Cryocooler
PUBLISHED: 2024 ID: SMRC26279
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Cryocooler

Cryocooler Market Forecasts to 2030 - Global Analysis By Type (Pulse-Tube, Stirling, Gifford-Mcmahon, Joule-Thomson, Brayton and Other Types), Heat Exchange Method, Offering, Operating Cycle, Application, End User and By Geography

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4.6 (55 reviews)
Published: 2024 ID: SMRC26279

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Cryocooler Market is accounted for $3.0 billion in 2024 and is expected to reach $4.9 billion by 2030 growing at a CAGR of 8.0% during the forecast period. A cryocooler is a device used to achieve and maintain very low temperatures, typically below room temperature and often approaching absolute zero. These devices are employed in various applications such as scientific research, medical imaging, superconducting technologies, and space exploration. Cryocoolers work by utilizing various thermodynamic principles, such as the Joule-Thomson effect or the magnetocaloric effect, to extract heat from a system and lower its temperature.

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: 

Rising need for efficient cooling

With advancements in technology and increasing demand for cryogenic applications across various industries such as healthcare, aerospace, and energy, there's a rising need for efficient cooling solutions in the cryocooler market. Cryocoolers play a crucial role in maintaining ultra-low temperatures for applications like MRI machines, satellite sensors, and superconducting devices. As these applications become more prevalent, the demand for cryocoolers with higher efficiency and reliability continues to escalate, driving innovation in the industry.

Restraint:

High input power consumption

The market faces a significant challenge with high input power consumption. These devices, essential for cooling applications in various industries, require substantial energy to operate efficiently. This leads to increased operational costs and can limit their adoption in energy-sensitive sectors. Addressing this issue involves developing more energy-efficient technologies and optimizing current designs to reduce power consumption without compromising performance, thereby enhancing the feasibility and sustainability of cryocooler systems.

Opportunity:

Advancements in electronics

Innovations in miniaturization, power efficiency, and control systems have led to more compact, energy-efficient cryocoolers with precise temperature regulation. Developments in superconducting materials and quantum computing applications drive the demand for advanced cryocoolers. Enhanced electronics enable better performance, reliability, and integration with sophisticated systems, making modern cryocoolers indispensable in medical, aerospace, and defense industries. These advancements are propelling the market forward, meeting diverse and stringent cooling requirements.

Threat:

Leakage issues

The market faces significant challenges due to leakage issues. These leaks can compromise the efficiency and performance of cryocoolers, leading to increased maintenance costs and potential system failures. Addressing these leaks requires advanced sealing technologies and rigorous quality control during manufacturing. Additionally, leaks can result in the loss of expensive cryogenic fluids, further escalating operational expenses. Ensuring leak-tight systems is crucial for maintaining reliability and cost-effectiveness in cryocooler applications across various industries.

Covid-19 Impact: 
  
The COVID-19 pandemic significantly disrupted the cryocooler market, primarily due to supply chain interruptions and reduced demand from key sectors like aerospace, defense, and healthcare. Manufacturing delays and restrictions on international trade hampered production and distribution. Additionally, budget reallocations and decreased investments in research and development further strained the market. Despite these challenges, the increasing need for medical cryogenics in vaccine storage and transportation provided a counterbalancing demand surge, partially offsetting the overall market decline.

The transformers segment is expected to be the largest during the forecast period

The transformers is expected to be the largest during the forecast period. Cryocoolers, which are used to achieve low temperatures for applications in medical, military, and aerospace sectors, require precise and stable electrical inputs to function effectively. Transformers ensure the efficient conversion and regulation of voltage levels, enhancing the performance and reliability of cryocoolers. Their integration is vital for maintaining optimal cooling efficiency and ensuring the longevity and safety of cryogenic systems.

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

The agriculture segment is expected to have the highest CAGR during the forecast period. Cryocoolers are vital in maintaining the integrity of seeds, crops, and other perishable agricultural products by providing ultra-low temperature environments. This technology ensures extended shelf life, reduces spoilage, and preserves genetic material for future use. Innovations in cryogenic cooling systems are expected to further support sustainable agricultural practices, improve food security, and optimize supply chains globally.

Region with largest share:

North America is projected to hold the largest market share during the forecast period due to increased demand in sectors like healthcare, military, and space exploration. Advancements in cryogenic technologies and rising investments in medical imaging and superconducting devices further drive this market. The region's strong industrial base and the presence of key market players contribute to the development and adoption of innovative cryocooler solutions, ensuring the market's robust expansion over the coming years.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. The increasing demand for efficient cooling systems in MRI machines, satellite instruments, and infrared sensors propels market expansion. Additionally, government funding and investments in aerospace and defense sectors contribute to this upward trend. Key players focus on innovative technologies and strategic partnerships to enhance product offerings and market presence, ensuring robust growth in the cryocooler industry across the region.

Key players in the market

Some of the key players in Cryocooler market include Sumitomo Heavy Industries, Ltd., Northrop Grumman Corporation, Brooks Automation Inc., Sunpower Inc., Lockheed Martin Corporation, RICOR, Janis Research Company LLC, Honeywell International Inc., Cobham PLC, Air Liquide S.A., DH Industies BV, Cryomech Inc., L3 Technologies, Advanced Research Systems Inc., Stirling Cryogenics BV and Thales Group.

