Press release
Cryocooler Market Size, Opportunities, Trends, and Demand 2024-2033
Cryocooler Market Size
According to The Business Research Company's, 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 in the historic period can be attributed to military and defense applications, medical equipment cooling needs, emergence of cryogen-free systems, rise in adoption for research applications, 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 growth in the forecast period can be attributed to growing demand in quantum computing, energy storage and superconductivity applications, rising demand for cryocoolers in electronics, expansion of space and satellite technologies, increased use in cryogenic storage and transportation. Major trends in the forecast period include growing demand in medical applications, miniaturization of cryocooler systems, advancements in cryocooler technology, focus on sustainable cooling solutions, rise in space exploration initiatives.
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Market Drivers and Trends:
Expanding liquefied natural gas production is expected to boost the growth of the cryocoolers market going forward. Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state, around -260° Fahrenheit, for transportation and storage. Small liquid natural gas distribution stations must install compact, high-efficiency cryocoolers to reliquefy boil-off gas in the liquid natural gas tank. For instance, in July 2022, the data published by the U.S. Energy Information Administration, a US-based principal agency of the Federal Statistical System, during the first half of 2022, the United States overtook China as the world's top LNG exporter. In the first half of 2022, US LNG shipments grew by 12% when compared to the second half of 2021. Therefore, expanding liquefied natural gas production is driving the growth of the cryocoolers market.
Product innovations have emerged as the key trend gaining popularity in the cryocoolers market. Major companies operating in the cryocoolers market are developing innovative products to strengthen their position in the market. For instance, in March 2022, Cryomech, a US-based manufacturer of cryocoolers, launched the PT310 Pulse Tube cryocooler at the American Physical Society (APS). The unique features of the PT310 Pulse Tube provide ground-breaking performances of 1 W at 3 K and 35 W at 35 K with the remote motor version. Customers can advance their technology and improve the performance of their dilution refrigerators with the PT310 Pulse Tube Cryocooler.
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Major Key Players of the Market:
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.
Cryocooler Market 2024 Key Insights:
• The cryocooler market will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Surge In Liquefied Natural Gas Production Drives Growth In The Cryocoolers Market
• Innovative Cooling Solutions Redefining Performance Standards In The Cryocoolers Market
• 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
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