Press release
Cryocooler Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Cryocooler Market Share
What Is the Expected Cryocooler Market Size During the Forecast Period?
The market size of cryocoolers has seen significant growth in the past few years. It is expected to increase from $3 billion in 2024 to $3.26 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. Factors driving this growth during the historic period include the use in military and defense applications, cooling necessities for medical equipment, the introduction of cryogen-free systems, a rise in usage for research applications, and increased availability and affordability.
Expectations are high for a robust expansion in the cryocooler market in the coming years. The market is forecasted to reach $4.62 billion by 2029, with a CAGR of 9.1%. This anticipated growth in the forecast period is influenced by an increased demand in areas such as quantum computing, energy storage and superconductivity applications. Rising needs for cryocoolers in electronics, growth in space and satellite technologies, and a heightened use in cryogenic storage and transportation also contribute towards this growth. Looking into the forecast period, key trends include a surge in demand in the medical field, miniaturization of cryocooler systems, progress in cryocooler technology, emphasis on eco-friendly cooling solutions, and an increase in space exploration initiatives.
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What Are the High-Growth Segments in 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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What Key Drivers Are Expected to Influence Future Cryocooler Market Growth?
The cryocoolers market is likely to experience growth, spurred by an increase in liquefied natural gas production. Liquefied natural gas (LNG) is essentially natural gas chilled to a liquid state, approximately -260° Fahrenheit, to facilitate storage and transportation. It is essential for compact, high-functioning cryocoolers to be installed at small liquid natural gas distribution points to reliquefy any gas that may boil off in the LNG tank. For example, according to the data released by the U.S. Energy Information Administration, a leading US statistics agency, in July 2024, the trade in liquefied natural gas (LNG) grew by 3.1% in 2023, achieving an average daily volume of 52.9 billion cubic feet (Bcf/d). This signifies a growth of 1.6 Bcf/d compared to 2022. Consequently, increased LNG production is fuelling the expansion of the cryocoolers market.
Which Companies Hold the Largest Share Across Different Cryocooler Market Segments?
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.
What Trends Are Driving Growth in The Cryocooler Market?
Innovations in product design and functionality have been identified as a leading trend in the cryocoolers market. The primary players in the market are leveraging these innovations to consolidate their market presence. For example, Cryomech, a cryocoolers manufacturer based in the US, unveiled their PT310 Pulse Tube cryocooler at the American Physical Society (APS) event in March 2022. The PT310 Pulse Tube Cryocooler, with its distinctive features, offers superior performances of 1 W at 3 K and 35 W at 35 K when used with the remote motor version. With this product, customers can upgrade their existing technology and enhance the efficiency of their dilution refrigerators.
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What Are the Emerging Geographies for The Cryocooler Market Growth?
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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cryocooler Market?
2. What is the CAGR expected in the Cryocooler Market?
3. What Are the Key Innovations Transforming the Cryocooler Industry?
4. Which Region Is Leading the Cryocooler Market?
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