by Cryocoolers are devices that produce low temperatures such as Stirling cryocoolers, and pulse tube cryocoolers due to the continuous movement of helium gas. They are widely used for cooling infrared sensors, superconducting devices, semiconductor devices, and for storing vaccines. Cryocoolers have applications across various industries such as aerospace and defense, healthcare, energy, and telecommunications. In the aerospace and defense industry, cryocoolers are used for cooling infrared sensors and bolometers in surveillance satellites. They provide long operating life and vibration-free cooling solutions required for space applications. The global Cryocooler Market is estimated to be valued at US$ 2540.58 million in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cryocooler market is the increasing usage of pulse tube cryocoolers. Pulse tube cryocoolers have gained popularity as they have no mechanically moving parts and offer benefits such as reliability and reduced vibration compared to Stirling cryocoolers. This has increased their adoption across various industries including aerospace, military, medical, energy, and electronics. Another major trend is the development of compact and lightweight cryocoolers for applications in space exploration missions. For instance, space research organizations are developing miniature cryocoolers that are 3-4 times more compact and weigh half as the existing Stirling cryocoolers. This will enable applications in small satellites.
Porter’s Analysis
Threat of new entrants: The cryocooler market requires high R&D investment and established distribution channels. This poses barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute cooling techniques. However, cryocoolers offer unique advantages in defense and medical applications.
Bargaining power of suppliers: Major suppliers possess bargaining power over components and materials as they are indispensable. However, the presence of multiple component manufacturers mitigates this threat.
Threat of new substitutes: Liquid nitrogen and mechanical cooling are substitutes but cannot match the precision, durability and compactness of cryocoolers.
Competitive rivalry: The market players compete on performance specifications, cooling ranges, and product innovation. Agreements and acquisitions aid expansion into related domains.
Key Takeaways
The global cryocooler market size is expected to witness high growth over the forecast period. North America dominates the market currently owing to wide cryocooler applications in aerospace, military, medical industries and scientific research in the region.
Regional analysis: Asia Pacific is expected to grow at the fastest rate during the forecast period. Increasing expenditure on defense and space research especially in China, India, and Japan is driving the regional cryocooler market.
Key players: Key players operating in the cryocooler market are Northrop Grumman Corporation, Sumitomo Heavy Industries Limited, Stirling Cryogenics BV, Sunpower Inc. (AMETEK Inc.), Superconductor Technologies Inc. Northrop Grumman dominates with extensive product portfolio catering to applications from infrared cameras to NMR machines
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
