DUBLIN, May 17, 2019 /PRNewswire/ -- The "Cryocoolers Market to 2027 - Global Analysis and Forecasts by Hardware; and Application" report has been added to ResearchAndMarkets.com's offering.
The global cryocooler market is accounted to US$ 1,415.5 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019-2027, to account to US$ 3,137.2 Mn by 2027.
The global cryocooler market is experiencing steady growth with regards to continuous research and development activities, to bring necessary innovations in cryocoolers. The small scale cryocoolers hold a significant position in many applications, majorly in space, medical, and military. It also assists in cooling infrared sensors for better resolutions or cooling down the superconducting electronics for an advanced digital filter.
The cryocoolers are widely used in the environment, medical, police & security, energy, agriculture & biology, transportation, and many more. Cooling of low-temperature sensors, MRI systems, and superconducting magnets are some of the other uses of cryocoolers. Wide usage of cryocoolers in varied applications is responsible to boost entire cryocooler market.
A key trend which will predominantly affect the Cryocooler market in a coming year is the emergence to have diagnostic procedures in cardiovascular imaging along with therapeutic procedures involving image-guided surgery will produce a concurrent demand for higher fields than are currently available in 'open' slot magnets and greater access to the patient than is currently available in 'short bore' magnets. These goals are not consistent with the perceived need for continuing magnet price reduction. These factors are anticipated to gain traction in the coming times having a significant impact of the Cryocooler market.
Cryocooler market by type is segmented into Brayton Cryocoolers, Pulse-Tube (PT), Stirling, Gifford-McMahon (GM), Joule-Thomson (JT), and Others. The GM cryocoolers are being widely deployed in the MRI, NMR equipment in the healthcare sector. These are also used in cryopumps and laboratory magnets. Emerging GM cryocoolers that operate for 4K temperatures are being commercially developed. The 4K cryogenic temperatures can be reached by the GM cryocoolers in two-stages, and has high reliability with lesser frequency.
The overall Cryocooler market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Cryocooler market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cryocooler industry.
Key Industry Dynamics
Key Market Drivers
- Escalating Demands For a Reliable and Cost-Effective Cryogenic Cooling Device Especially For Space Missions
- Extinction of Helium Reserves Propelling the Demand For Alternatives
- Enticing Demands For Liquefied Natural Gas (Lng) Globally To Propel Stirling Cryocooler Demands
Key Market Restraints
- Concerns Around Efficiency of Cryocoolers and Smaller Capacity At Lower Temperatures
Key Market Opportunities
- Applications of Cryocooler For Semiconductor Fabrication
- Encouraging Expenditures by the Government of Countries On the Defense Sector
- Efficient Cryocoolers For Medical Applications
- Advanced Research Systems, Inc.
- Brooks Automation Inc.
- Chart Industries Inc.
- Cryomech Inc.
- Northrop Grumman Corporation
- RICOR - Cryogenic & Vacuum Systems
- Sumitomo Heavy Industries, Ltd.
- Sunpower Inc. (Ametek Inc.)
- Superconductor Technologies Inc.
- Thales Group
For more information about this report visit https://www.researchandmarkets.com/r/ing1es
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets