March 1, 2024
cryocooler Market

The Global Cryocooler Market Is Driven By Rising Demand For Cryocoolers In Space Applications

Cryocoolers find extensive applications in various end-use industries such as defense, healthcare, energy, and space. They are highly preferred for cooling infrared sensors and superconducting devices that require ultra-low temperatures. Cryogenic systems find widespread usage in space applications for cooling infrared sensors, superconducting wires, and superconducting quantum interference devices (SQUIDs). They are also used in space telescopes and satellites for cooling infrared focal plane arrays and astrophysical instruments. Owing to the growing space exploration projects worldwide, there has been a substantial rise in the demand for cryocoolers in the space sector. The increasing investments by various countries in satellite launch programs and space science missions foster the growth of the cryocooler market.

The global Cryocooler Market is estimated to be valued at US$ 2540.58 Mn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

Demand for cryocoolers is driven by rising investments in space applications. Space agencies across the globe are exponentially increasing their spending on space programs. For instance, NASA’s budget allocation for 2020 was $22.6 billion, while European Space Agency’s budget for the same year was $6.48 billion. Similarly, Indian Space Research Organization’s budget allocation stood at $1.78 billion for 2020-2021. This rising expenditure in the space sector is fueling the development of new generation satellites, space telescopes, and other space exploration missions. Since cryocoolers play a crucial role in cooling various payloads and instruments installed in satellites and space vehicles, their demand is witnessing significant growth. The growing space economy will continue to push the development of advanced cryocoolers with high reliability and effectiveness over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat is moderate as cryocooler technology requires significant R&D investment and manufacturing expertise.

Bargaining power of buyers: The buyers have moderate bargaining power due to the presence of multiple established manufacturers.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials required are commodity chemicals and components easily available.

Threat of new substitutes: Threat of substitution is low as cryocoolers are highly specialized devices without close substitutes for various applications.

Competitive rivalry: The competition is high among the key players to gain more market share.

Key Takeaways

The global Cryocooler Market Growth is expected to witness high growth. The North America region dominated the market in 2020 owing to extensive research activities in the aerospace and military sectors in the US and Canada.

Regional analysis

The Asia Pacific region is expected to witness the fastest growth during the forecast period due to increasing R&D investments and growing semiconductor and medical industries in China, India, Japan, and South Korea. Countries like China and India are emerging as manufacturing hubs for cryocoolers.

Key players

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. CRISPR Therapeutics AG is one of the leading players focusing on developing CRISPR-based therapies.

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