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Surge In Liquefied Natural Gas Production Drives Growth In The Cryocoolers Market: A Leading Driver Behind Cryocooler Market Expansion in 2025
Cryocooler
What Will the Cryocooler Industry Market Size Be by 2025?
In recent times, there has been robust growth in the cryocooler market size. This market is projected to expand from $3 billion in 2024 to $3.26 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. Factors contributing to this historical growth include the usage in military and defense operations, cooling requirements in medical equipment, the advent of cryogen-free systems, a surge in acceptance for research applications, and improved accessibility and cost-effectiveness.
What's the Long-Term Growth Forecast for the Cryocooler Market Size Through 2029?
In the upcoming years, the cryocooler market is projected to experience robust growth, escalating to the value of $4.62 billion by 2029 at a compound annual growth rate (CAGR) of 9.1%. This growth during the forecast period can be linked to the escalating demand in sectors such as quantum computing, energy storage, and superconductivity, growing necessity for cryocoolers in electronics, developments in space and satellite technologies, and an increase in usage concerning cryogenic storage and transportation. The forecast period also notes major trends including an expanding demand in the medical field, shrinking of cryocooler systems, progress in cryocooler technology, emphasis on eco-friendly cooling solutions, and a surge in space exploration endeavors.
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What Are the Key Growth Drivers Fueling the Cryocooler Market Expansion?
The growth of the cryocoolers market is anticipated to be fueled by the expansion of liquefied natural gas (LNG) production. LNG is simply natural gas that has been chilled to a liquid state, approximately -260° Fahrenheit, for storage and transportation purposes. It's necessary for small LNG distribution stations to install compact and high efficiency cryocoolers to reliquefy the gas that boils off in the LNG tank. According to data from the U.S. Energy Information Administration revealed in July 2024, a key agency of the Federal Statistical System in the U.S., there was a 3.1% growth in LNG trade in 2023, hitting an average of 52.9 billion cubic feet per day (Bcf/d). This is a growth of 1.6 Bcf/d compared to 2022. Consequently, the expansion of LNG production is stimulating the growth of the cryocoolers market.
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What Are the Key Trends Driving Cryocooler Market Growth?
New product development is becoming a significant trend in the cryocooler market. Major businesses in the industry are focusing on innovative product creation to consolidate their market positions. For example, Cryomech, an American cryocooler manufacturer, unveiled the PT310 Pulse Tube cryocooler at the American Physical Society (APS) in March 2022. The PT310 Pulse Tube, with its distinctive features, offers innovative performances of 1 W at 3 K and 35 W at 35 K when using the remote motor version. Utilizing the PT310 Pulse Tube Cryocooler, customers can enhance their technology and boost the performance of their dilution refrigerators.
How Is the Cryocooler Market Segmented?
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 Companies Are Leading the Charge in Cryocooler Market Innovation?
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.
Which Regions Are Leading the Global Cryocooler Market in Revenue?
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
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