental
• Commercial
• Agriculture & Biology
• Research & Development
• Energy
• Transport
• Space
• Mining and Metal
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances