Global Cryocooler Market: Cryocooler is a device used to provide active cooling to around -238 degrees Fahrenheit. Cryocooler use hydrogen, helium, or a mixture of other gases for cooling. Various types of cyrocoolers are pulse-tube cryocoolers, brayton cryocoolers, stirling cryocoolers, gifford-mahon cryocoolers, and joule thomson cryocoolers.
Increasing adoption of cryocooler in semiconductor industries is a key factor driving growth of the global cryocooler market. In addition, increasing adoption of cyrocoolers in various sectors such as medical, research and development, aerospace etc. is another major factor driving growth of the global cyrocooler market. Cryocoolers are used in satellite surveillance systems and night vision systems to maintain temperature of infrared radiation sensors. This factor is expected to drive growth of the global cyrocooler market to a significant extent during the forecast period.
However, high power consumption of cryocooler is a key factor restraining growth of the global cryocooler market. In addition, high cost of cryogen fluid– a raw material used to produce low temperature– is another factor hampering growth of the global cyrocooler market. Moreover, use of cyrocoolers for MRI systems and superconducting magnets are expected to further drive growth of the global cyrocoolers market.
The global cryocooler market report has been segmented on the type, application, and region. On the basis of region, the global cryocooler market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is expected to dominate the global cryocooler market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to increasing adoption of cryocooler for medical, aerospace, and military applications and presence of key manufacturers in this region. The market in Europe accounts for the second-highest revenue share contribution to the global cryocooler market followed by markets in Asia Pacific, Latin America, and Middle East & Africa respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, and is expected to register a CAGR of X.X% during the forecast period.
Prominent players in the global cryocooler market include, Sumitomo Heavy Industries Ltd., Superconductor Technologies Inc., Brooks Automation Inc., Advanced Research Systems, Inc., Janis Research Company LLC, Cryomech Inc., Chart Industries Inc., DH Industries BV, and Sunpower Inc.