Cryocooler Market Growth Accelerated by Expansion of Research and Development in Cryocooler Field

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Cryocooler Market Growth Accelerated by Expansion of Research and Development in Cryocooler Field

The global cryocooler market is estimated to be valued at US$2926.75 Bn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Cryocoolers are devices that produce temperatures well below 120 K using a cryocooling cycle. They are crucial to cooling infrared sensors and superconducting devices on space-based platforms. Cryocoolers find numerous applications in fields such as military, medical, commercial, energy, biology, and transportation.

Market key trends: The growing research and development activities in the cryocooler field have accelerated the expansion of the global cryocooler market during the forecast period. Continuous innovations are being carried out by manufacturers to improve the operational efficiency of cryocoolers for various applications. For instance, in March 2022, RICOR, the world leader in closed-cycle coolers, introduced the Model 4218RK cryocooler for spaceborne and airborne applications. The new cooler provides higher cooling powers at 77K and 45K. Such launches of upgraded cryocoolers will boost their demand in space research. The deployment of next-generation satellites and space probes also depends on reliable cryocooler technology which in turn aids the growth of the cryocooler market.

Segment Analysis
The global cryocooler market is dominated by the Gifford-McMahon cryocoolers segment. Gifford-McMahon cryocoolers accounted for nearly half of the total market share in 2019, owing to their reliable and low-cost operations. These cryocoolers are used widely in medical Cryotherapy, military IR imaging systems, and space applications.

Key Takeaways
Global Cryocooler Market Size is expected to witness high growth.

Regional analysis: The North American region currently dominates the cryocooler market and is expected to remain the largest regional market during the forecast period. This is attributed to increased adoption of cryocoolers in the military, medical, scientific research, and space applications. Early technology adopters, strong government support for space programs, and presence of key market players are driving the cryocooler market in the region.

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.

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