(MENAFNEditorial) The global cryocooler market is expected to grow to USD 2.94 Billion by 2022, at a CAGR of 7.29% between 2016 and 2022. The major factors driving the growth of this market include the shortage of helium gas, growing medical & healthcare services in the developing economies.
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The military application in the cryocooler market held the largest share in 2015
The cryocooler market is application driven. This market has been segmented on the basis of application into military, medical, commercial, environmental, energy, transport, research & development, space, agriculture & biology, and others. The cryocooler market for the military application accounted for the largest share in 2015. This market is expected to grow at a significant rate between 2016 and 2022, driven by growing adoption of various cryocoolers to provide cryogenic temperatures for IR sensors in missile guidance, night vison based systems, and satellite based surveillance.
The market for GM cryocoolers is expected to grow rapidly during the forecast period
The cryocooler market based on type is segmented into GM, PT, Stirling, JT, and Brayton cryocoolers. Among these cryocoolers, the market for GM cryocoolers is expected to witness the highest growth during the forecast period. The major reasons for the growth of this market include wide adoption of GM cryocoolers for cooling IR sensors in medical MRI systems, cryosurgeries, and cryopumps in semiconductor applications. Also, the increasing number of GM cryocooler product launches catering to diverse industry segments is further contributing to the growth of this market.
The cryocooler market in North America is expected to hold the largest share of the global cryocooler market by 2022
The cryocooler market in North America held the largest share of the global cryocooler market in 2015, followed by the markets in Europe and APAC. The market in North America is expected to grow at the highest rate between 2016 and 2022. This growth can be attributed to the shortage of helium gas and growing importance for cryocoolers in proton therapy to treat cancer and high adoption of cryocoolers in missile guidance and satellite monitoring in military application.
The major players in the cryocooler market are Advanced Research Systems, Inc. (U.S.), Brooks Automation, Inc. (U.S.), Chart Industries, Inc. (U.S.), Cryomech, Inc. (U.S.), DH Industries BV (The Netherlands), Janis Research Company, LLC (U.S.), RICOR Cryogenic & Vacuum Systems (Israel), Sumitomo Heavy Industries Ltd. (Japan), Sunpower, Inc. (U.S.), and Superconductor Technologies, Inc. (U.S.) among others.
The scope of the report covers detailed information regarding the major factors influencing the growth of the cryocooler market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the markets.
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