The Cryocooler Global Market Report 2023 by The Business Research Company, provides cryocooler market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Cryocooler Global Market Report 2023, the global cryocooler market size is expected to grow from $2.53 billion in 2022 to $2.77 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global cryocooler market size is expected to reach $3.83 billion in 2027 at a CAGR of 8.4%.
Expanding liquefied natural gas production is expected to boost the growth of the cryocoolers market going forward. Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state, around -260° Fahrenheit, for transportation and storage. Small liquid natural gas distribution stations must install compact, high-efficiency cryocoolers to reliquefy boil-off gas in the liquid natural gas tank.
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The cryocooler market is segmented:
1) By Type: Pulse-Tube (PT), Gifford-McMohan (GM), Joule-Thomson (JT), Brayton, Stirling
2) By Operating Cycle: Open-Loop Cycle, Closed-Loop Cycle
3) By Temperature: 1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K, 100.1K-300K
4) By Offering: Hardware, Services
5) By Application: Space, Healthcare, Military and Defence, Other Applications
Product innovations have emerged as the key trend gaining popularity in the cryocoolers market. Major companies operating in the cryocoolers market are developing innovative products to strengthen their position in the market. For instance, in March 2022, Cryomech, a US-based manufacturer of cryocoolers, launched the PT310 Pulse Tube cryocooler at the American Physical Society (APS). The unique features of the PT310 Pulse Tube provide ground-breaking performances of 1 W at 3 K and 35 W at 35 K with the remote motor version. Customers can advance their technology and improve the performance of their dilution refrigerators with the PT310 Pulse Tube Cryocooler.
The cryocooler market report table of contents includes:
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Top Major Players
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