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The Cryocoolers market is accounted to US$ 1415.52 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 – 2027, to account to US$ 3137.17 Mn by 2027.
Asia-Pacific is anticipated to be the fastest growing market and North America is to be the highest revenue contributor throughout the forecast period. Higher investments for cryocooler application such as increase in the number of healthcare and space applications would accentuate the growth of cryocooler market in North America. Moreover, in Asian countries witnessed higher military spending, which includes high budget for military outer-space programmes. The overall military spending recorded by Asia Pacific region in the year 2018 was over US$ 450 Bn, which is expected to fuel cryocoolers market in this region.
Lucrative Regional Cryocoolers Markets
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Market Insights
Adoption of Cryogenic Solutions for space applications
Cryogenic fluids such as liquid helium, liquid nitrogen, or cold nitrogen, and helium gas were primarily being used in the cryostats. However, higher costs associated with the extraction of these cryogenic liquids for passive cooling led to the search of substitute materials. Cryocooler have been put into commercial usage more than three decades back as able substitutes to the cryogenic liquids in terms of cost-effectiveness, reliability, and lower maintenance costs. The highlighting features of cryocoolers that make them unique products especially in the space based applications are smaller sizes, lesser weights, and volumes.
Emergence of Effective cryocoolers
It is expected that emerging diagnostic procedures in cardiovascular imaging along with therapeutic procedures involving image-guided surgery will produce a concurrent demand for higher fields than are currently available in ‘open’ slot magnets and greater access to the patient than is currently available in ‘short bore’ magnets. These goals are not consistent with the perceived need for continuing magnet price reduction. Continued progress in cryogenic refrigeration will result in a moving cost target for HTS conductors and it is doubtful that they will ever be applied in air core MRI magnet windings where significant amounts of conductor are required because they cost so much more than LTS conductors.Product Insights
The global cryocooler market by types was led by Gifford-McMahon (GM) segment. Rest products considered in the cryocooler market includes Brayton Cryocoolers, Pulse-Tube (PT), Stirling, Joule-Thomson (JT), and others.Application Insights
The cryocoolers market by application is segmented into environmental, transport, military, commercial, healthcare, space, R&D, agriculture, and others. The Cryocoolers regulate, block and allow the flow of any media such as liquid, gases and water through the pipeline. The rise in the service and IT industry has led to the drastic growth in the number of commercial building constructions in the last few years. Apart from this, stringent Government regulations imposed on maintaining energy-efficiencies in these buildings have led to increasing adoptions of products that optimize energy consumptions.MEA Cryocoolers Market by Application
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cryocoolers Market: Strategic Insights
Market Size Value in US$ 1415.52 Million in 2018 Market Size Value by US$ 3137.17 Million by 2027 Growth rate CAGR of 9.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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New market initiatives were observed as the most adopted strategy in global cryocooler industry. Few of the recent market initiatives are listed below:Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Cryocoolers Market: Strategic Insights
Market Size Value in | US$ 1415.52 Million in 2018 |
Market Size Value by | US$ 3137.17 Million by 2027 |
Growth rate | CAGR of 9.3% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
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Speak to Analyst2019:The SHI Cryogenics Group added a new model to its line of Gifford-McMahon (GM) Cryocoolers with the introduction of the RDE-418D4 1.8/2.0W 4K Cryocooler. This New RDE-418D4 Cryocooler Increases Cooling Performance by 20% Compared to Existing Models.
2018:Chart Industries, Inc. announced that it has completed the divestiture of its oxygen-related products business ("CAIRE Medical") within its BioMedical segment to NGK SPARK PLUG CO., LTD. for $133.5 million. The strategic decision to divest the oxygen-related products business reflects Chart's strategy and capital allocation approach to focus on its core cryogenic capabilities and offerings.
2018:Chart Industries Inc. acquired Skaff Cryogenics & Cryo-Lease, LLC. The acquisition of Skaff expands Chart’s direct regional presence for service and aftermarket support in the Northeast United States. This is a very strategic expansion for the company as it drives to bring more value to its customers.
GLOBAL CRYOCOOLERS – MARKET SEGMENTATION
Global Cryocoolers Market - By Hardware
- Power Conditioning Units
- Cold Heads
- Compressors
- Heat Dissipation Pipes
- Others
Global Cryocoolers Market - By Type
- Brayton Cryocoolers
- Pulse-Tube (PT)
- Stirling
- Gifford-McMahon
- Joule-Thomson (JT)
- Others
Global Cryocoolers Market - By Application
- Healthcare
- Environmental
- Transport
- Military
- Commercial
- Space
- Research & Development
- Agriculture
- Others
Global Cryocoolers Market - By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
Asia Pacific (APAC)
- Taiwan
- China
- India
- Australia
- Japan
- Rest of Asia Pacific
Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Global Cryocoolers Market - Company Profiles
- Advanced Research Systems, Inc.
- Brooks Automation Inc.
- Chart Industries Inc.
- Cryomech Inc.
- Northrop Grumman Corporation
- RICOR – Cryogenic & Vacuum Systems
- Sumitomo Heavy Industries, Ltd.
- Sunpower Inc. (Ametek Inc.)
- Superconductor Technologies Inc.
- Thales Group
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Hardware ; Type ; and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The List of Companies
- Advanced Research Systems, Inc.
- Brooks Automation Inc.
- Chart Industries Inc.
- Cryomech Inc.
- Northrop Grumman Corporation
- RICOR – Cryogenic & Vacuum Systems
- Sumitomo Heavy Industries, Ltd.
- Sunpower Inc. (Ametek Inc.)
- Superconductor Technologies Inc.
- Thales Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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