Cryocooler Market Will Reach $2.3 Billion by 2023 and Is Growing at a CAGR of 7.3% During 2018 – 2023 – iCrowdNewswire
 

Jul 13, 2018 1:53 PM ET

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Cryocooler Market Will Reach $2.3 Billion by 2023 and Is Growing at a CAGR of 7.3% During 2018 – 2023

iCrowdNewswire - Jul 13, 2018

The global cryocooler market is expected to reach $2,365.8 million by 2023, registering a CAGR of 7.3% forecast to 2023. Cryocooler refers to the mechanical device, used to generate cryogenic temperature and offers cooling to the environment and materials inside it. It follows the closed cycle thermodynamic mechanism and utilizes the flow of gas inside closed pipelines, absorbs the outer temperature and radiates it outside.

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Image result for CryocoolerThe aerospace and defense industry is expected to contribute largest to the global cryocooler market. In this industry, cryocoolers are widely being used for military and space applications. Global cryocooler market is expected to register a significant growth, directed by the rising acceptance of several cryocoolers to offer cryogenic temperatures for IR sensors in missile guidance, satellite-based surveillance and night vision based systems. Stirling cryocoolers use linear electric drive, resulting in their long life, which is likely to increase their adoption in the global cryocooler market. Moreover, developing nations such as China, Malaysia, India and Thailand are registering notable growth in industries such as aerospace and defense, healthcare and semiconductor, due to which the demand for these cryocoolers is expected to surge in these nations during the forecast period.

Stirling cryocoolers use linear electric drive, resulting in their long life, which is likely to increase their adoption in the global cryocooler market. Moreover, developing nations such as China, Malaysia, India and Thailand are registering notable growth in industries such as aerospace and defense, healthcare and semiconductor, due to which the demand for these cryocoolers is expected to surge in these nations during the forecast period. Rising demand for cryocoolers across the aerospace and defense industry has been boosting the global cryocoolers market. Cryocoolers are being used in this industry to cater the individual demands of military and space applications. The military applications contributed largest to the global cryocooler market; however, market for space applications is expected to register the highest growth during the forecast period. The global cryocooler market has immense growth opportunities with the increasing applications of cryocoolers in the space sector, which is likely to spearhead the global cryocooler market in near future.

Some of the major players in the global cryocooler market include Sumitomo Heavy Industries, Northrop Grumman Corporation, Janis Research Company, RICOR Cryogenic & Vacuum Systems, Advanced Research Systems, DH Industries, Air Liquide, L-3 Communications Holdings, Lockheed Martin Corporation, Superconductor Technologies, Chart Industries, Brooks Automation, Sunpower and Cryomech.

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