Key Developments:

In March 2023, Bluefors acquired Cryomech to become a global leader in cryogenics. The new company was entrusted to provide cryogenic systems for quantum technology, nanotechnology, and scientific research.

In March 2023, Cryomech Inc. unveiled the industry-leading PT450 Pulse Tube Cryocooler and CP3000-Series Helium Compressor at the American Physical Society (APS) March 2023 Meeting.

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

Heat Exchange Methods Covered:
• Regenerative
• Recuperative 

Offering Covered:
• Hardware 
• Services 

Operating Cycles Covered:
• Closed-Loop Cycle
• Open-Loop Cycle 

Applications Covered:
• Magnetic Resonance Imaging (MRI)
• Spectrometers
• Transformers
• Fault Current Limiter (FCL)
• Infrared Detector
• Cryopumps
• Superconducting Quantum Interference Devices (SQUID)
• Other Applications 

End Users Covered:
• Military and Defense
• Medical
• Commercial
• Agriculture 
• Transport
• Mining and Metal
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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 2021, 2022, 2023, 2026, and 2030
- 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
 

Table of Contents

1 Executive Summary       
         
2 Preface        
 2.1 Abstract       
 2.2 Stake Holders      
 2.3 Research Scope      
 2.4 Research Methodology     
  2.4.1 Data Mining     
  2.4.2 Data Analysis     
  2.4.3 Data Validation     
  2.4.4 Research Approach     
 2.5 Research Sources      
  2.5.1 Primary Research Sources    
  2.5.2 Secondary Research Sources    
  2.5.3 Assumptions     
         
3 Market Trend Analysis      
 3.1 Introduction      
 3.2 Drivers       
 3.3 Restraints      
 3.4 Opportunities      
 3.5 Threats       
 3.6 Application Analysis     
 3.7 End User Analysis      
 3.8 Emerging Markets      
 3.9 Impact of Covid-19      
         
4 Porters Five Force Analysis      
 4.1 Bargaining power of suppliers     
 4.2 Bargaining power of buyers     
 4.3 Threat of substitutes     
 4.4 Threat of new entrants     
 4.5 Competitive rivalry      
         
5 Global Cryocooler Market, By Type     
 5.1 Introduction      
 5.2 Pulse-Tube      
 5.3 Stirling       
 5.4 Gifford-Mcmahon      
 5.5 Joule-Thomson      
 5.6 Brayton       
 5.7 Other Types      
         
6 Global Cryocooler Market, By Heat Exchange Method   
 6.1 Introduction      
 6.2 Regenerative      
 6.3 Recuperative       
         
7 Global Cryocooler Market, By Offering     
 7.1 Introduction      
 7.2 Hardware       
  7.2.1 Heat Dissipation Pipes    
  7.2.2 Power Conditioning Units    
  7.2.3 Compressors     
  7.2.4 Cold Heads     
 7.3 Services        
  7.3.1 Product Repairs and Refurbishment Services  
  7.3.2 Preventive Maintenance Services   
  7.3.3 Technical Support Services    
  7.3.4 Customer Training Services    
         
8 Global Cryocooler Market, By Operating Cycle    
 8.1 Introduction      
 8.2 Closed-Loop Cycle      
 8.3 Open-Loop Cycle      
         
9 Global Cryocooler Market, By Application    
 9.1 Introduction      
 9.2 Magnetic Resonance Imaging (MRI)    
 9.3 Spectrometers      
 9.4 Transformers      
 9.5 Fault Current Limiter (FCL)     
 9.6 Infrared Detector      
 9.7 Cryopumps      
 9.8 Superconducting Quantum Interference Devices (SQUID)  
 9.9 Other Applications      
         
10 Global Cryocooler Market, By End User     
 10.1 Introduction      
 10.2 Military and Defense     
 10.3 Medical       
 10.4 Commercial      
 10.5 Agriculture       
 10.6 Transport       
 10.7 Mining and Metal      
 10.8 Other End Users      
         
11 Global Cryocooler Market, By Geography    
 11.1 Introduction      
 11.2 North America      
  11.2.1 US      
  11.2.2 Canada      
  11.2.3 Mexico      
 11.3 Europe       
  11.3.1 Germany      
  11.3.2 UK      
  11.3.3 Italy      
  11.3.4 France      
  11.3.5 Spain      
  11.3.6 Rest of Europe     
 11.4 Asia Pacific      
  11.4.1 Japan      
  11.4.2 China      
  11.4.3 India      
  11.4.4 Australia      
  11.4.5 New Zealand     
  11.4.6 South Korea     
  11.4.7 Rest of Asia Pacific     
 11.5 South America      
  11.5.1 Argentina     
  11.5.2 Brazil      
  11.5.3 Chile      
  11.5.4 Rest of South America    
 11.6 Middle East & Africa     
  11.6.1 Saudi Arabia     
  11.6.2 UAE      
  11.6.3 Qatar      
  11.6.4 South Africa     
  11.6.5 Rest of Middle East & Africa    
         
