Global Cryocooler Market Is Expected To Reach USD 1.3 Billion By 2025 At A CAGR Of 5.36% Between 2018 And 2025
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The cryocooler market is expected to reach USD 1.3 billion by 2025, at a CAGR of 5.36% between 2018 and 2025. The major factors contributing to the growth of this market include the growing medical & healthcare services in developing economies and increasing production of the liquefied natural gas over the last couple of years.
The cryocooler market based on type is segmented into GM, PT, Stirling, JT, and Brayton cryocoolers. The market for stirling cryocoolers is expected to grow at the highest rate between 2018 and 2025 in the global cryocooler market. The major factors contributing to the growth of this market include growing adoption of these cryocoolers in a variety of applications such as space, military, medical, and commercial among others. The stirling cryocoolers are small in size and offer higher efficiencies compared to the other cryocoolers.
The key cryocooler system providers from North America and Europe led the global cryocooler market in 2018. These companies have been providing their offerings worldwide and are focusing on expanding their positions in the key markets in APAC and Row. Some of the major companies have adopted strategies such as mergers & acquisitions, partnerships, agreements, collaborations, new product launches, capacity expansions, and joint ventures to expand their global presence and increase their market shares.
The global cryocooler market in the Americas held the largest share in 2018; however, the market in APAC is expected to exhibit the highest growth rate during the forecast period. The major factors contributing to the growth of this market include the increasing adoption of wide range of cryocoolers in semiconductor fabrication, automotive industry, and space applications among others.