Market Challenges And Opportunities

Global Cryocooler Market Drivers:

Increasing medical and healthcare services in emerging countries to drive the market pace

Healthcare sector among emerging countries has been witnessing constant growth in past years. The demand for cryocoolers across this sector is increasing due to the extensive use of this technology in various healthcare applications such as cryosurgery, proton therapy, and MRI systems among others. Cryocoolers have ability of cooling its interior environment, this ability depends on different thermodynamic properties of the circulating gas. The increasing technological development in healthcare sector thus, is expected to drive growth of the global cryocooler market during the forecast period.

Rise in production of liquefied natural gas to boost the market growth

Growing production of liquefied natural gas and rise in penetration of cryocoolers in semiconductor industry is driving the market growth. The distribution stations of small liquid natural gas (LNG) need compact, highly efficient cryocoolers for reliquifying boil-off gas in the LNG tank. Thus, the liquefied natural gas or compressed natural gas as well as liquid hydrogen are playing an important role for the adoption of cryocoolers. Along with this, these gases are likely to be the viable alternative energy resources in the future, which in turn will create demand for cryocoolers. Thus, this factor is expected to boost growth of the global cryocooler market during the forecast period.

Global Cryocooler Market Opportunities:

Various organizations around the world are adopting strategic partnership for the development of novel cryocooler technologies. This is expected to create growth opportunities in the global cryocooler market during the forecast period. Mechanical cryocoolers that have long-life, efficiency, and are lightweight having low exported vibrations are important to enable technology for future X-ray and cosmic microwave background space missions. Thus, organizations are forming partnership to develop such technology. For instance, NASA has a close partnership with all suppliers of space cryocoolers as well as academic institutes that are involved in cryogenics research. Thus, the market is likely to witness multiple growth opportunities in the coming future.

Growing initiatives by market players to cater the future needs of cooling various technologies is expected to offer significant lucrative opportunities in the market. In future, the cooling requirement for technologies such as IR detector of remote sensing, meteorological payloads to cryogeneic temperatures will increase substantially. In response to this, for instance, Thermal Systems Group ISAC has begun the development work on Low Mass Pulse Tube Cryocooler, which comprises a low mass compressor and a cold head having U-type cryotip. Therefore, factors like these are expected to drive growth of the market in the coming future.

Global Cryocooler Market Restraints:

Performance limitations of cryocoolers to hamper the market growth

The development of spacecraft thermal management systems depending on predictable cryocooler performance is one the major challenges of designing space thermal system. Many of the developers rely on the highly sparse cryocooler performance data when they conduct the system-level trade-offs. Off-design point performance mapping also faces challenges in terms of time constraints imposed either by system or follow-on cooler development schedules. These factors thus, are expected to hinder growth of the global cryocooler market during the forecast period.

High cost of cryocoolers to limit the market growth

The high cost of cryocoolers is further stressing the end user across sectors like transportation. Moreover, the instrument cost along with several costs, such as maintenance, staffing, laboratory expenses and others are linked to use of cryocoolers. This in turn is hindering adoption of cryocoolers among end-user verticals, which is expected to impede growth of the global cryocooler market during the forecast period. However, increasing research and development initiatives to create cost effective solutions is likely to support growth of the market.