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The cryocooler market size is forecast to increase by USD 764.2 million at a CAGR of 5.11% between 2023 and 2028. The market is experiencing significant growth due to increasing applications in various industries, particularly in healthcare. The adoption of cryocoolers in healthcare is on the rise, with a notable increase in their usage in cryopreservation procedures and for cooling MRI systems. Furthermore, the demand for cryocoolers is surging in the healthcare sector due to the growing need for storing and transporting COVID-19 vaccines at low temperatures. However, the market also faces challenges such as the risk of faulty or poorly insulated cryocoolers, which can lead to costly damages and delays. To mitigate these risks, manufacturers are focusing on improving the reliability and efficiency of their cryocooler designs.
The market is witnessing significant technological developments, driven by the increasing demand for maintaining cryogenic temperatures in various industries. One of the primary applications of cryocoolers is in Magnetic Resonance Imaging (MRI) machines, where they are used to cool superconducting magnets and other components to extremely low temperatures. In the healthcare sector, MRI systems are essential diagnostic tools that provide detailed images of the human body. Cryocoolers play a crucial role in maintaining the performance and efficiency of these systems by cooling the superconducting magnets, which are responsible for producing a strong magnetic field.
Moreover, the ability to achieve and maintain cryogenic temperatures is essential for MRI systems to produce clear and accurate images. Another application of cryocoolers is in defense, particularly in infrared technology. Infrared focal planes, which are used in defense applications such as thermal imaging, require cooling to maintain their performance. Cryocoolers are used to cool both mid-wave infrared and longwave infrared focal planes, enabling these systems to detect and identify objects in various environments. Moreover, cryocoolers are also used in cryosurgery and proton therapy, two advanced medical treatments that require precise temperature control. Cryosurgery involves freezing and destroying abnormal tissue, while proton therapy is a form of radiation therapy that uses protons instead of X-rays.
Further, the cryocoolers are used to maintain the temperature of the instruments and ensure their effectiveness. The semiconductor-type focal planes used in infrared technology are another area where cryocoolers are essential. These focal planes are used in various applications, including industrial inspection, scientific research, and military surveillance. Cryocoolers are used to cool these focal planes to maintain their sensitivity and accuracy. In conclusion, the market is witnessing technological advancements that are driving its growth in various industries, including healthcare and defense. The ability to maintain cryogenic temperatures is essential for the efficient and effective operation of MRI machines, infrared technology, cryosurgery, and proton therapy.
As these industries continue to grow and evolve, the demand for cryocoolers is expected to increase, making it an attractive market for investors and innovators.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The military and defense segment is estimated to witness significant growth during the forecast period. Cryocoolers hold a pivotal position in the military and defense sector, particularly for cooling infrared sensors and superconducting magnets utilized in applications such as cryosurgery and proton therapy. In the realm of medical technology, cryocoolers are instrumental in maintaining the required temperature for MWIR (3-5 micron wavelength) and LWIR (9-12 micron wavelength) sensors in cryosurgical equipment. The adoption of cryocoolers in military applications dates back over three decades, primarily for ground, airborne, and shipborne infrared sensors. The acceptance of cryocoolers in tactical military systems was driven by the acceptable limited service life (hundreds of hours) and the ease of accessibility for replacement or retrofitting with new units.
Moreover, cryocoolers have proven their worth in various military applications, including cooling superconducting magnets for MRI machines and maintaining the temperature for advanced imaging systems in defense applications. Cryocoolers' versatility and reliability have made them indispensable in numerous industries, including defense, healthcare, and research. The global market for cryocoolers is expected to grow significantly due to increasing demand for advanced cooling solutions in various applications.
In summary, cryocoolers have been a vital component in various industries, including military and defense, healthcare, and research, for several decades. Their ability to maintain the required temperature for advanced sensors and imaging systems has made them indispensable. The global market for cryocoolers is projected to experience significant growth due to the increasing demand for advanced cooling solutions in various applications.
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The military and defense segment accounted for USD 738.80 million in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 29% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market holds a prominent position, with the United States being the major contributor in this region. The escalating need for cryopreservation of biomaterials such as antibodies, nucleic acids, proteins, cells, and tissue samples in biopharmaceutical research is driving the demand for cryocoolers in North America. The region experiences a significant demand for cryocoolers due to the increasing adoption of advanced IT infrastructure in biobanks and laboratories like the Canadian Blood Services and the AIDS and HIV Research and Reference Reagent Resource Center in Canada, which utilize cryocoolers for cryopreservation. The demand for cryocoolers is particularly high in North America for preserving nucleic acids, proteins, and stem cells.
