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| Global Cryocooler Market Size |
The global Cryocooler Market is estimated to be valued at US$ 2540.58 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Cryocoolers are equipments or devices that produce low temperatures well below
ambient temperatures (the freezing point of water) by cooling cryogenic fluids
such as liquid nitrogen or liquid helium. They are used in several applications
such as electrical power generation, renewable energy systems, astronomy and
space applications, medical technologies, transportation, food & beverages
and more. Cryocoolers provide efficient, environment-friendly and
cost-effective cooling solutions for temperatures ranging from 40 K to 300 K.
Market key trends:
One of the key trends in the cryocooler market is the rising demand for
liquefied natural gas (LNG). LNG requires extreme cryogenic conditions of
-162°C for storage and transportation. Thus, cryocoolers play a vital role in
the LNG production process as they are used for reliquefaction of boil-off
gases from LNG storage tanks as well as pre-cooling of natural gas. According
to the International Gas Union, global LNG trade reached around 380 million
tons in 2021 and is expected to grow at an annual rate of 3-4% till 2030. The
increasing LNG trade and demand is expected to positively influence the
cryocooler market over the forecast period.
Porter's Analysis:
Threat of new entrants: New entrants face high costs for R&D,
manufacturing, and establishing distribution channels in this market. Well-established
players enjoy economies of scale and product differentiation advantages.
Bargaining power of buyers: The Cryocooler market has few large buyers such as
government space organizations and semiconductor companies. These buyers have
significant bargaining power over suppliers.
Bargaining power of suppliers: Key components such as magnets, rare earth
materials and cryogenic pumps are specialized and supplied by few customized
component makers. This gives them significant bargaining power over cryocooler
OEMs.
Threat of new substitutes: There exists no close substitute for cryocoolers as
of now. Technologies like magnetic refrigeration are still under development
and not commercially viable.
Competitive rivalry: The cryocooler market is highly consolidated with few
global players holding majority share. Market players compete based on product
performance, reliability, and pricing.
Key Takeaways
The Global
Cryocooler Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period,
due to increasing demand from research laboratories, medical devices,
semiconductors, and space applications.
The North American region is expected to dominate the cryocooler market during
the forecast period owing to high demand from the defense andaerospace
industries in the US. The Asia Pacific region is anticipated to grow at the
fastest pace due to increasing research activities in China and India.
Key players operating in the cryocooler market are Northrop Grumman
Corporation, Sumitomo Heavy Industries Limited, Stirling Cryogenics BV,
Sunpower Inc. (AMETEK Inc.), Superconductor Technologies Inc., RICOR, Advanced
Research Systems Inc., Cobham PLC, Janis Research Company LLC, Cryomech Inc.,
and Chart Industries Inc.
Read More: https://www.ukwebwire.com/cryocooler-market-analysis/