The Global Cryocooler Market Growth Accelerated By Rising Demand From Aerospace And Military Industries

cryocooler market 
 Cryocoolers are widely used for cooling infrared sensors, semiconductor lasers, superconducting electronic devices, and for other applications that require maintenance of extremely low temperatures. Cryocoolers provide cooling to thermal infrared cameras used for border security, surveillance, reconnaissance, unmanned aerial vehicles and missile seekers. The rising demand for thermal cameras from aerospace and military industries is driving the growth of the cryocooler market. The global cryocooler market is estimated to be valued at US$ 2540.58 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The increasing usage of cryocoolers in the aerospace and military industries is one of the major trends driving the cryocooler market growth. Cryocoolers are extensively used to cool sensors in missiles, spacecraft, and reconnaissance systems. They provide cooling to infrared sensors used in applications such as space-based surveillance, intelligence gathering, reconnaissance systems, and border security systems. Thus, rising investments in space exploration programs and defense budgets of countries are fueling the demand for cryocoolers from these industries. The development of new infrared-based missiles and development of technologies like unmanned aerial vehicles also contribute to the increasing adoption of cryocoolers.
Segment Analysis
The global cryocooler market is dominated by the Gifford-McMahon cryocoolers segment. Gifford-McMahon cryocoolers are most commonly used cryocoolers in applications involving moderate cooling capacity requirement at temperatures ranging from 50K to 120K. Their widespread adoption can be attributed to advantages such as high reliability, compact size, and low vibration characteristics.

Key Takeaways

The global cryocooler market is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the cryocooler market with the United States being the leading regional market. Extensive research and development activities carried out in the region pertaining to applications areas such as space, medical, industrial and defense contribute to market growth.

Key players operating in the cryocooler market scope are Northrop Grumman Corporation, Sumitomo Heavy Industries Limited, Stirling Cryogenics BV, Sunpower Inc. (AMETEK Inc.), Superconductor Technologies Inc., RICOR, Advanced Research Systems Inc., Cobham PLC, Janis Research Company LLC, Cryomech Inc., and Chart Industries Inc. These players are focusing on new product launches to strengthen their market position. For instance, in December 2018, Northrop Grumman Corporation introduced a new class of high-capacity cryocoolers named as Supertran DT cryocoolers.

The global cryocooler market is fragmented with the presence of several global and regional players. Key players are focusing on the development and commercialization of new generation cryocoolers in order to gain competitive advantage. In addition, they are involved in strategic collaborations to expand their product portfolios and geographic footprints.

Get more insights on this topic: https://www.newswirestats.com/cryocooler-market-industry-insights-trendscryocooler-market-2023-2030/

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