The cryocooler market is estimated to be worth USD 2.3 billion in 2020 and projected to reach USD 3.1 billion by 2025, at a CAGR of 6.0%. The rising adoption of cryocoolers in semiconductor industry, superconducting magnets, and power systems, along with surging adoption of cryocoolers in MRI, NMR equipment, and proton therapy in healthcare sector are major factors driving the growth of cryoclooer market globally. The other key factors driving the growth of the market includes the increasing demand for cryocoolers in space applications and the development of cryocoolers for microsatellite military applications.
The major players in the market with a significant presence across various geographies in the cryocooler market are Advanced Research Systems, (US), Brooks Automation, (US), Chart Industries, Inc. (US), Cryomech, Inc. (US), and DH Industries (Netherlands). The companies have adopted various strategies in order to grow in the cryocooler market, such as development of innovative products, partnerships, collaborations and acquisitions. These strategies have resulted in the growth of the players in the cryocooler market globally.
To know about the assumptions considered for the study download the pdf brochure
Sumitomo Heavy Industries (SHI) Limited is one of the leading manufacturers of cryocoolers and is a market leader for cryocooler applications in MRI equipment and proton therapy applications. The company holds a strong position in the Japanese market where it generated ~43% of its total revenue in 2019. The company also has a substantial presence in the US and China in the cryocooler market.
The company has a strong product portfolio pertaining to the cryocooler market; it offers GM, PT, and GM-JT cryocoolers. The wide product portfolio enables the company to maintain its leading position in the market. Also, it has robust research and development capabilities that enable product innovation. The company’s R&D expenditure was USD 154 million in 2019. Sumitomo Heavy Industries (SHI) Limited focuses on inorganic growth strategies such as mergers & acquisitions, and collaboration for its growth in the cryocooler market. The company acquired Harsco Corporation’s Industrial Air-X-Changers business (“AXC”) in July 2019. With the addition of the AXC product portfolio, the company now has a comprehensive portfolio of heat exchangers.
Chart Industries (US) is a recognized global brand for the designing and manufacturing of highly engineered cryogenic equipment for industrial gas, energy, and biomedical industries. Chart Industries classifies its business operations into three segments—Energy & Chemicals, Distribution & Storage, and BioMedical. Through the BioMedical segment, the company produces cryogenic and other equipment used in medical, biological research, and animal breeding industries. This segment consists of various product lines built around the company’s core competencies in cryogenics, vacuum insulation, low-temperature storage, and pressure swing adsorption, with a focus on the respiratory and biological users of the liquids and gases. In addition, the company’s primary customers include large, multinational producers and distributors of hydrocarbons and industrial gases and their end users. It sells its products and services to more than 2,000 customers worldwide. The company has a wide geographic presence with 25 global locations from the United States to Asia, Australia, India, Europe, and South America.
Sunpower, Inc. (US) is one of the global leaders in free-piston Stirling technology. The company’s manufacturing unit is housed in a 40,000-square feet facility and is categorized into various divisions, which include research and development, engineering, testing facilities; machine shops; and cryocooler manufacturing and administrative functions. Sunpower has designed more than 50 different technology platforms and has built over 350 prototype units for a wide variety of applications. These activities have led to the successful launch of products such as the CryoTel line of cryocooler products and the NASA Advanced Stirling Convertor (ASC). In 2012 Sunpower was purchased by Ametek. Sunpower offers products for various applications such as medical, pharmaceutical processing, aerospace, telecommunications, radiation detection, environmental testing, and satellites. As of Dec 2018, the company has a total of 82 successful Sunpower cryocooler launches into space.
Cryomech (US) is a leader in designing and manufacturing cryo refrigerators (cryocoolers). Cryomech was established by Professor William E. Gifford, the inventor of the Gifford-McMahon cycle and the Pulse-Tube cycle. Cryomech has developed and produced the world’s first commercially available 4 K Pulse-Tube cryorefrigerator (PTR). The company manufactures a wide range of single-stage Gifford-McMahon cycle cryorefrigerators. A few of the major products manufactured by the company include Gifford-McMahon, 4 K Pulse-Tube, 8 K Pulse-Tube, and single-stage Pulse-Tube cryocoolers. In addition, the company has its single-stage and two-stage cryocoolers installed across the US, Germany, the UK, South Africa, China, and South Korea. Also, it undertakes various service activities for its customers, including the installation, refurbishment, and provision of spare parts of cryocoolers.
Northrop Grumman (US) is a leading player in the cryocooler market for aerospace, military, and space applications. Northrop Grumman has an extensive and highly successful history of providing Pulse-Tube cryocoolers for space applications. A high-reliability cryocooler built by Northrop Grumman was launched in 2009, known as the Greenhouse Gases Observing Satellite (GOSAT), which monitors climate-related greenhouse gases in Earths atmosphere. NASAs next-generation Geostationary Operational Environmental Satellite (GOES-R) features Northrop Grumman cryocoolers for one of its primary sensors. The company has also built flight cryocoolers for the sensor payloads for two international geostationary weather satellites, which will provide round-the-clock weather forecasts and severe weather alerts. The cryocoolers will maintain the international satellites infrared detectors and optics at cryogenic temperatures for more than eight years. The company conducts most of its business with the US government, principally with the Department of Defense (DoD) and intelligence community. The company has business with foreign states and local governments as well as commercial customers.
Cryocooler Market with COVID-19 Impact and Analysis by Type (GM, PT, JT, Stirling, Brayton), Offering (Hardware, Services), Heat Exchanger (Recuperative, Regenerative) Operating Cycle (Open,Closed loop), Application, and Geography - Global Forecast to 2025
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.SEND ME A FREE SAMPLE