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Surge In Liquefied Natural Gas Production Drives Growth In The Cryocoolers Market: Powering Innovation and Expansion in the Cryocooler Market by 2025
Cryocooler Market
What Is the Expected CAGR for the Cryocooler Market Through 2025?
The market size of cryocoolers has seen robust growth in the past few years. It is forecasted to expand from a value of $3 billion in 2024 to roughly $3.2 billion in 2025, representing a compound annual growth rate (CAGR) of 6.8%. This upward trend during the historical period can be tied back to its utilization in military and defense, the cooling requirements of medical equipment, the advent of cryogen-free systems, its escalating popularity for research applications, and its increased affordability and accessibility.
What's the Projected Size of the Global Cryocooler Market by 2029?
A significant surge is predicted in the cryocooler market size in the upcoming years, expected to reach $4.43 billion by 2029, growing at a CAGR of 8.5%. This anticipated growth over the forecast period is due to the increasing requirements in quantum computing, energy storage, and superconductivity applications, as well as the escalating need for cryocoolers in the electronics sector and the expansion of satellite and space technologies. Furthermore, its rising utilization in cryogenic storage and transportation contributes to this growth. Key trends forecasted during this period include an increased demand in medical applications, reduction in the size of cryocooler systems, innovations in cryocooler technology, a focus on eco-friendly cooling solutions, and an upswing in space exploration efforts.
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Top Growth Drivers in the Cryocooler Industry: What's Accelerating the Market?
The anticipated expansion of liquefied natural gas production is projected to stimulate the cryocoolers market's progress. Liquefied natural gas (LNG) is simply natural gas frozen to a liquid state, approximately -260° Fahrenheit, for transportation and storage purposes. Compact, high-efficiency cryocoolers are essential for little liquid natural gas distribution stations to reliquefy boil-off gas in the LNG tank. As an example, data released in July 2024 by the U.S. Energy Information Administration, a leading US Federal Statistical System agency, showed an increase of 3.1% in LNG trade in 2023, touching an average of 52.9 billion cubic feet per day (Bcf/d), highlighting an increment of 1.6 Bcf/d relative to 2022. Thus, the anticipated surge in LNG production is contributing to the cryocoolers market's expansion.
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What Are the Key Trends Driving Cryocooler Market Growth?
The cryocoolers market is seeing a surge in popularity due to the prime trend of product innovations. To bolster their market standing, major firms in the cryocoolers market are focusing on creating innovative products. For example, Cryomech, a manufacturer of cryocoolers based in the US, unveiled the PT310 Pulse Tube cryocooler in March 2022 at the American Physical Society (APS). The PT310 Pulse Tube's distinct features enable revolutionary performances of 1 W at 3 K and 35 W at 35 K with the remote motor model. The PT310 Pulse Tube Cryocooler allows customers to enhance their technology and boost the efficiency of their dilution refrigerators.
What Are the Main Segments in the Cryocooler Market?
The cryocoolermarket 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 Top Companies are Driving Growth in the Cryocooler Market?
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 Will Dominate the Cryocooler Market Through 2029?
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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