NEW YORK, July 11, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Cryocooler Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Offering (Hardware and Service), by Heat Exchanger (Recuperative and Regenerative), by Temperature Range (1K-5K, 5.1K-10K, 10.1K-50K, 50.1K-100K and 100.1K-300K), by Industry (Aerospace and Defense, Healthcare, Semiconductor and Electronics, Environmental Monitoring, Energy, Transportation, Agriculture & Biology, Nuclear, Mining and Metals and Others)” published by P&S Market Research, the global cryocooler market is projected to reach $2,365.8 million by 2023.
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As per the research, the global cryocooler market is expected to reach $2,365.8 million by 2023, registering a CAGR of 7.3% during 2017 - 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. The device typically uses helium, hydrogen or a mixture of gases to offer cryogenic temperatures.
Geographically, North America has been the largest contributor to the global cryocooler market, followed by Europe and Asia-Pacific. Some of the factors such as the mature aerospace and defense industry and the rising installation of cryogenic technology in aircraft carriers are responsible for the growth of North American cryocooler market. Moreover, acceptance of cryocoolers in healthcare industry for various applications, including cryosurgery and proton therapy, is also propelling the growth of cryocooler market in the region.
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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.
The research states that the intensity of rivalry is moderate due to the presence of a large number of regional players and moderate number of players operating globally. The ecosystem of global cryocooler market comprises of hardware manufacturers, prototype designers, and original equipment manufacturers (OEMs).
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