Cryocooler Market

Sumitomo Heavy Industries Ltd. (Japan) and Chart Industries, Inc. (U.S.) are the Leading Players in the Cryocooler Market

The global cryocoolers market is competitive with the existence of a medium to large well-established players, offering a wide range of cryocooler systems to satisfy the diverse customer needs. Scarcity of helium gas, growing medical and healthcare services in developing economies, rising production of liquefied natural gas, and increasing adoption of cryocoolers in the semiconductor industry are driving the growth of the cryocooler market. Over the past few years, the cryocooler market has been growing at a moderate rate as most of the industries have already adopted cryocooler equipment.

The cryocooler system providers from North America such as Chart Industries, Inc. (U.S.), Brooks Automation, Inc. (U.S.), Cryomech, Inc. (U.S.), and Sunpower, Inc. (U.S.) were the leading players in the overall cryocooler market in 2016. These companies mainly rely on strategies such as new product launches and investing heavily in research and development activities. The companies have been providing their offerings worldwide and are focusing on expanding their positions in the key markets in APAC and RoW. Some of the major companies have adopted strategies such as mergers & acquisitions, partnerships, agreements, collaborations, new product launches, expansions, and joint ventures to expand their global presence and increase their market share.

Sumitomo Heavy Industries Ltd. (Japan) and Chart Industries, Inc. (U.S.) have a wide presence in the global cryocooler market and are expected to launch several new products and services customized to various end user needs by 2022.

Sumitomo Heavy Industries Ltd. (Japan) is one of the leading manufacturers of heavy machinery worldwide. The precision equipment group of the company develops, manufactures, and sells cryogenic refrigeration units which are capable of refrigerating at temperatures near absolute zero (-273¡É), and related products. The company is an international leader of cryogenic equipment. It offers a wide range of cryocooler systems and services designed in accordance with customer requirements. Sumitomo focuses on organic and inorganic growth strategies to expand its business offerings. The company has developed cryocoolers for MRI applications by offering customers value added proposals over the range of customer business activities, from development and manufacturing to installation of after sales service. The precision equipment group closely monitors the demand trends in semiconductor and other equipment and focuses on meeting consumers¡¯ demand. In November 2013, the company¡¯s subsidiary, Cryogenics of America, Inc. (U.S.) opened a new office at Malta, New York to offer support services for the semiconductor industry in the U.S. The company is concentrating on business expansion in China, and hence moved to a new and larger facility in Shanghai. It also established a locally domiciled Independent corporation in April 2016 as a part of their expansion. Thus, new offerings and expansions helped the company gain more revenues.

Chart Industries, Inc. (U.S.) is a leading diversified global manufacturer of highly engineered equipment for the industrial gas, energy, and biomedical industries. It offers a broad range of cryocooler systems catering to various end-user requirements. It manufactures and markets a wide range of air-cooled heat exchangers, integrated process systems, nitrogen rejection units, flow measurement products, vaporizers, aluminum dewars, and liquid system products among others. The company intends to focus on inorganic growth strategies such as partnerships and acquisitions to increase its product and service offerings. For instance, in November 2015, the company partnered with Rix Industries (U.S.) to develop and deliver Qdrive Acoustic-Stirling Liquefier, which would be installed in the first aircraft carrier in the Ford-Class CVN-78. In July 2015, the company acquired Thermax, Inc. (U.S.), one of the leading providers of cryogenic fluid vaporizers that are utilized in industrial gas, petro-chemical, and liquefied natural gas applications. With the addition of Thermax¡¯s product portfolio, Chart Industries now has a comprehensive portfolio of vaporizers to complement its own D&S storage equipment and system solution product offerings.  Furthermore, in May 2015, Chart Industries partnered with Brooks Automation, Inc. (U.S.) to develop BioStore III Cryo automated cryogenic sample management systems.

Related Reports:

Cryocooler Market by Type (GM, PT, JT, Stirling, and Brayton Cryocoolers), Services (Technical Support, Repair, Preventive Maintenance), Heat Exchanger Type (Recuperative and Regenerative), Application, and Geography - Global Forecast to 2022

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