Press release
Cryocooler Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Cryocooler Market Outlook
The growth of the cryocoolers market is predicted to be propelled by increasing production of liquefied natural gas (LNG). LNG - natural gas that has been cooled to a liquid state, approximately -260° Fahrenheit, for the purpose of storage and transport - requires compact and high-efficiency cryocoolers in small liquid natural gas distribution stations to reliquefy any gas that has boil-off in the LNG tank. According to the data released by the U.S. Energy Information Administration, a US-based primary agency of the Federal Statistical System, in July 2024, the trade of liquefied natural gas (LNG) saw an increase of 3.1% during 2023, registering an average of 52.9 billion cubic feet per day (Bcf/d), which indicates an increase of 1.6 Bcf/d as compared to 2022. Therefore, the cryocoolers market is being fuelled by the expansion in LNG production.
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What Is the projected market size and growth rate for the cryocooler market?
In recent years, the cryocooler market has seen significant growth. It's projected to expand from $3 billion in 2024 to $3.26 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. The boost in historical growth can be credited to factors such as the use in military and defense sectors, the necessity of cooling for medical equipment, the development of cryogen-free systems, a surge in usage for research purposes, and enhanced affordability and accessibility.
In the coming years, the cryocooler market is anticipated to experience robust growth, projecting it to reach $4.62 billion by 2029 with a 9.1% compound annual growth rate (CAGR). This expected expansion during the forecast period is linked to the increasing demand in areas such as quantum computing, energy storage, and superconductivity applications. Along with the rising appeal for cryocoolers in the field of electronics, advancements in space and satellite technologies, and the growing utilization in cryogenic storage and transportation also contribute to its growth. Key trends to look out for during the forecast period encompass increasing demand in medical applications, the downsizing of cryocooler systems, progress in cryocooler technology, emphasis on eco-friendly cooling solutions, and a surge in space exploration initiatives.
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What new trends are reshaping the cryocooler market and its opportunities?
Product innovations have been identified as the leading trend gaining traction in the cryocoolers market. Prominent companies in the cryocoolers sector are introducing unique products to consolidate their market presence. For example, Cryomech, a cryocooler manufacturer based in the US, unveiled the PT310 Pulse Tube cryocooler in March 2022 at the American Physical Society (APS). The PT310 Pulse Tube boasts revolutionary features delivering performances of 1 W at 3 K and 35 W at 35 K with its remote motor version. With the PT310 Pulse Tube Cryocooler, clients can upgrade their technology and enhance the efficiency of their dilution refrigerators.
What major market segments define the scope and growth of the cryocooler market?
The cryocooler market covered in this report is segmented -
1) By Offering: Hardware, Services
2) By Type: Pulse-Tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, Stirling
3) By Operating Cycle: Open-Loop Cycle, Closed-Loop Cycle
4) By Temperature: 1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K, 100.1K-300K
5) By Application: Space, Healthcare, Military And Defense, Other Applications
Subsegments:
1) By Hardware: Cryocooler Systems, Cryogenic Refrigerants, Accessories And Components
2) By Services: Installation Services, Maintenance And Repair Services, Consulting And Customization Services
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Which region dominates the cryocooler market?
North America was the largest region in the cryocooler market in 2024 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
Which key market leaders are driving the cryocooler industry growth?
Major companies operating 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., 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.
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What Is Covered In The Cryocooler Global Market Report?
• Market Size Forecast: Examine the cryocooler market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cryocooler market for a structured understanding.
• Key Players Overview: Analyze major players in the cryocooler market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cryocooler market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cryocooler market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cryocooler market.
• Industry Challenges: Identify potential risks and obstacles affecting the cryocooler market.
• Competitive Landscape: Review strategic developments in the cryocooler market, including expansions, agreements, and new product launches.
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