The global cryostat market is projected to grow at a CAGR of 5.27% during the forecast period to reach US$2.879 billion by 2026, from US$2.010 billion in 2019. A cryostat is an artificial chamber that preserves the object stored in it by maintaining a very low temperature in the chamber. The low temperature freezes the content and keeps it secure and intact. Furthermore, interference of environmental substances and microorganisms can be prevented through the use of cryostats. Robust growth in medical research and technology has significantly increased the demand for cryostat, supporting the market growth during the forecasted period. Key developments in various industry verticals are expected to create strong market potential. Moreover, technological advancement in the industry is anticipated to open opportunities during the forecasted period.
Helium cryostat is expected to hold a noteworthy market during the forecasted period.
Based on cryogen, the global cryostat market is distinguished into nitrogen cryostat and helium cryostat. It is predicted that during the forecasted period, helium cryostat will hold a noteworthy share in the market. Liquid helium cryostat is effective in undertaking target cooling, hence has wider adoption across various industry verticals. ARS’s liquid helium flow cryostat is the most cryogen-efficient flow cryostat with the ability to reach less than 2,000 K temperature. This feature makes ARS liquid-helium cryostat most suited across several industry verticals. Liquid helium bath cryostat is the prime basis of cryostats manufactured for usage in neutron scattering experiments. However, the limited availability of helium and environmental concerns act as a constraint towards the segment growth, limiting the market prospects.
Bath and continuous-flow cryostats are expected to hold a large share of the global cryostat market.
The global cryostat market, based on the type of cryostat, is distinguishable as closed-flow cryostat, continuous-flow cryostat, bath cryostat, and multistage cryostat. It is predicted that continuous-flow cryostats and bath cryostat will hold a large share of the market during the forecasted period. The wide-neck bath cryostat having a vacuum chamber and helium and/ or nitrogen chamber is the standard cryostat device with a temperature ranging from 1.2- 4.2 K. Janis Bath Cryostat is liquid-helium, 4 dewar has DC field resistive which makes it superior technology in the cryostats industry. The company’s SuperTran Continuous flow cryostat is also a market leader having less than a 2 K to 325 K operational range. The technology is capable of using both, liquid helium and liquid nitrogen, giving the user a greater advantage.
Strong growth across several industry verticals is expected to increase the end-user consumption of cryostat technology, creating significant demand in the cryostat industry in the coming years.
The global cryostat industry is divided, based on end-users industry verticals, into healthcare, metallurgy, energy and power, aerospace, biotechnology, and others. These industry verticals are projected to show robust growth potential, creating significant demand for cryostat technology, hence driving market growth. The energy and power industry demand for cryostat technology is expected to grow at an exponential rate owing to the rise in the number of construction projects, especially renewable energy projects, during the forecasted period. Citing data from Our World in Data, renewable energy production has been increasing at an exponential rate. The share of prime energy from renewable sources, globally, has increased significantly from 8.29% in 2010 to 11.41% in 2019.
Moreover, new renewable energy projects around the world are expected to further support market growth. Wudongde Hydropower Project, China, Inga 3 in Congo, Keeyask Hydropower Generating Station, Canada, Hornsea Project 2 in the UK, and Leh and Kargil Solar Power Project in India, are key USD multi-billion projects under construction in 2021. The development of these projects is expected to open new opportunities for the cryostat industry.
Development in healthcare, aerospace and biotechnology are other key market drivers for the industry. Higher demand for cryostat is the result of increased investment coupled with rising demand for end-products. Furthermore, technological enhancement in these industries is expected to increase the scope of the cryostat market.
The coronavirus pandemic boosted the adoption of the cryostat industry in the healthcare and forensic science industries. With the outbreak of the virus, medical research institutes indulged themselves in developing cures and vaccines. The research included increasing the adoption of advanced technology yielding better results. This included the adoption of enhanced cryostat technology for superior storage and observation of the tissues and/ or virus. Moreover, increased medical testing of patients led to higher adoption of cryostat technology. Testing, per 1000 people increased significantly in the United Kingdom from 2.69 on 30 July 2020, to 13.74 on July 30, 2021. Other countries as well have observed a surge in testing during this period.
|Market size value in 2019||US$2.010 billion|
|Market size value in 2026||US$2.879 billion|
|Growth Rate||CAGR of 5.27% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Component, Cryogen, Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Leica Biosystems Nussloch GmbH, Advanced Research Systems, Cadinox, Cryovac GmbH & Co. KG, Cryomech Inc., Amos Scientific Pty Ltd, SLEE Medical GmbH, Jinhua Yidi Medical Appliance Co., Ltd., Bright Instruments Ltd, Jains Research Company, LLC|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What is the size of the global cryostat market?
A1. Cryostat Market was valued at US$2.010 billion in 2019.
Q2. What will be the cryostat market size by 2026?
A2. The global cryostat market is projected to reach a total market size of US$2.879 billion by 2026.
Q3. What are the growth prospects for the cryostat market?
A3. The cryostat market is projected to grow at a CAGR of 5.27% during the forecast period.
Q4. What factors are anticipated to drive the cryostat market growth?
A4. Robust growth in medical research and technology has significantly increased the demand for cryostat, supporting the market growth.
Q5. How is the global cryostat market segmented?
A5. The global cryostat market has been segmented by type, component, cryogen, industry, and geography.
Leica Biosystems Nussloch GmbH
Advanced Research Systems
Cryovac GmbH & Co. KG
Amos Scientific Pty Ltd
SLEE Medical GmbH
Jinhua Yidi Medical Appliance Co., Ltd.
Bright Instruments Ltd
Jains Research Company, LLC
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