Cryocooler Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Technology (Pulse Tube, Gifford-McMahon, Others), By Industry Vertical (Aerospace And Defense, Healthcare, Energy And Power, Others), And By Geography - Forecasts From 2021 To 2026

The cryocooler market is projected to witness a CAGR of 7.98% during the forecast period to reach a total market size of US$4.926 billion by 2026, increasing from US$2.878 billion in 2019.

A refrigerator designed to reach cryogenic temperatures (cryogenic temperature differs from one project specification to another and could be below −46°C or −80°C or −101°C to a minimum of −196°C) is called a cryocooler. There are six commonly used cryocooler types, which are divided into two categories — recuperative cycles and regenerative cycles.

The following chart of applications for cryocoolers:

• Commercial- Cryopumps for semiconductor fabrication; High-temperature superconductors for cellular-phone base stations; Superconductors for voltage standards; Semiconductors for high-speed computers; Infrared sensors for non-destructive evaluation (NDE) and process monitoring
• Energy- LNG for peak shaving; Infrared sensors for thermal loss measurements; SC magnetic energy storage for peak shaving and power conditioning; SC power applications (motors, transformers, etc.)

With such a varied range of applications, the cryocooler market is ever-expanding as the expenditures of these industries increase. But the high cost of running a cryocooler may disrupt its growth.

By geography, the North American region will recur a substantial part of the market because of the presence of several industries. The Asia-Pacific region will grow at a pace because of the presence of the automobile industry. By industry vertical, healthcare and defence, capture the highest share. The other industrial verticals are also increasing their market share.

Growth Factors.

• Increasing adoption of cryocoolers in the semiconductor industry.

The cryocooler market is application-driven. The key factors contributing to the growth of this market include the increasing adoption of these cryocoolers in a wide range of applications such as military, medical, commercial, research and development, and space. As military activities increase over the globe with countries adding new weaponry to their artillery, the use of cryocoolers is shooting up. Emerging commercial use of cryocoolers is in cooling high-temperature superconducting filters for cellular telephone base stations. Combined with cryogenically cooled low-noise amplifiers, these receivers allow a base station to handle more calls, hear a handset further away, improve call quality, or a combination of these. Semiconductors for high-speed computers make use of cryocoolers extensively. Cooling of infrared and visible cameras and radiation detectors continues to provide a market for small cryocoolers.

One application for relatively compact cryocoolers relates to integrating such cryocoolers with superconducting electronics such as military communications and electronic hardware, and finally commercial communications hardware. The same technology can be used to digitize fast signals accurately. Reliable cryocoolers are the enabling technology. By far the largest market is in wireless communications. The path of fully compatible wireless systems worldwide can be achieved by the incorporation of superconducting technology to digitize the signals at high bandwidth. Cryocoolers of a very long lifetime are indispensable in this case and are the main gating factor for the explosion of such a market.

• Application in medical science.

One of the foremost uses of cryocoolers in the medical field is the liquefication of oxygen. Advances in cryocooler technology have enabled the design of new cooling methods for MRI systems. The development of Gifford-McMahon cycle cryocoolers capable of cooling below liquid helium temperature, or providing larger cooling capacities, has removed design barriers and provided greater overall system design flexibility. As the demand for more physical access to patients as the MRI industry expands, new applications will raise the demand for newer cryocoolers. The rise in medical expenditure in the short run has expanded the market and is expected to leave an impact in the long run.

Restrains.

• High cost of running cryocoolers.

The cryocooler market is extensive and ever-increasing but there are a few limiting factors that may hinder the growth of the market. It was observed that the cryocoolers incur a high running cost. As the frequency of the coolers increases, the manufacturing costs also increase proportionately. The pulse tubes which are commonly used in these coolers have shown a poor coefficient of performance and they are costly to manufacture. These factors might affect the market growth as buyers may look for alternatives.

Impact of COVID–19.

The Covid-19 pandemic has had an impact on all industrial units and markets due to the nationwide lockdown and restrictions. The pandemic has led to the growth of medical facilities and their related industries. The high demand for oxygen concentrators and pumps by the government and private sectors has led to an increase in the demand for cryocoolers. The cryocoolers are an integral part of oxygen plants. This indirect demand has led to an expansion of the market and newer innovative ideas. Other healthcare equipment like MRI machines and proton therapy also makes use of these coolers. This has also led to increasing demand for coolers. The pandemic has impacted the cryocooler market greatly and also provided scope for expansion.

Competitive Insights.

The market leaders for the Cryocooler Market are Sumitomo Heavy Industries, Ltd., Brooks Automation, Inc., Sunpower Inc.,  Cryomech, Inc.,  Northrop Grumman Corporation,  Advanced Research Systems,  DH Industries BV, Janis Research Company, LLC,  Ricor Cryogenic & Vacuum Systems,  Superconductor Technologies Inc. The key players in the market implement growth strategies such as product launches, mergers, acquisitions, etc. to gain a competitive advantage over their competitors. For Instance,

• Sumitomo Heavy Industries Ltd. acquired Persimmon Technology Corporation in 2017.
• Brooks Automation sold its Cryogenic Business to Atlas Copco AB for $675M in 2018
• Advance Research System was acquired by Applied Energy System in 2018.  
• In 2019, HYSTECH s.r.l acquired DH Industries BV through its fully owned Dutch company Stirling Cryogenics B.V. Northrop Grumman’s largest disclosed sale occurred in 2020 when it sold Northrop Grumman - Federal IT & Mission Support Services Business to Peraton for $3.4B. Lake Shore Cryotronics announced 2020 the acquisition of Janis Research’s Laboratory Cryogenics business — a move that unites two of the world’s leading providers of cryogenic and material characterization solutions for low-temperature research.
• In 2020, Superconductor technology, a leader in superconducting innovation, reported it has entered into a definitive merger agreement with Allied Integral United, Inc.
• In January 2021, Netzer Precision Position Sensors was acquired by Ricor Cryogenic & Vacuum Systems - a designer and manufacturer of Cryogenic coolers.

Cryocooler Market Scope:

Segmentation:

• By Technology
  • Pulse Tube
  • Gifford-McMahon
  • Others
• By Industry Vertical
  • Aerospace and Defense
  • Healthcare
  • Energy and Power
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Thailand
    • Indonesia
    • Taiwan
    • India
    • Others