PUNE, India, April 10, 2017 /PRNewswire/ --
The cryocooler market is projected to reach $2.99 billion by 2022, at a CAGR of 7.00% between 2017 and 2022. The stirling cryocooler and the market for space application held the largest market share Led by APAC region with the highest growth rate between 2017 and 2022.
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The global cryocooler market in the Americas held the largest share in 2016; however the market in APAC is expected to exhibit the highest growth rate during the forecast period. The growth of this market is majorly driven by developing economies such as China and India. The investments in the healthcare and energy sectors have grown considerably in the past few years, creating a significant demand for the cryogenic technology in this region. The major factors contributing to the growth of this market include the increasing adoption of a wide range of cryocoolers for medical, commercial, and military applications.
The key players in the cryocooler market profiled in this report are Sumitomo Heavy Industries Ltd. (Japan), Chart Industries, Inc. (U.S.), Brooks Automation, Inc. (U.S.), Sunpower, Inc. (U.S.), Cryomech, Inc. (U.S.), Northrop Grumman Corporation (U.S.), Advanced Research Systems, Inc. (U.S.), DH Industries BV (The Netherlands), Janis Research Company, LLC (U.S.), RICOR - Cryogenic & Vacuum Systems (Israel), Superconductor Technologies, Inc. (U.S.) and Air Liquide S.A. (France).
The cryocooler market is projected to reach $2.99 billion by 2022, at a CAGR of 7.00% between 2017 and 2022 driven by the growing medical & healthcare services in developing economies and the shortage of helium gas over the last couple of years. The increasing production of liquefied natural gas and high adoption of cryocoolers in the semiconductor industry have further contributed to the overall market growth. The major restraining factor for this market is the input power consumption of the cryocoolers.
The GM cryocoolers are one of the most popular types of cryocoolers used in various applications due to their simple structure and high reliability. The major factors contributing to the growth of cryocooler market include the wide applications of GM cryocoolers in MRI systems used in the medical sector and cooling down the IR sensors for missile guidance in the military sector. The Americas region is likely to hold the largest size of the market for GM cryocoolers by 2022.
In space applications, cryocoolers are used for cooling down the infrared sensors for various astronomical studies on space astronomy and planetary science, among others. The major factors contributing to the growth of cryocooler market include the high adoption of cryocoolers due to their small size and high-speed turbomachines that use gas bearings to provide reliable and vibration-free operations in space.
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In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (55%), Tier 2 (20%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (75%) and Managers (25%) from various key organizations operating in the Global Cryocooler Market. The primary interviews were conducted worldwide covering regions such as North America (40%), Europe (30%), APAC (20%) and Row (10%).
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