According to IMARC Group’s latest report, titled “Cryocooler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global cryocooler market reached a value of US$ XX Billion in 2020. A cryocooler refers to a standalone mechanical refrigerator that is used for active cooling at extremely low temperatures. It utilizes cryogenic fluids with nitrogen, hydrogen, and helium gases circulating in a thermodynamic cycle. The fluid is precooled in a heat exchanger, compressed at room temperature, and expanded at low temperatures. Cryocoolers are widely available in numerous variants, such as pulse-tube, Brayton, Stirling, Gifford-Mahon, Joule-Thomson, etc. They are compact, vibrationless, energy-efficient, and require minimal maintenance. Consequently, cryocoolers find extensive applications across several industries, such as medical, mining, military, aerospace, etc.
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The growing demand for efficient cooling systems to produce superconductors, magnets, power systems, etc., is primarily driving the cryocooler market. Moreover, the increasing adoption of closed-loop cryocoolers for operating infrared (IR) sensors, detectors, thermal cameras, night vision systems, etc., is also bolstering the global market. In addition to this, the elevating product utilization for maintaining low temperatures while operating surgical probes and magnetic resonance imaging (MRI) systems is acting as another significant growth-inducing factor. Furthermore, various product innovations, including the development of space cryocoolers that can withstand launch vibrations, are also catalyzing the market growth. Besides this, the rising adoption of cryogenically cooled low-noise amplifiers in cellular telephone base stations, coupled with extensive R&D activities, are expected to fuel the cryocooler market over the forecasted period. Looking forward, IMARC Group expects the global market to continue its robust growth during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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