Rise in demand for Military and Defense as Well as Space Applications and Favourable Government Policies and Support in Terms of Subsidies and Grants is Anticipated to Boost Cryocooler Market During the Forecast period 2021-2026. Cryocooler Market Size is forecast to reach $18.4 billion by 2026, at a CAGR of 8.5% during 2021-2026.
Cryocooler Market Size is forecast to reach $3.2 billion by 2026, at a CAGR of 6.6% during 2021-2026. Increasing applications of cryocooler in Military and Space sector, increasing application of night vision cameras in defense sector and security premises, rising adoption of cryocooler in semiconductor industry, superconducting magnets and power systems and Healthcare sector are driving the growth of the market. The extensive deployment of cryocoolers for defense and military applications such as cooling of infrared focal planes and infrared sensors is likely to be the major driving factor for the growth of global cryocoolers market. Night vision cameras installed in military applications such as video surveillance for enemy detection uses cryocoolers owing to the advanced military equipment for safety of the troops. Moreover, improving power, size and weight constraints of space qualified cryocoolers boosted the utilization of these devices in large military satellite electro optical infrared missions.
Cryocoolers find extensive space applications in space craft and on orbits for cooling sensors, optics and scientific instruments over a wide range of temperature. Cryocoolers play a vital role in various space missions such as earth science, space astronomy, reconnaissance and planetary science that are conducted in the X-ray, gamma ray and infrared portions of electromagnetic spectrum. The cooling requirements of hardware down to cryogenic temperatures in astronomical telescopes and radio interferometers is also a trending opportunity for the global cryocoolers market. The growing private space expenditure as well as establishment of a number of companies will be the major driving force in this segment.
The large and uniform magnetic fields produced by superconductors enables the penetration of these devices into commercial, medical, energy and utilities and many other sectors for wide range of applications such as magnetic levitation, medical imaging, Superconducting Quantum Interference Device (SQUID) detection and semiconductor fabrication which requires various applications of cryocooler. This tend to drive the cryocooler market growth. Cryocoolers are used with superconducting magnets in medical diagnosis systems. Superconductors magnets are used to produce large and uniform magnetic fields inside the patient’s body by cooling the internal superconducting coils to cryogenic temperature and conducting larger currents. The peak shaving and power conditioning for superconducting energy storage in energy and utilities inherently require refrigeration cryocoolers for the effective transformation of grid. The advancements in telecommunication technologies such as Rapid single flux quantum (RSFQ) enabled the use of superconductor based receiver aided by a 4-kelvin cryocooler for wide band communication at gigahertz frequencies. Moreover, surging adoption of cryocoolers in MRI, NMR equipment, and proton therapy in healthcare sector are major factors driving the growth of cryoclooer market globally.
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Cryocooler Market Growth Drivers:
The rise of proton therapy as an alternative cancer treatment technique
The technological advancements and emerging treatment methods such as proton therapy and other radiation therapies in medical field is escalating the opportunities for cryocoolers market. Unlike diagnostic tools such as MRI and CT, Proton therapy is a cancer treatment tool that uses a beam of proton particles to irradiate the malignant tissue. The superconducting magnets used in this therapy for generation and fine tuning of high power proton beams precisely towards the diseased cells are needed to be cooled to liquid helium temperatures using advanced cryocoolers. For instance, according to World Cancer Research Fund (WCRF), Ireland, Hungary, Belgium are one of the major countries with high cancer rate. Out of every 100,000 people in Ireland 373 people are cancer patients. This further increases the requirement of cryosurgery to cure cancer patients therefore creating major opportunity for the cryocoolers market growth.
The Major Players in this Market Include
Major players in Cryocooler include Sumitomo, Chart Industries, Sunpower, Air Liquide, Janis Research, Ricor, Cryomech and Brooks Automation among others. In January 2021, Ricor Cryogenic and Vacuum Systems acquired Netzer Precision Position Sensors. Through this acquisition Ricor is able to design high performance cryocoolers to its customers.
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