Press release
Cryocoolers Market Outlook to 2027 - Cryomech, Chart Industries, Brooks Automation, Advanced Research Systems, Northrop Grumman, RICOR, Sumitomo Heavy Industries, Sunpower, Superconductor Technologies, Thales Group
The global Cryocoolers market is accounted to US$ 1415.52 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 – 2027, to account to US$ 3137.17 Mn by 2027.Asia-Pacific is anticipated to be the fastest growing market and North America is to be the highest revenue contributor throughout the forecast period. Higher investments for cryocooler application such as increase in the number of healthcare and space applications would accentuate the growth of cryocooler market in North America. Moreover, in Asian countries witnessed higher military spending, which includes high budget for military outer-space programmes. The overall military spending recorded by Asia Pacific region in the year 2018 was over US$ 450 Bn, which is expected to fuel cryocoolers market in this region.
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Market Insights: Adoption of Cryogenic Solutions for space applications
Cryogenic fluids such as liquid helium, liquid nitrogen, or cold nitrogen, and helium gas were primarily being used in the cryostats. However, higher costs associated with the extraction of these cryogenic liquids for passive cooling led to the search of substitute materials. Cryocooler have been put into commercial usage more than three decades back as able substitutes to the cryogenic liquids in terms of cost-effectiveness, reliability, and lower maintenance costs. The highlighting features of cryocoolers that make them unique products especially in the space based applications are smaller sizes, lesser weights, and volumes.
Emergence of Effective cryocoolers:
It is expected that emerging diagnostic procedures in cardiovascular imaging along with therapeutic procedures involving image-guided surgery will produce a concurrent demand for higher fields than are currently available in ‘open’ slot magnets and greater access to the patient than is currently available in ‘short bore’ magnets. These goals are not consistent with the perceived need for continuing magnet price reduction. Continued progress in cryogenic refrigeration will result in a moving cost target for HTS conductors and it is doubtful that they will ever be applied in air core MRI magnet windings where significant amounts of conductor are required because they cost so much more than LTS conductors.
Product Insights:
The global cryocooler market by types was led by Gifford-McMahon (GM) segment. Rest products considered in the cryocooler market includes Brayton Cryocoolers, Pulse-Tube (PT), Stirling, Joule-Thomson (JT), and others.
Application Insights:
The cryocoolers market by application is segmented into environmental, transport, military, commercial, healthcare, space, R&D, agriculture, and others. The Cryocoolers regulate, block and allow the flow of any media such as liquid, gases and water through the pipeline. The rise in the service and IT industry has led to the drastic growth in the number of commercial building constructions in the last few years. Apart from this, stringent Government regulations imposed on maintaining energy-efficiencies in these buildings have led to increasing adoptions of products that optimize energy consumptions.
Strategic Insights:
New market initiatives were observed as the most adopted strategy in global cryocooler industry. Few of the recent market initiatives are listed below:
2019: The SHI Cryogenics Group added a new model to its line of Gifford-McMahon (GM) Cryocoolers with the introduction of the RDE-418D4 1.8/2.0W 4K Cryocooler. This New RDE-418D4 Cryocooler Increases Cooling Performance by 20% Compared to Existing Models.
2018: Chart Industries, Inc. announced that it has completed the divestiture of its oxygen-related products business ("CAIRE Medical") within its BioMedical segment to NGK SPARK PLUG CO., LTD. for $133.5 million. The strategic decision to divest the oxygen-related products business reflects Chart's strategy and capital allocation approach to focus on its core cryogenic capabilities and offerings.
2018: Chart Industries Inc. acquired Skaff Cryogenics & Cryo-Lease, LLC. The acquisition of Skaff expands Chart’s direct regional presence for service and aftermarket support in the Northeast United States. This is a very strategic expansion for the company as it drives to bring more value to its customers.
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GLOBAL CORPORATE SECRETARIAL SERVICES – MARKET SEGMENTATION
By Hardware
• Power Conditioning Units
• Cold Heads
• Compressors
• Heat Dissipation Pipes
• Others
By Type
• Brayton Cryocoolers
• Pulse-Tube (PT)
• Stirling
• Gifford-McMahon
• Joule-Thomson (JT)
• Others
By Application
• Healthcare
• Environmental
• Transport
• Military
• Commercial
• Space
• Research & Development
• Agriculture
• Others
By Geography
• North America
o U.S.
o Canada
o Mexico
• Europe
o France
o Germany
o Italy
o Spain
o UK
o Rest of Europe
• Asia Pacific (APAC)
o Taiwan
o China
o India
o Australia
o Japan
o Rest of Asia Pacific
• Middle East and Africa (MEA)
o Saudi Arabia
o UAE
o South Africa
o Rest of MEA
• South America (SAM)
o Brazil
o Argentina
o Rest of SAM
Company Profiles:
• Advanced Research Systems, Inc.
• Brooks Automation Inc.
• Chart Industries Inc.
• Cryomech Inc.
• Northrop Grumman Corporation
• RICOR – Cryogenic & Vacuum Systems
• Sumitomo Heavy Industries, Ltd.
• Sunpower Inc. (Ametek Inc.)
• Superconductor Technologies Inc.
• Thales Group
Complete Report is available at https://www.theinsightpartners.com/reports/cryocooler-market/?OPR-pK
Table of Content:
1. INTRODUCTION
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. CRYOCOOLER MARKET LANDSCAPE
5. CRYOCOOLER MARKET - KEY INDUSTRY DYNAMICS
6. CRYOCOOLER - GLOBAL MARKET ANALYSIS
7. CRYOCOOLER MARKET REVENUE AND FORECASTS TO 2027 - HARDWARE
8. GLOBAL CRYOCOOLER MARKET ANALYSIS - BY TYPE
9. CRYOCOOLER MARKET REVENUE AND FORECASTS TO 2027 - APPLICATION
10. CRYOCOOLER MARKET - GEOGRAPHICAL ANALYSIS
11. INDUSTRY LANDSCAPE
12. KEY COMPANY PROFILES
12.1 ADVANCED RESEARCH SYSTEMS, INC.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
Key Benefits of Buying this Research Study:
1. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Cryocoolers Market
2. Highlights key business priorities in order to assist companies to realign their business strategies
3. The key findings and recommendations highlight crucial progressive industry trends in the Cryocoolers Market, thereby allowing players across the value chain to develop effective long term strategies
4. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
5. Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
6. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
7. Examine the political, economic, social and technology impact of the five regions namely: North America, Europe, Asia Pacific, Middle East & Africa and South America.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
Contact Us:
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Email: sales@theinsightpartners.com
Website: https://www.theinsightpartners.com/
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