Cryocooler Global Market Report 2024

The cryocooler market size has grown strongly in recent years. It will grow from $2.77 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth observed in the historical period can be attributed to various factors, including military and defense applications, the cooling needs of medical equipment, the emergence of cryogen-free systems, a rise in adoption for research applications, and increased accessibility and affordability.

The cryocooler market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to the growing demand in quantum computing, applications in energy storage and superconductivity, an increasing need for cryocoolers in electronics, the expansion of space and satellite technologies, and heightened usage in cryogenic storage and transportation. Major trends expected in the forecast period include a growing demand in medical applications, the miniaturization of cryocooler systems, advancements in cryocooler technology, a focus on sustainable cooling solutions, and an increase in space exploration initiatives.

The anticipated expansion in liquefied natural gas (LNG) production is set to drive the growth of the cryocoolers market in the foreseeable future. LNG, natural gas converted into a liquid state through extreme cooling, necessitates the use of compact and highly efficient cryocoolers at small LNG distribution stations. These cryocoolers serve to reliquefy boil-off gas within LNG tanks. Notably, data released by the U.S. Energy Information Administration in July 2022 revealed that the United States surpassed China as the world's foremost LNG exporter in the first half of 2022. During this period, US LNG shipments witnessed a 12% growth compared to the latter half of 2021, indicating the significant influence of expanding LNG production on propelling the cryocoolers market.

The cryocoolers market is poised for growth owing to the burgeoning healthcare industry. Cryocoolers, integral components in healthcare, facilitate the attainment of cryogenic temperatures necessary for superconducting magnets in magnetic resonance imaging (MRI) machines and aid in cooling highly sensitive detectors within positron emission tomography (PET) scanners. With the healthcare sector projected to witness substantial growth, as indicated by the 2021-2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services, forecasting a 5.1% annual rise in national health spending, the demand for cryocoolers to support diagnostic and medical imaging equipment, among other applications, is expected to surge.

Product innovation stands out as a significant trend propelling the cryocoolers market. Noteworthy players within this market are intensifying their efforts to develop innovative products to fortify their market standing. For example, Cryomech, a U.S.-based cryocooler manufacturer, unveiled the PT310 Pulse Tube cryocooler at the American Physical Society (APS) in March 2022. Distinguished by groundbreaking features, the PT310 Pulse Tube demonstrates exceptional performance, delivering 1 W at 3 K and 35 W at 35 K with the remote motor version. This product empowers customers to advance their technology and enhance the performance of dilution refrigerators through the utilization of the PT310 Pulse Tube Cryocooler.

Major players in the cryocoolers market are concentrating on pioneering advancements, notably high-capacity cryocoolers, to enhance their competitive edge. These high-capacity cryocoolers are engineered to generate substantial refrigeration levels at cryogenic temperatures, typically below 100 Kelvin (-173 degrees Celsius). In November 2022, SHI Cryogenics Group, a Tokyo-based cryogenic equipment manufacturer, introduced the CH-160D2 77K Cryocooler. This innovative device features Whisper technology for reduced operational noise and Displex pneumatic drive technology, minimizing wear parts within the refrigerator. With a patented gas-energized seal and an innovative gas-balanced valve design, the CH-160D2 significantly reduces overall wear and torque while also showcasing an enhanced heat exchanger for improved efficiency, along with a new stem drive.

In March 2023, Bluefors Oy, a Finnish manufacturer specializing in cryogenic measurement systems, acquired Cryomech Inc. for an undisclosed sum. This acquisition positions Bluefors to bolster its global standing in cryogenic solutions and broadens its product range to encompass cryogenic dilution refrigerators. Cryomech Inc., based in the United States, is recognized for its expertise in cryocooler design and manufacturing.

Major companies operating in the cryocooler market report are Sumitomo Heavy Industries Ltd., Sunpower Inc., RICOR Systems, Northrop Grumman Corporation, Cryomech Inc., Chart Industries Inc., Janis Research Company LLC, Advanced Research Systems Inc., Superconductor Technologies Inc., Stirling Cryogenics B.V., Cobham PLC, Brooks Automation Inc., Honeywell International Inc., The Lockheed Martin Corporation, L3 Technologies Inc., Air Liquide S.A., Devex, Raytheon Technologies Corporation, Refrigiwear Inc., Refrigeration Engineering Inc., Sanyo Denki Co. Ltd., Scitec Instruments Ltd., Secop Group Holding GmbH, Shimadzu Corporation, Siemens Energy AG, Supercon Inc., Thermo Fisher Scientific Inc., Titan Cryogenics, UHV Design Ltd., Thales Cryogenics B.V.

North America was the largest region in the cryocooler market in 2023 and is expected to be the fastest-growing region in the cryocooler market report during the forecast period. The regions covered in the cryocooler market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cryocooler market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of cryocoolers include pulse-tube (PT), Gifford-McMahon (GM), Joule-Thomson (JT), Brayton, and Stirling. Pulse-tube refrigerators are cryocoolers known for their excellent dependability. They find widespread use in spacecraft for applications such as sensor cooling due to their simple construction and long lifespan attributed to a fully passive cold head. These cryocoolers operate on different cycles, including open-loop and closed-loop cycles, with temperature ranges of 1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K, and 100.1K-300K, providing hardware and services. Cryocoolers are utilized in various applications, including space exploration, healthcare, military and defense, among others.

The cryocooler market research report is one of a series of new reports that provides cryocooler market statistics, including cryocooler industry global market size, regional shares, competitors with a cryocooler market share, detailed cryocooler market segments, market trends and opportunities, and any further data you may need to thrive in the cryocooler industry. This cryocooler market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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