Growing Application of Cryocooler across Sectors is Driving Market Growth

The global cryocooler market is projected to grow at a considerable CAGR of around 6.9% during the forecast period (2024-2031). The market growth is driven by the rising demand for liquefied natural gas, increasing adoption of cryocoolers in MRI, and proton therapy in the healthcare sector, and increasing adoption of cryocoolers in the semiconductor industry, superconducting magnets, and power systems. Additionally, cryocoolers have applications in high technology applications such as semiconductors, hard disk drives, flat panel displays, lighting, solar cells, and thermal and general vacuum coating systems, which are contributing to the market growth during the forecast period.

Get Free Sample link @ https://www.omrglobal.com/request-sample/cryocooler-market

The global cryocooler market is segmented by type (Gifford-McMahon, pulse-tube, Stirling, and Brayton), by operating cycle (open-loop cycle, and closed-loop cycle) by application (healthcare, commercial, transportation, military, and space), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).

Market Dynamics

The healthcare segment is estimated to dominate the market owing to the growing need for cryocoolers in the healthcare sector for proton therapy, MRI systems, cryosurgery, and oxygen liquefaction in hospitals.

North America is projected to hold a significant share of the global cryocooler market, owing to its military applications in satellite surveillance and missile guidance.

The major companies serving the global cryocooler market include Sumitomo Heavy Industries Limited, Northrop Grumman Corporation, Superconductor Technologies Inc., and Sunpower Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions, which contribute significantly to market growth.

Full report of Cryocooler Market available @ https://www.omrglobal.com/industry-reports/cryocooler-market

Recent Developments

In October 2024, NASA announced adopting active cooling technology using cryocoolers. The procurement strategy would be applied to future long-duration missions to Mars utilizing cryogenic propellants. The activity is known as Cryogenic Active Cooling for Human Exploration (CACHE).

In February 2023, Bluefors announced the intended acquisition of Cryomech. The two companies intend to manufacture ultra-low temperature cryogenics post the completion of the acquisition.

In March 2022, Cryomech introduced a new PT310 Pulse Tube cryocooler at the American Physical Society (APS). The product is claimed to deliver optimum heat lift performance at 3 Kelvin (K). It enables dry dilution refrigerators to achieve temperatures down to millikelvin levels.

Reasons to Buying From us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.

For More Customized Data, Request for Report Customization @ https://www.omrglobal.com/report-customization/cryocooler-market

Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

This release was published on openPR.