Boston, MA -- (SBWIRE) -- 05/08/2017 -- Cryocooler Market by Type (GM, PT, JT, Stirling, and Brayton Cryocoolers), Services (Technical Support, Repair, Preventive Maintenance), Heat Exchanger Type (Recuperative and Regenerative), Application, and Geography - Global Forecast to 2022

"The global cryocooler market is projected to grow at a CAGR of 7.00% during the forecast period"

The cryocooler market is projected to reach USD 2.99 billion by 2022, at a CAGR of 7.00% between 2017 and 2022. This market is mainly driven by the growing medical & healthcare services in developing economies and the shortage of helium gas over the last couple of years. Other factors such as the increasing production of liquefied natural gas and high adoption of cryocoolers in the semiconductor industry have further contributed to the overall market growth. The major restraining factor for this market is the input power consumption of the cryocoolers.

Get More Details on this Report and a Full Table of Contents at Cryocooler Market - Global Forecast to 2022

"The market for space application is expected to grow at the highest rate between 2017 and 2022"

In space applications, cryocoolers are used for cooling down the infrared sensors for various astronomical studies on space astronomy and planetary science, among others. The major factors contributing to the growth of this market include the high adoption of cryocoolers due to their small size and high-speed turbomachines that use gas bearings to provide reliable and vibration-free operations in space.

"GM cryocoolers held the largest share of the cryocooler market in 2016"

GM cryocoolers are one of the most popular types of cryocoolers used in various applications due to their simple structure and high reliability. The major factors contributing to the growth of this market include the wide applications of GM cryocoolers in MRI systems used in the medical sector and cooling down the IR sensors for missile guidance in the military sector. The Americas region is likely to hold the largest size of the market for GM cryocoolers by 2022.

"APAC to be the fastest-growing market for cryocooler during the forecast period"

The global cryocooler market in the Americas held the largest share in 2016; however, the market in APAC is expected to exhibit the highest growth rate during the forecast period. The growth of this market is majorly driven by developing economies such as China and India. The investments in the healthcare and energy sectors have grown considerably in the past few years, creating a significant demand for the cryogenic technology in this region. The major factors contributing to the growth of this market include the increasing adoption of a wide range of cryocoolers for medical, commercial, and military applications.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key people in the market. The break-up of profiles of primary participants is given below:

-By Company Type: Tier 1%-55%, Tier 2%-20%, and Tier 3%-25%
-By Designation: C-Level - 75%, Managers- 25%
-By Region: North America - 40%, Europe - 30%, APAC - 20%, RoW - 10%

The key players in the cryocooler market profiled in this report are:

1. Sumitomo Heavy Industries Ltd. (Japan)
2. Chart Industries, Inc. (U.S.)
3. Brooks Automation, Inc. (U.S.)
4. Sunpower, Inc. (U.S.)
5. Cryomech, Inc. (U.S.)
6. Northrop Grumman Corporation (U.S.)
7. Advanced Research Systems, Inc. (U.S.)
8. DH Industries BV (The Netherlands)
9. Janis Research Company, LLC (U.S.)
10. RICOR - Cryogenic & Vacuum Systems (Israel)
11. Superconductor Technologies, Inc. (U.S.)
12. Air Liquide S.A. (France)

Research Coverage

This report covers the cryocooler market based on hardware & service, type, heat exchanger type, application, geography. A detailed analysis of the key industry players has been done to provide insights into their business, products and services, and key strategies such as new product launches, mergers & acquisitions, partnerships, agreements, and collaborations associated with the cryocooler market.

Key Benefits of Buying the Report

The report would help the market leaders/new entrants in this market in the following ways:

1. This report segments the cryocooler market comprehensively and provides the closest approximations of the revenues for the overall market and the subsegments across different verticals and regions.

2. The report would help stakeholders to understand the growth of the market and provides information on key market drivers, restraints, challenges, and opportunities.

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