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| Global Cryocooler Market Size |
The global cryocooler market is estimated to be valued at US$2926.75 Bn in 2024
and is expected to exhibit a CAGR of
34.% over the forecast period 2024 to 2031, as highlighted in a new report
published by Coherent Market Insights. Cryocoolers are devices that produce
temperatures well below 120 K using a cryocooling cycle. They are crucial to
cooling infrared sensors and superconducting devices on space-based platforms.
Cryocoolers find numerous applications in fields such as military, medical,
commercial, energy, biology, and transportation.
Market key trends: The growing research and development activities in the
cryocooler field have accelerated the expansion of the global cryocooler market
during the forecast period. Continuous innovations are being carried out by
manufacturers to improve the operational efficiency of cryocoolers for various
applications. For instance, in March 2022, RICOR, the world leader in
closed-cycle coolers, introduced the Model 4218RK cryocooler for spaceborne and
airborne applications. The new cooler provides higher cooling powers at 77K and
45K. Such launches of upgraded cryocoolers will boost their demand in space
research. The deployment of next-generation satellites and space probes also
depends on reliable cryocooler technology which in turn aids the growth of the
cryocooler market.
Segment Analysis
The global cryocooler market is dominated by the Gifford-McMahon cryocoolers
segment. Gifford-McMahon cryocoolers accounted for nearly half of the total
market share in 2019, owing to their reliable and low-cost operations. These
cryocoolers are used widely in medical Cryotherapy, military IR imaging
systems, and space applications.
Key Takeaways
Global
Cryocooler Market Size is expected to witness high growth.
Regional analysis: The North American region currently
dominates the cryocooler market and is expected to remain the largest regional
market during the forecast period. This is attributed to increased adoption of
cryocoolers in the military, medical, scientific research, and space
applications. Early technology adopters, strong government support for space
programs, and presence of key market players are driving the cryocooler market
in the region.
Key players operating in the cryocooler market are CRISPR Therapeutics AG,
Editas Medicine, Inc., Intellia Therapeutics, Inc., Sangamo Therapeutics, Inc.,
Beam Therapeutics Inc., Caribou Biosciences, Inc., Mammoth Biosciences,
Precision Biosciences, Inc., Synthego Corporation, GenScript Biotech
Corporation, Horizon Discovery Group plc, Lonza Group Ltd., Takara Bio Inc.,
Merck KGaA, Thermo Fisher Scientific Inc.
Get More Insights On This Topic: https://www.newswirestats.com/cryocooler-market-propelled-by-increasing-demand-for-efficient-cryogenic/
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