Cryocoolers Market Size, Trends and Growth Analysis by 2027

The global cryocooler market was valued at approximately US$ 1,415.5 million in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 9.3% from 2019 to 2027, ultimately reaching around US$ 3,137.2 million by the end of the forecast period. This market is witnessing consistent growth, driven by ongoing research and development efforts aimed at introducing essential innovations in cryocooler technology. Small-scale cryocoolers play a crucial role across various applications, particularly in sectors such as aerospace, healthcare, and defense. They are instrumental in cooling infrared sensors to enhance resolution and in cooling superconducting electronics, which are vital for advanced digital filtering. The applications of cryocoolers extend across multiple domains, including environmental monitoring, medical imaging, law enforcement, energy production, agriculture, biology, and transportation, among others. Notably, they are employed for cooling low-temperature sensors, MRI systems, and superconducting magnets, contributing significantly to the overall growth of the cryocooler market.

One of the prominent trends anticipated to influence the cryocooler market in the near future is the increasing demand for diagnostic procedures in cardiovascular imaging, alongside therapeutic procedures that utilize image-guided surgery. This trend is expected to create a concurrent need for higher magnetic fields than those currently available in 'open' slot magnets, as well as improved patient access compared to what is offered by 'short bore' magnets. These objectives may conflict with the ongoing demand for reduced magnet prices. As these factors gain momentum, they are likely to have a substantial impact on the cryocooler market.

The cryocooler market is categorized by type into several segments, including Brayton Cryocoolers, Pulse-Tube (PT), Stirling, Gifford-McMahon (GM), Joule-Thomson (JT), and others. Among these, GM cryocoolers are extensively utilized in MRI and NMR equipment within the healthcare industry. They are also employed in cryopumps and laboratory magnets. Notably, new GM cryocoolers capable of operating at 4K temperatures are currently under commercial development. These advanced GM cryocoolers can achieve cryogenic temperatures through a two-stage process, offering high reliability and lower operational frequency.

The overall size of the cryocooler market has been determined through a combination of primary and secondary research methodologies. The research process initiates with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the cryocooler market. Additionally, numerous primary interviews are conducted with industry stakeholders and experts to validate the data and analysis. Participants in this research typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the cryocooler sector.