DUBLIN, May 17, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Cryocooler Market by Type (GM, PT, JT, Stirling, and Brayton Cryocoolers), Service (Technical Support, Product Repairs & Refurbishment, Preventive Maintenance, and Customer Training), Application, and Geography - Global Forecast to 2022" report to their offering.
The global cryocooler market is expected to grow from USD 1.76 Billion in 2015 to USD 2.94 Billion by 2022, at a CAGR of 7.29% between 2016 and 2022.
The market is majorly driven by the growing medical & healthcare services in developing economies and rapid shortage of helium gas. In addition, factors such as growing demand for cryocoolers in space applications and development of cryocoolers for microsatellite military applications provide significant growth opportunities for the cryocooler market.
Gifford-McMahon (GM), Pulse-Tube (PT), Joule-Thomson (JT), Stirling, and Brayton cryocoolers are the major cryocooler types that have been considered in the cryocooler market study. Among these cryocooler types, the market for GM cryocooler is expected to grow at the highest rate during the forecast period. Some of the major reasons for the growth of this market include the wide adoption of GM cryocoolers in different applications such as military, medical, commercial, environmental, energy, transport, and space among others. They primarily provide low temperatures as low as 4.2 K. For instance, GM cryocoolers are utilized in military for cooling IR sensors in missiles and satellite monitoring. Similarly, they are used for superconductivity applications in magnetic levitation trains, MRI systems, and semiconductor fabrication units.
The military, medical, commercial, environmental, energy, transport, research and development, and space are some of the key application areas of cryocoolers. The cryocooler market for the military application held the largest market share in 2015, followed by the markets for commercial, medical, research & development, and energy applications. The major factors contributing to the growth of these markets include the increasing adoption of GM, PT, JT, and Stirling cryocoolers which maintain the cryogenic temperatures in these applications for the various systems to function at high efficiencies.
The cryocooler market in the Americas region held the highest size in terms of value in 2015, while the market in APAC is expected to exhibit the fastest-growth rate between 2016 and 2022. The factors contributing to the growth of this market include the increasing well-established military and medical & healthcare industries. For instance, in military application, cryocoolers are utilized to provide cryogen temperatures for IR sensors in missile guidance and satellite monitoring, whereas in medical application, cryocoolers are utilized in cryosurgery, proton therapy, liquefaction of oxygen in hospitals, and MRI systems.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Market, By Hardware Components & Services
8 Market, By Cryocooler Type
9 Market, By Heat Exchanger Type
10 Market, By Application
11 Market, By Geography
12 Competitive Landscape
13 Company Profiles
- Sumitomo Heavy Industries, Limited
- Chart Industries, Inc.
- Brooks Automation, Inc.
- Sunpower, Inc.
- Cryomech, Inc.
- Advanced Research Systems, Inc.
- Dh Industries Bv
- Janis Research Company, Llc
- Ricor - Cryogenic & Vacuum Systems
- Superconductor Technologies, Inc.
For more information visit http://www.researchandmarkets.com/research/p7q6z3/cryocooler_market
Research and Markets
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SOURCE Research and Markets