Cryocoolers are cooling devices that use a cryogenic refrigeration cycle to achieve temperatures well below ambient. They have no moving parts and can provide spot cooling for infrared detectors, superconducting devices, space applications, and other areas where precise temperature control near absolute zero is needed without vibration or magnetic or electronic interference. The increasing demand for cryogenic temperature applications in healthcare, military, semiconductor & electronics, space, and other industrial sectors is driving the growth of the cryocooler market.
The global cryocooler market is estimated to be valued at US$ 2540.58 Mn in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing adoption of infrared imaging technologies across various industries is estimated to boost the demand for cryocoolers over the forecast period. Infrared imagers are used for a variety of applications including night vision systems, thermal monitoring, predictive maintenance, and security & surveillance. As cryocoolers are an integral component for cooling infrared detectors in imaging systems, their growing usage is expected to increase the demand for reliable, compact, and high-performance cryocoolers thereby presenting a major market opportunity. Continued investments by governments and companies in developing enhanced infrared imaging technologies will remain a key driver for cryocoolers market growth during the forecast period.
Porter's Analysis
Threat of new entrants: The cryocooler market requires high capital investment for R&D and manufacturing facilities, which pose barriers for new entrants. However, digitalization is lowering these barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and bargaining power increases for large volume buyers.
Bargaining power of suppliers: Key components such as compressors, heat exchangers, and cryogenic fluids are specialized, increasing supplier bargaining power.
Threat of new substitutes: Technologies like magnetocaloric refrigeration are potential substitutes but are still in development phase.
Competitive rivalry: The market is dominated by few global players intensifying competition. Players differentiate through product performance.
SWOT Analysis
Strength: Cryocoolers have wide applications in medical devices, military, semiconductors etc. Technological advancements are improving reliability.
Weakness: High maintenance costs. Installation requires specialized expertise.
Opportunity: Growth in space research, astronomy, healthcare devices. Adoption in industrial gas production.
Threats: Fluctuating raw material prices. Regulations related to use of refrigerants can impact demand.
Key Takeaways
The global Cryocooler Market Growth is expected to witness high growth over the forecast period of 2023-2030. The North America region currently dominates the market due to high investments in aerospace and defense sectors. The rising demand for medical devices is also fueling market growth in the region.
Regional analysis for North America comprises the U.S. and Canada being the major revenue generators. Growing private and public funding for space research along with technological advancements are boosting adoption. The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Countries like China, Japan, and India are witnessing rising electronics and semiconductor manufacturing raising demand.
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. The market is consolidated in nature with leading players focusing on new product innovations.
For more insights, read- https://www.ukwebwire.com/cryocooler-market-trends-size-and-share-analysis/
