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(IT-NEWSWIRE.COM, April 11, 2019 ) The global cryocooler market is projected to grow from USD 1.96 Billion in 2016 to USD 2.99 Billion by 2022, at a CAGR of 7.00% between 2017 and 2022. This report provides the market size and future growth potential of the cryocooler market across different segments such as hardware & services, type, heat exchanger type, application, and geography. The study identifies and analyzes market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the cryocooler market. This report also profiles the key players operating in the cryocooler market. The base year considered for the study is 2016 and the market size forecast is provided for the period between 2017 and 2022.
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The military application in the cryocooler market held the largest share in 2016.
The cryocooler market is application driven. This market has been segmented on the basis of application into military, medical, commercial, environmental, energy & power, transport, mining and metal, research & development, space, agriculture & biology, and others. The military application accounted for the largest share in 2016. This market is expected to grow at a significant rate between 2017 and 2022, driven by the growing adoption of various cryocoolers to provide cryogenic temperatures for IR sensors in missile guidance, night vison based systems, and satellite-based surveillance.
The market for Stirling cryocoolers is expected to grow at the highest rate between 2017 and 2022.
The cryocooler market based on type is segmented into GM, PT, Stirling, JT, and Brayton cryocoolers. Among these cryocoolers, the market for Stirling cryocoolers is expected to witness the highest growth during the forecast period. 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. Also, due to the increased spending by developing nations such as China, India, Malaysia, and Thailand on the military, medical, and semiconductor manufacturing sectors, the demand for these cryocoolers is expected to rise during the forecast period.
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The Americas held the largest share of the cryocooler market in 2016
The cryocooler market in the Americas held the largest share of the global cryocooler market in 2016, followed by the markets in Europe and APAC. The growth of the cryocooler market in the Americas is mainly driven by factors such as the established military industry and the growing importance of the use of cryocoolers in medical cryosurgery and proton therapy. Also, the rising installation of the cryogenic technology in aircraft carriers is driving the growth of the cryocooler market in the Americas. North America holds the major share of the cryocooler market in the Americas.
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The major players in the cryocooler market 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).
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