Similarly, environmental costs are a crucial consideration in the development of cryocooler technology, with companies focusing on product innovations to reduce energy consumption and minimize carbon footprint. The defense sectors are also significant consumers of cryocoolers due to their application in cooling and maintaining the temperature of various defense systems. Foreign Direct Investments (FDI) inflows into the North American market are expected to further boost the market growth.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption of cryopreservation procedures is the key driver of the market. The cryopreservation process, which involves storing materials at cryogenic temperatures below 150 degrees Celsius, is experiencing significant growth in various industries. This technique is increasingly utilized for preserving cells, tissues, and organs in fields such as molecular biology and biochemistry, neuroscience and cardiology research, food sciences, and medical applications. Professionals in laboratories, clinics, and medical practices value the long-term storage capability of this method, ensuring consistency and reproducibility across applications. By efficiently cryopreserving valuable biological materials like hepatocytes, cardiomyocytes, and neuronal cells, researchers and practitioners save on the costs associated with frequent replenishment of stocks. The demand for cryopreservation in these sectors continues to escalate due to the importance of preserving these cells for extended periods.
Growing demand for cryocoolers for COVID-19 vaccines is the upcoming trend in the market. In response to the diverse temperature requirements for storing COVID-19 vaccines and other pharmaceutical products, several companies, including PHC, provide a comprehensive range of cryocoolers. In December 2021, UNICEF selected BioLife Solutions' ultra-low-temperature (ULT) freezers to ensure the thermal stability of COVID-19 vaccines. To address the increasing demand for cryogenic storage solutions in the development of COVID-19 drugs and vaccines, a leading company announced plans to construct a new facility in California, USA, in late 2020. This site will manufacture cryocoolers capable of maintaining a temperature of minus 80 degrees Celsius, as well as liquid nitrogen (LN2) cryogenic storage tanks and walk-in cold storage technology with temperatures ranging from 2-8 degrees Celsius and minus 20 degrees Celsius.
Threat from faulty or loosely insulated cryocooler is a key challenge affecting the market growth. Cryocoolers are essential components that maintain extremely low temperatures, typically below 120 K or -153 degrees Celsius. Proper storage and insulation of the gases used in these systems are crucial to prevent leakages. Leaking cryocoolers can pose health risks, particularly when dealing with gases like argon. Inhalation of argon can lead to suffocation and other symptoms such as stinging eyes, vomiting, dizziness, rapid breathing, excitation, headaches, excess salivation, and a stinging nose and throat. These symptoms may result in unconsciousness. Therefore, ensuring the integrity of cryocooler systems is of utmost importance for defense applications, particularly those involving infrared focal planes, such as semiconductor-type mid-wave infrared systems.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Advanced Research Systems Inc. - The company offers cryocooler solutions such as DE 202, DE 204, DE 100 Series.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant technological development due to the increasing demand for cryogenic temperatures in various industries. MRI machines and medical machines, including MRI systems, cryosurgery, and proton therapy, are major consumers of cryocoolers. In the healthcare sector, superconducting magnets used in MRI systems require cryogenic temperatures for optimal performance. In defense applications, cryocoolers are used in infrared focal planes for mid-wave infrared and longwave infrared sensors. Semiconductor-type focal planes in defense sectors and surveillance sectors also require cooling.
Further, cryopreservation and cryobiology in biological constructs and cancer treatment are other emerging applications driving the market. Military spending on proton therapy centers and competitive strategies in the market are also boosting the demand for cryocoolers. Product innovations and environmental costs are key challenges for market growth. The market is expected to grow significantly in the coming years due to the increasing demand from various end-users and the continuous technological advancements in the field of cryogenic cooling.
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Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.11% |
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Market growth 2024-2028 |
USD 764.2 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.91 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 29% |
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Key countries |
US, China, UK, Germany, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advanced Research Systems Inc., AIM Infrared Module GmbH, Air Liquide SA, Azenta Inc., Bluefors Oy, Chart Industries Inc., Eaton Corp plc, Honeywell International Inc., HYSYTECH srl, L3Harris Technologies Inc., Lake Shore Cryotronics Inc., Lihan Cryogenics Co. Ltd., Lockheed Martin Corp., Northrop Grumman Corp., Ricor Systems, RIX Industries, Stirling Cryogenics India Pvt. Ltd., Sumitomo Heavy Industries Ltd., Thales Group, and TotalEnergies SE |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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