The cryocooler market was valued at $2.51 billion in 2021, and it is set to reach $4.45 billion by 2030, growing at a CAGR of 6.6% between 2021 and 2030, according to a research report by P&S Intelligence.
The growth of this
industry is mainly ascribed to the increasing requirement for medical and
healthcare services in developing countries and the growing usage of
cryocoolers in nuclear MRIs, cryosurgeries, proton therapies, MRI systems and
liquefaction of oxygen in hospitals.
 |
| Cryocooler Market Insights Revenue Forecast Through 2030 |
The aerospace &
defense category is projected to grow at the fastest rate of over 7% in the
coming years. Cryocoolers are adopted in industries with sensors and sensitive electronics
for commercial scientific space or military payloads.
The best-known
publicly accessible LEO sensors are LANDSAT and MODIS sensors, with
three-dimensional resolutions of 30 m and 250/500/1,000 m respectively. Such
applications' requirements are very low vibration and capability to endure
satellite launch vibration, power efficiency, and high reliability and can be
exposed to space radiation for a longer time.
Moreover,
cryocoolers are also extensively used in the missile guidance application, as
enhanced guided-missiles technology these days is a vital requirement of a
modern military inventory. From short-range anti-armor and anti-air missiles to
medium, air-to-surface long-range air-to-air weapons, cruise, and ballistic
missiles are now established as key elements of the most capable national
militaries.
Additionally,
cryocoolers are gradually discovering their applications in the semiconductor
fabrication sector, because of the reduced costs of large-scale fabrication
processes and the increased demand for semiconductors. Similarly, the demand
for cryocoolers will surge moderately for high-temperature superconductors in
wireless mobile phone base stations across the world.
Furthermore, the
growing demand for cooling down IR sensors utilized in electromagnetic
thermography offers many opportunities to small-sized cryocoolers producers. An
electromagnetic camera or thermal imaging camera is a prominent feature of
mid-IR sensors and is rapidly accepted in space exploration tasks for image
sensing and data mining.
North America held
the largest share of the cryocooler market of over 32%, In 2021.
This can be credited to the increasing expenditure in the defense industry and
medical research and healthcare innovations.
Furthermore, the
snowballing cancer cases is one of the major reasons driving the market in the
region.
The European market is projected to grow moderately. This can
be ascribed to the extensive use of cryocoolers in high-end detectors and
systems including, thermal weapon sights, missile warning systems and
scaled-downed payloads in the region.
Therefore, the
increasing requirement for medical and healthcare services in developing
countries and the growing usage of cryocoolers in nuclear magnetic resonance
instruments, cryosurgeries, and proton therapies, such factors will contribute
to the industry growth in the future.
