The global cryocooler market is projected to grow at a considerable CAGR of around 6.9% during the forecast period (2024-2031). The market growth is driven by the rising demand for liquefied natural gas, increasing adoption of cryocoolers in MRI, and proton therapy in the healthcare sector, and increasing adoption of cryocoolers in the semiconductor industry, superconducting magnets, and power systems. Additionally, cryocoolers have applications in high technology applications such as semiconductors, hard disk drives, flat panel displays, lighting, solar cells, and thermal and general vacuum coating systems, which are contributing to the market growth during the forecast period.
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The global cryocooler market is segmented by type (Gifford-McMahon, pulse-tube, Stirling, and Brayton), by operating cycle (open-loop cycle, and closed-loop cycle) by application (healthcare, commercial, transportation, military, and space), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).
Market Dynamics
- The healthcare segment is estimated to dominate the market owing to the growing need for cryocoolers in the healthcare sector for proton therapy, MRI systems, cryosurgery, and oxygen liquefaction in hospitals.
- North America is projected to hold a significant share of the global cryocooler market, owing to its military applications in satellite surveillance and missile guidance.
The major companies serving the global cryocooler market include Sumitomo Heavy Industries Limited, Northrop Grumman Corporation, Superconductor Technologies Inc., and Sunpower Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions, which contribute significantly to market growth.
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Recent Developments
- In October 2024, NASA announced adopting active cooling technology using cryocoolers. The procurement strategy would be applied to future long-duration missions to Mars utilizing cryogenic propellants. The activity is known as Cryogenic Active Cooling for Human Exploration (CACHE).
- In February 2023, Bluefors announced the intended acquisition of Cryomech. The two companies intend to manufacture ultra-low temperature cryogenics post the completion of the acquisition.
- In March 2022, Cryomech introduced a new PT310 Pulse Tube cryocooler at the American Physical Society (APS). The product is claimed to deliver optimum heat lift performance at 3 Kelvin (K). It enables dry dilution refrigerators to achieve temperatures down to millikelvin levels.
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