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Cryocooler Market to grow by USD 816.44 million from 2022 to 2027 | Increasing adoption of cryopreservation procedures drives the market – Technavio

NEW YORK, Sept. 1, 2023 /PRNewswire/ — The cryocooler market size is estimated to increase by USD 816.44 million from 2022 to 2027, at a CAGR of 5.66%, according to the recent market study by Technavio. The growth of the market will be driven by the Increasing adoption in cryopreservation procedures, Growing demand from healthcare industry for treatments like MRI, NMR equipment, and proton therapy, and Increasing use of cryocoolers in drug research and development. Download The Sample Report

Technavio has extensively analyzed 15 major companies, including Advanced Research Systems Inc., AIM Infrared Module GmbH, Air Liquide SA, Azenta Inc., Bluefors Oy, Chart Industries Inc., Eaton Corp. Plc, Honeywell International Inc., HYSYTECH srl, L3Harris Technologies Inc., Lake Shore Cryotronics Inc., Lihan Cryogenics Co. Ltd., Lockheed Martin Corp., Northrop Grumman Corp., Ricor Systems, RIX Industries, Stirling Cryogenics India Pvt. Ltd., Sumitomo Heavy Industries Ltd., Thales Group, and TotalEnergies SE. 

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Expense Management Software Market – Segmentation Assessment

The market is segmented by application (Military and defense, Healthcare, Aerospace, Power and energy, and Others), type (Regenerative heat exchanger and Recuperative heat exchanger), and geography (North America, Europe, APAC, Middle East and Africa, and South America)

  • The military and defense segment is estimated to witness significant growth during the forecast period. Some of the major application areas of cryocoolers comprise defense, cooling infrared aircraft, electronic warfare systems, and superconducting devices. The acceptable restricted service life (hundreds of hours) of cryocoolers was one of the significant reasons for their rising use in tactical military systems. In addition, the fact that the system can be accessed on board, in the air, or on the ground, as well as retrofitted with a new cryocooler, is the main advantage. By keeping low temperatures, cryocoolers are able to improve the performance, sensitivity, and overall effectiveness of military and defense systems. Henceforth, these applications are supposed to fuel the development of the portion which, thus, will propel the global cryocooler market development during the forecast period.

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Market Dynamics 

Key  Driver – Increasing adoption of cryopreservation procedures is notably driving the global cryocooler market growth. The cryopreservation technique utilizes super-low temperatures and is broadly utilized for the safeguarding of organic examples. Among the most important applications of cryopreservation procedures, are the preservation of cells and organs, molecular biology and biochemistry, cryosurgery, food sciences, and medical applications. Also, this procedure is broadly used by laboratory clinicians, researchers, and medical practitioners for storing samples for a long time and maintaining consistency and reproducibility among these applications. There is an increase in demand for these cells from end-users, due to the significant use of cryopreservation of cells such as hepatocytes, cardiomyocytes, and neuronal cells in neuroscience and cardiology research. Therefore, these factors are anticipated to fuel the cryocooler market growth during the forecast period.

Significant Trends – Growing demand for cryocoolers for COVID-19 vaccines is an emerging trend shaping the market growth.

Major  Challenge – Threat from faulty or loosely insulated cryocoolers will be a significant challenge hindering the market growth.

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What are the key data covered in this Cryocooler Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the cryocooler market between 2023 and 2027
  • Precise estimation of the cryocooler market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the cryocooler across North America, Europe, APAC, Middle East and Africa, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information about companies 
  • Comprehensive analysis of factors that will challenge the growth of cryocooler market  companies 

Related Reports: 

The cryo box market size is estimated to grow at a CAGR of 7.12% between 2022 and 2027. The market size is forecast to increase by USD 134.27 million. This cryo box market report extensively covers market segmentation by material (polypropylene, polycarbonate, laminated cardboard, and moisture-repellent fiberboard), capacity (less than 0.5 ml, 0.6 to 1 ml, 1.1 to 1.7 ml, 1.8 to 2 ml, and more than 2 ml), and geography (North America, Europe, APAC, South America, and Middle East and Africa). One of the key factors driving the cryo box market is the increasing adoption of cryopreservation procedures.

 The cryogenic vials market size is estimated to grow at a CAGR of 5.38% and the size of the market is forecast to increase by USD 66.16 million between 2022 and 2027. The increasing adoption of cryopreservation procedures is a key factor driving the global cryogenic vials market growth. The cryogenic vials market research report extensively covers market segmentation by type (internally threaded cryogenic vials and externally threaded cryogenic vials), end-user (research organizations, drug manufacturers, healthcare institutions, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). 

Cryocooler Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 5.66%

Market growth 2023-2027

USD 816.44 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.82

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 29%

Key countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks

Key companies profiled

Advanced Research Systems Inc., AIM Infrared Module GmbH, Air Liquide SA, Azenta Inc., Bluefors Oy, Chart Industries Inc., Eaton Corp. Plc, Honeywell International Inc., HYSYTECH srl, L3Harris Technologies Inc., Lake Shore Cryotronics Inc., Lihan Cryogenics Co. Ltd., Lockheed Martin Corp., Northrop Grumman Corp., Ricor Systems, RIX Industries, Stirling Cryogenics India Pvt. Ltd., Sumitomo Heavy Industries Ltd., Thales Group, and TotalEnergies SE

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

Originally published at https://www.prnewswire.com/news-releases/cryocooler-market-to-grow-by-usd-816-44-million-from-2022-to-2027–increasing-adoption-of-cryopreservation-procedures-drives-the-market—technavio-301915430.html
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