February 24, 2024

Cryocooler Market Is Expected To Be Powered By Growing Space Exploration Activities

The cryocooler is a device that produces low temperatures below -150°C using a cryogenic refrigeration cycle. It is used to cool infrared sensors and other electronic systems to sub-ambient temperatures for applications in infrared imaging, aerospace, military, medical equipment, semiconductor testing, and scientific research. The growing application of infrared sensors in various fields such as night vision, surveillance, thermal weapon sight is boosting the demand for cryocoolers. Infrared sensors require cryogenic temperatures to function properly and cryocoolers help in maintaining these low temperatures.

The global cryocooler market is estimated to be valued at US$ 2926.75 billion in 2023 and is expected to exhibit a CAGR of 34 % over the forecast period from 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
One of the major drivers fueling the growth of cryocooler market is the rising space exploration activities around the world. Cryocoolers are extensively used to cool infrared sensors and other electronic components in satellites and space vehicles. They help maintain extremely low temperatures in space where there is no atmosphere. Leading space agencies such as NASA, ISRO, ESA, etc. are investing heavily in both public and private space programs which involve the launch of constellations of satellites for earth observation, communication, navigation, and deep space exploration missions. This rise in space programs is generating substantial demand for cryocoolers. Another driving factor is the increasing usage of infrared cameras for military and defense applications such as thermal imagers, night vision googles, missile defense systems. Cryocoolers provide the necessary cooling to significantly boost the performance of infrared imaging systems used in these sectors.

Segment Analysis
The global cryocooler market is dominated by the medical sub-segment which is estimated to account for around 45% of the overall market share in 2024. Cryocoolers are extensively used in medical devices like MRI scanners and diagnostic equipment which require cooling to extremely low temperatures. They help obtain clear scans and images without any interference. This extensive application in advanced medical devices makes the medical sub-segment the largest in the cryocooler market.

PEST Analysis
Political: Favorable government policies and regulations supporting setting up of healthcare facilities especially in developing nations will boost demand for cryocoolers used in medical devices.
Economic: Rising disposable incomes coupled with increasing healthcare spending is positively impacting the cryocooler market. Continuous technological advancements also drive the need for upgradation of existing medical devices relying on cryocoolers.
Social: Growing geriatric population and increasing incidence of chronic diseases is augmenting the demand for medical devices as well as associated cryocoolers for diagnosis and treatment.
Technological: Continuous R&D is helping improve cryocooler efficiencies. Advancements in materials and design of cold-head assemblies are helping achieve higher cooling powers at lower costs. Miniaturization of cryocoolers is also gaining traction.

Key Takeaways
Global Cryocooler Market Size is expected to witness high growth over the forecast period supported by rising demand from end-use industries especially healthcare and military.

Regionally, North America dominated the cryocooler market in 2024 owing to extensive research activities and adoption of advanced healthcare technologies in the region. However, Asia Pacific is projected to be the fastest growing regional market between 2024 to 2031 led by China, India and other developing Asian countries on account of increasing medical tourism coupled with government focus on modernizing healthcare infrastructure.

Key players operating in the cryocooler market are CRISPR Therapeutics AG, Editas Medicine, Inc., Intellia Therapeutics, Inc., Sangamo Therapeutics, Inc., Beam Therapeutics Inc., Caribou Biosciences, Inc., Mammoth Biosciences, Precision Biosciences, Inc., Synthego Corporation, GenScript Biotech Corporation, Horizon Discovery Group plc, Lonza Group Ltd., Takara Bio Inc., Merck KGaA, Thermo Fisher Scientific Inc. Precision Biosciences, a leading vertical farming focused gene editing company has a strong product portfolio and global presence focused on agricultural biotech applications.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it