Press release
Cryocooler Market Growth Analysis: Market Size, Key Drivers, and Emerging Trends
Cryocooler Market Size
What Is The Projected Market Size Of The Global Cryocooler Market And Its Growth Rate?
The Cryocooler market has shown robust growth in recent years and the trend is expected to continue. The significant market points include:
• The market value will rise from $3 billion in 2024 to $3.26 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.8%.
• This growth is largely due to factors such as increased military and defense applications, medical equipment cooling needs, the emergence of cryogen-free systems, and increased accessibility and affordability.
• For the coming years, the Cryocooler market is expected to grow strongly, reaching $4.62 billion in 2029 at a CAGR of 9.1%.
• The growth forecast for the coming years can be attributed to rising demand in quantum computing, energy storage and superconductivity applications, among other factors.
What Is Driving The Growth In The Cryocooler Market?
The growth of the cryocoolers market is expected to be fuelled by expanding liquefied natural gas production. Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for transportation and storage. Small liquid natural gas distribution stations need to install compact, high-efficiency cryocoolers to reliquefy boil-off gas in the liquid natural gas tank. For example, the data published by the U.S. Energy Information Administration showed that liquefied natural gas (LNG) trade grew by 3.1% in 2023. This increasing production of LNG is directly contributing to the rise of the cryocoolers market.
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Who Are the Key Players Driving Cryocooler Market Growth?
The key players in the cryocooler market include:
• 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.
What Are The Key Trends In The Cryocooler Market?
Key trends in the Cryocooler market include:
• Growing demand in medical applications
• Miniaturization of cryocooler systems
• Advancements in cryocooler technology
• Focus on sustainable cooling solutions
• Rise in space exploration initiatives
What Are The Segments Of The Global Cryocooler Market?
The Cryocooler market is segmented on the basis of:
• Offering: Hardware, Services
• Type: Pulse-Tube (PT), Gifford-McMahon (GM), Joule-Thomson (JT), Brayton, Stirling
• Operating Cycle: Open-Loop Cycle, Closed-Loop Cycle
• Temperature Range: 1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K, 100.1K-300K
• Application: Space, Healthcare, Military and Defense, Other Applications
Which Region Leads The Cryocooler Market?
North America was the largest region in the cryocooler market in 2024 and it is expected to be the fastest-growing region during the forecast period. Other regions covered in the cryocooler market report include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Cryocooler Market Global Market Report?
- Market Size Analysis: Analyze the Cryocooler Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cryocooler Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cryocooler Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cryocooler Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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