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(USGovernment-News.Com, April 03, 2019 ) Cryogenic fluids such as liquid helium, liquid nitrogen, or cold nitrogen, and helium gas were primarily being used in the cryostats. However, higher costs associated with the extraction of these cryogenic liquids for passive cooling led to the search of substitute materials. Cryocooler have been put into commercial usage more than three decades back as able substitutes to the cryogenic liquids in terms of cost-effectiveness, reliability, and lower maintenance costs.
The global Cryocoolers market is accounted to US$ 1415.52 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 – 2027, to account to US$ 3137.17 Mn by 2027.Asia-Pacific is anticipated to be the fastest growing market and North America is to be the highest revenue contributor throughout the forecast period. Higher investments for cryocooler application such as increase in the number of healthcare and space applications would accentuate the growth of cryocooler market in North America. Moreover, in Asian countries witnessed higher military spending, which includes high budget for military outer-space programmes.
- To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Cryocoolers Market.
- To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
It is expected that emerging diagnostic procedures in cardiovascular imaging along with therapeutic procedures involving image-guided surgery will produce a concurrent demand for higher fields than are currently available in ‘open’ slot magnets and greater access to the patient than is currently available in ‘short bore’ magnets. These goals are not consistent with the perceived need for continuing magnet price reduction. Continued progress in cryogenic refrigeration will result in a moving cost target for HTS conductors and it is doubtful that they will ever be applied in air core MRI magnet windings where significant amounts of conductor are required because they cost so much more than LTS conductors.
Strategic Insights
New market initiatives were observed as the most adopted strategy in global cryocooler industry. Few of the recent market initiatives are listed below:
2019: The SHI Cryogenics Group added a new model to its line of Gifford-McMahon (GM) Cryocoolers with the introduction of the RDE-418D4 1.8/2.0W 4K Cryocooler. This New RDE-418D4 Cryocooler Increases Cooling Performance by 20% Compared to Existing Models.
2018: Chart Industries, Inc. announced that it has completed the divestiture of its oxygen-related products business ("CAIRE Medical") within its BioMedical segment to NGK SPARK PLUG CO., LTD. for $133.5 million. The strategic decision to divest the oxygen-related products business reflects Chart's strategy and capital allocation approach to focus on its core cryogenic capabilities and offerings.
2018: Chart Industries Inc. acquired Skaff Cryogenics & Cryo-Lease, LLC. The acquisition of Skaff expands Chart’s direct regional presence for service and aftermarket support in the Northeast United States. This is a very strategic expansion for the company as it drives to bring more value to its customers.
The cryocoolers market by application is segmented into environmental, transport, military, commercial, healthcare, space, R&D, agriculture, and others. The Cryocoolers regulate, block and allow the flow of any media such as liquid, gases and water through the pipeline. The rise in the service and IT industry has led to the drastic growth in the number of commercial building constructions in the last few years. Apart from this, stringent Government regulations imposed on maintaining energy-efficiencies in these buildings have led to increasing adoptions of products that optimize energy consumptions.
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