The global cryocooler market size is expected to reach USD 5.20 billion by 2032, according to a new study by Polaris Market Research. The report “Cryocooler Market Share, Size, Trends, Industry Analysis Report, By Type (Gifford Mcmahon, Pulse-Tube, Stirling, Brayton, Joule-Thomson); By Heat Exchanger Type; By Application; By Operating Cycle; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rise in the adoption of cryocoolers in power stations, super-conducting magnets, & the semiconductor industry is driving demand of the cryocoolers. In November 2022, the CH-160D2 77K Cryocooler has been added as a new model to the SHI Cryogenics Group's line of Gifford-McMahon (GM) Cryocoolers. The CH-160D2 is perfect for a variety of uses, including the production and liquefaction of liquid nitrogen, & high temperature super-conducting uses including cables, wind turbines, ship motors, & accelerator magnets.
Continued R&D and technical advancements of cryocoolers have boosted their use in the medical industry for a variety of applications, including proton treatment, NMR technology, and MRI. This should accelerate market expansion. In order to cool superconducting magnets used in proton therapy to the liquid state Helium temperatures, cryocoolers must be utilised. In Jan 2023, the UK is planning to launch its first proton beam therapy trial for certain patients with breast cancer.
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Worldwide space cryogenics market is expanding as a result of the aerospace industry's rising demand for cryogenic materials. Cryogenic fuels, have a better efficiency than conventional fuels, which improves spacecraft performance. Therefore, there is now a greater need for cryogenic systems, which is what will propel the worldwide space cryogenics market throughout the next years. In August 2022, Australian space agency launched it first mission, a space telescope named spIRIT which is fitted with a cryocooler thermal regulation system on the small satellite.
In the United States, superconducting magnets used in mobile phone stations are now cooled using cryocoolers for commercial purposes. Superconducting receivers create incredibly small filters with exceptionally steep skirt slopes using the High-Temperature Superconducting (HTS) filters. In combination with cryogenically cooled amplifiers, these receivers increase call quality.
Cryocooler Market Report Highlights
Polaris Market Research has segmented the Cryocooler market report according to type, heat exchanger, application, operating cycle and region:
Cryocooler, Type Outlook (Revenue - USD Billion, 2019 -2032)
Cryocooler, Heat Exchanger Type Outlook (Revenue - USD Billion, 2019 -2032)
Cryocooler, Application Outlook (Revenue - USD Billion, 2019 -2032)
Cryocooler, Operating Cycle Outlook (Revenue - USD Billion, 2019 -2032)
Cryocooler, Regional Outlook (Revenue - USD Billion, 2019 - 2032)