12 Key Developments       
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures  
 12.2 Acquisitions & Mergers     
 12.3 New Product Launch     
 12.4 Expansions      
 12.5 Other Key Strategies     
         
13 Company Profiling       
 13.1 Sumitomo Heavy Industries, Ltd.    
 13.2 Northrop Grumman Corporation    
 13.3 Brooks Automation Inc.     
 13.4 Sunpower Inc.      
 13.5 Lockheed Martin Corporation     
 13.6 RICOR       
 13.7 Janis Research Company LLC     
 13.8 Honeywell International Inc.     
 13.9 Cobham PLC      
 13.10 Air Liquide S.A.      
 13.11 DH Industies BV      
 13.12 Cryomech Inc.      
 13.13 L3 Technologies      
 13.14 Advanced Research Systems Inc.    
 13.15 Stirling Cryogenics BV     
 13.16 Thales Group      
         
List of Tables        
1 Global Cryocooler Market Outlook, By Region (2021-2030) ($MN)  
2 Global Cryocooler Market Outlook, By Type (2021-2030) ($MN)  
3 Global Cryocooler Market Outlook, By Pulse-Tube (2021-2030) ($MN)  
4 Global Cryocooler Market Outlook, By Stirling (2021-2030) ($MN)  
5 Global Cryocooler Market Outlook, By Gifford-Mcmahon (2021-2030) ($MN) 
6 Global Cryocooler Market Outlook, By Joule-Thomson (2021-2030) ($MN) 
7 Global Cryocooler Market Outlook, By Brayton (2021-2030) ($MN)  
8 Global Cryocooler Market Outlook, By Other Types (2021-2030) ($MN)  
9 Global Cryocooler Market Outlook, By Heat Exchange Method (2021-2030) ($MN) 
10 Global Cryocooler Market Outlook, By Regenerative (2021-2030) ($MN)  
11 Global Cryocooler Market Outlook, By Recuperative  (2021-2030) ($MN)  
12 Global Cryocooler Market Outlook, By Offering (2021-2030) ($MN)  
13 Global Cryocooler Market Outlook, By Hardware  (2021-2030) ($MN)  
14 Global Cryocooler Market Outlook, By Heat Dissipation Pipes (2021-2030) ($MN) 
15 Global Cryocooler Market Outlook, By Power Conditioning Units (2021-2030) ($MN)
16 Global Cryocooler Market Outlook, By Compressors (2021-2030) ($MN)  
17 Global Cryocooler Market Outlook, By Cold Heads (2021-2030) ($MN)  
18 Global Cryocooler Market Outlook, By Services  (2021-2030) ($MN)  
19 Global Cryocooler Market Outlook, By Product Repairs and Refurbishment Services (2021-2030) ($MN)
20 Global Cryocooler Market Outlook, By Preventive Maintenance Services (2021-2030) ($MN)
21 Global Cryocooler Market Outlook, By Technical Support Services (2021-2030) ($MN)
22 Global Cryocooler Market Outlook, By Customer Training Services (2021-2030) ($MN)
23 Global Cryocooler Market Outlook, By Operating Cycle (2021-2030) ($MN) 
24 Global Cryocooler Market Outlook, By Closed-Loop Cycle (2021-2030) ($MN) 
25 Global Cryocooler Market Outlook, By Open-Loop Cycle (2021-2030) ($MN) 
26 Global Cryocooler Market Outlook, By Application (2021-2030) ($MN)  
27 Global Cryocooler Market Outlook, By Magnetic Resonance Imaging (MRI) (2021-2030) ($MN)
28 Global Cryocooler Market Outlook, By Spectrometers (2021-2030) ($MN)  
29 Global Cryocooler Market Outlook, By Transformers (2021-2030) ($MN)  
30 Global Cryocooler Market Outlook, By Fault Current Limiter (FCL) (2021-2030) ($MN)
31 Global Cryocooler Market Outlook, By Infrared Detector (2021-2030) ($MN) 
32 Global Cryocooler Market Outlook, By Cryopumps (2021-2030) ($MN)  
33 Global Cryocooler Market Outlook, By Superconducting Quantum Interference Devices (SQUID) (2021-2030) ($MN)
34 Global Cryocooler Market Outlook, By Other Applications (2021-2030) ($MN) 
35 Global Cryocooler Market Outlook, By End User (2021-2030) ($MN)  
36 Global Cryocooler Market Outlook, By Military and Defense (2021-2030) ($MN) 
37 Global Cryocooler Market Outlook, By Medical (2021-2030) ($MN)  
38 Global Cryocooler Market Outlook, By Commercial (2021-2030) ($MN)  
39 Global Cryocooler Market Outlook, By Agriculture  (2021-2030) ($MN)  
40 Global Cryocooler Market Outlook, By Transport (2021-2030) ($MN)  
41 Global Cryocooler Market Outlook, By Mining and Metal (2021-2030) ($MN) 
42 Global Cryocooler Market Outlook, By Other End Users (2021-2030) ($MN) 
         
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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