Cryocooler Market Impact of COVID-19 and Future Outlook

Posted 2023-10-13 09:55:12

Cryocooler Market Overview

Cryocoolers are mechanical refrigerators that can cool objects to cryogenic temperatures, which are below -150 degrees Celsius (-238 degrees Fahrenheit). Cryocoolers are used in a wide range of applications, including:

Healthcare: cryocoolers are used in MRI machines, NMR spectrometers, and proton therapy systems.
Semiconductor manufacturing: cryocoolers are used to cool down semiconductor wafers during the manufacturing process.
Military and defense: cryocoolers are used to cool down infrared sensors and other night vision equipment.
Space exploration: cryocoolers are used to cool down scientific instruments and spacecraft components.

The global cryocooler market is expected to grow from USD 2.8 billion in 2022 to USD 5.2 billion by 2032, at a compound annual growth rate (CAGR) of 7.10%. The growth of the cryocooler market is being driven by the increasing demand for cryocoolers in healthcare, semiconductor manufacturing, and military and defense applications.

Key Market Drivers

The following are some of the key drivers of the cryocooler market:

Growing demand for cryocoolers in healthcare: Cryocoolers are essential components of many medical devices, such as MRI machines, NMR spectrometers, and proton therapy systems. The increasing demand for these devices is driving the growth of the cryocooler market in the healthcare sector.
Rising investment in semiconductor manufacturing: The semiconductor industry is growing rapidly, and there is a growing demand for cryocoolers in semiconductor manufacturing. Cryocoolers are used to cool down semiconductor wafers during the manufacturing process, which helps to improve the quality and yield of semiconductors.
Increasing demand for cryocoolers in military and defense applications: Cryocoolers are used to cool down infrared sensors and other night vision equipment used by the military and defense forces. The increasing demand for these devices is driving the growth of the cryocooler market in the military and defense sector.

Market Segmentation

The cryocooler market can be segmented by type, application, and end-user.

By type, the cryocooler market is segmented into:

Stirling cryocoolers: Stirling cryocoolers are the most common type of cryocooler. They use a piston to compress and expand a working gas, which creates a cooling effect.
Joule-Thomson cryocoolers: Joule-Thomson cryocoolers use the Joule-Thomson effect to cool objects. The Joule-Thomson effect is a thermodynamic phenomenon that causes a gas to cool when it is forced through a restricted opening.
Pulse tube cryocoolers: Pulse tube cryocoolers use a pulse tube to create a cooling effect. The pulse tube is a resonant acoustic device that uses sound waves to create a temperature gradient.

By application, the cryocooler market is segmented into:

Healthcare: MRI machines, NMR spectrometers, proton therapy systems
Semiconductor manufacturing: Cooling semiconductor wafers
Military and defense: Infrared sensors, night vision equipment
Space exploration: Cooling scientific instruments, spacecraft components

By end-user, the cryocooler market is segmented into:

Research and development: Cryocoolers are used in a wide range of research and development applications, such as materials science, physics, and chemistry.
Industry: Cryocoolers are used in a variety of industrial applications, such as semiconductor manufacturing, food processing, and chemical processing.
Healthcare: Cryocoolers are used in a variety of healthcare applications, such as MRI machines, NMR spectrometers, and proton therapy systems.

Key Market Players

Some of the key players in the cryocooler market include:

Collins Aerospace
Cryomagnetics
Hanwal Precision
Iwatani Industrial Gases Corporation
Leybold GmbH
Northrop Grumman
Ricor Cryogenics
Sunpower, Inc.
Sumitomo Heavy Industries, Ltd.
Thermo Fisher Scientific
Vacon Oyj

Conclusion

The Cryogenic cooling systems market is expected to grow significantly in the coming years, driven by the increasing demand for cryocoolers in healthcare, semiconductor manufacturing, and military and defense applications. The market is also expected to benefit from the development of new cryocooler technologies and the increasing adoption of cryocoolers in emerging markets.