Cryocooler Market Trends, Growth Rate, Consumption By Regional Data And Forecast 2022-2031

The Cryocooler market was valued at USD 2.45 billion in 2019 and is expected to reach USD 3.68 billion by 2025, at a CAGR of 7% over the forecast period. There are primarily five types of common cryocooler, each with different operating principles, but all rely on compression and expansion of gas to bring about temperature changes.

– Cryocoolers are used extensively in defense applications, majorly for the cooling of infrared focal planes. Quite specifically, cryocoolers are typically used to cool intrinsic semiconductor type focal planes for mid-wave infrared (nominally 3 to 5-micron wavelength) and longwave infrared (nominally 9 to 12 micron) sensors.
– A significant number of improvements to cryocoolers have occurred in the past two decades, which in turn has allowed many more applications of cryogenics to flourish and find their way into the marketplace.
– Cooling of infrared and visible cameras continue to provide opportunities for small cryocoolers. While the recent years have witnessed a shift from cooled to un-cooled IR cameras, a market remains for high-performance infrared imagers cooled by small Stirling cycle cryocoolers.
– One of the significant developments in cryocooler design in the use of rare-earth materials as regenerator matrix materials. These materials exhibit large peaks in specific heat in the 4K to 20K range and result in good regenerator performance at these temperatures.

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Scope of the Report

The cryocooler is a device that provides active cooling of something down to cryogenic temperatures. As per the Cryogenic Society of America Inc., a cryogenic cooler or a cryocooler is designed to allow active cooling at temperatures of about -150 degrees Celsius or colder. They use the flow of gas inside closed tubes which absorb the temperature and radiate it outside. The device generally uses Helium, hydrogen or a mixture of gases of this purpose.
 

Key Market Trends

Healthcare is Expected to Hold a Significant Share

– In the healthcare sector, increasing demand for cryocoolers is attributed to its extensive utilization in proton therapy, MRI systems, cryosurgery, and liquefaction of oxygen in hospitals. Proton therapy is a kind of particle therapy that directs proton beams at cancer cells with precision. Many high-powered magnets used in proton therapy are superconducting magnets and needs to be cooled to liquid helium temperatures, using cryocoolers.
– Cancer is one of the deadly diseases claiming lives across the world. For instance, as per the National Cancer Institute, in 2018, an estimated 1,735,350 new cancer cases were diagnosed in the United States and 609,640 people died from the disease. Many cancer treatment centers and hospitals are investing in, or consider investing in this life-saving technology. This, in turn, is expected to impact the market demand over the forecast period.

North America is Expected to Hold the Largest Share

– North America is one among the leading regions when it comes to medical research, health care market innovations, and world-class care. The growing number of cancer cases is one of the significant factors expected to impact the market studied in the region. In Canada, an estimated 206,200 new cases of cancer and 80,800 deaths from cancer occurred in 2017, as per the Canadian Cancer Society. Thus, to cure this, proton therapy is being adopted in the region. Companies such as CDL Laboratories announced a USD 70 million investment to build a proton therapy cancer treatment centre in Montreal.
– Cryocoolers are also used for satellite monitoring and missile guidance in the military sector. The United States Navy’s aircraft carrier, USS Gerald R Ford has been installed with cryocooler technology.

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Competitive Landscape

The cryocooler market is competitive and consists of several players. Many companies are increasing their market presence by introducing new products, by expanding their operations or by entering into strategic mergers and acquisitions.

– December 2018 – Sunpower Inc. announced that NASA launched a Sunpower CT-S cryocooler aboard SpaceX’s CRS 16 spacecraft, as a part of the Robotic Refueling Mission 3, that will pioneer techniques for replenishing spacecraft fuel.

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