Global cryocooler market to witness notable growth by 2023
As per the research, the global cryocooler market is expected to reach $2,365.8 million by 2023, registering a CAGR of 7.3% during 2017 – 2023. Cryocooler refers to the mechanical device, used to generate cryogenic temperature and offers cooling to the environment and materials inside it. It follows the closed cycle thermodynamic mechanism and utilizes the flow of gas inside closed pipelines, absorbs the outer temperature and radiates it outside. The device typically uses helium, hydrogen or a mixture of gases to offer cryogenic temperatures. Some of the key application areas of cryocoolers include military, medical, commercial, environmental, energy, transport, research and development, and space. The global cryocooler market has been witnessing considerable demand from the developed economies owing to the briskly emerging technologies in the military and healthcare sectors.
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Insights on market segments
As per the findings of the research, the aerospace and defense industry is expected to contribute largest to the global cryocooler market. In this industry, cryocoolers are widely being used for military and space applications. Global cryocooler market is expected to register a significant growth, directed by the rising acceptance of several cryocoolers to offer cryogenic temperatures for IR sensors in missile guidance, satellite-based surveillance and night vision based systems.
North America – The largest cryocooler market
Geographically, North America has been the largest contributor to the global cryocooler market, followed by Europe and Asia-Pacific. Some of the factors such as the mature aerospace and defense industry and the rising installation of cryogenic technology in aircraft carriers are responsible for the growth of North American cryocooler market. Moreover, acceptance of cryocoolers in healthcare industry for various applications, including cryosurgery and proton therapy, is also propelling the growth of cryocooler market in the region.
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Increasing demand of cryocoolers from aerospace and defense industry
Rising demand for cryocoolers across the aerospace and defense industry has been boosting the global cryocoolers market. Cryocoolers are being used in this industry to cater the individual demands of military and space applications. The military applications contributed largest to the global cryocooler market; however, market for space applications is expected to register the highest growth during the forecast period.
Moderate intensity of rivalry
The research states that the intensity of rivalry is moderate due to the presence of large number of regional players and moderate number of players operating globally. The ecosystem of global cryocooler market comprises of hardware manufacturers, prototype designers, and original equipment manufacturers (OEMs).
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