Global Cryocooler Market worth projected to be 2.99 Billion USD by 2022

The report "Cryocooler Market by Type (GM, PT, JT, Stirling, and Brayton Cryocoolers), Services (Technical Support, Repair, Preventive Maintenance), Heat Exchanger Type (Recuperative and Regenerative), Application, and Geography - Global Forecast to 2022", The global cryocooler market is projected to reach USD 2.99 Billion by 2022, at a CAGR of 7.00% between 2017 and 2022. The major factors driving the growth of this market include the shortage of helium gas, growing medical & healthcare services in the developing economies, growing production of liquefied natural gas, and increasing adoption of cryocoolers in the semiconductor industry.

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he global cryocooler market is projected to reach USD 2.99 Billion by 2022, at a CAGR of 7.00% between 2017 and 2022. The market is mainly driven by the growing medical & healthcare services in developing economies and the rapid shortage of helium gas. In addition, factors such as increased production of liquefied natural gas and growing adoption of cryocoolers in the semiconductor industry are also driving the growth of this market.

Gifford-McMahon (GM), Pulse-Tube (PT), Joule-Thomson (JT), Stirling, and Brayton cryocoolers are the major cryocooler types that have been considered for this study. Among these cryocooler types, the market for Stirling cryocooler is expected to grow at the highest rate during the forecast period. Some of the major reasons for the growth of this market include the wide adoption of Stirling cryocoolers in different applications such as military, medical, commercial, research and development, and space. The advantages of Stirling cryocoolers include high efficiency, small size, and less weight; they also offer reliable operations with very little maintenance required, if designed correctly.

The military, medical, commercial, environmental, energy, transport, research and development, and space are some of the key application areas of cryocoolers. The cryocoolers market for the military application held the largest market share in 2016, followed by the markets for commercial, research & development, medical, and energy applications. The major factors contributing to the growth of these markets include the increasing adoption of GM, PT, JT, and Stirling cryocoolers which maintain the cryogenic temperatures in these applications for the various systems to function at high efficiencies.

The cryocoolers market in the Americas region held the highest size in terms of value in 2016, while the market in APAC is expected to exhibit the highest growth rate between 2017 and 2022. The major factors contributing to the growth of this market include the increasing adoption of various cryocoolers in medical, space, military, and research and development applications. For instance, in military application, cryocoolers are utilized to provide cryogen temperatures for IR sensors in missile guidance and satellite monitoring, whereas in medical application, cryocoolers are utilized in cryosurgery, proton therapy, liquefaction of oxygen in hospitals, and MRI systems.

The cryocooler ecosystem comprises prototype designers, hardware component manufacturers, and original equipment manufacturers (OEMs) such as Sumitomo Heavy Industries Ltd. (Japan), Chart Industries, Inc. (U.S.), Brooks Automation, Inc. (U.S.), Sunpower, Inc. (U.S.), and Cryomech, Inc. (U.S.). The prototype designers design cryocooler equipment pertaining to the industry needs, and the hardware component manufacturers provide various ancillary units such as compressors, cold heads, heat dissipation pipes, valves, dewars, and power conditioning units, which are used to manufacture the final product. The assembly phase of the cryocooler value chain consists of original equipment manufacturers (OEMs) and technology solution providers that offer services with or without customization based on the application of the products.

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