Technavio's latest market research report on the global cryocooler marketprovides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global cryocooler market from 2018-2022. (Graphic: Business Wire)
According to Technavio market research analysts, the global cryocooler market will grow at a CAGR of over 6% during the forecast period. The scarcity of helium is a major factor driving the market's growth.
Most of the refrigeration technology available in the industry requires helium gas. However, helium is a non-renewable and scarce resource that is depleting at a very high rate. Through continuous research and development based on advances in technology, manufacturers were able to come up with a cryocooler, which does not require or requires a minimal amount of the expensive helium gas.
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In this report, Technavio highlights the development of cryocoolers for space applications as one of the key emerging trends in the global cryocooler market:
Development of cryocoolers for space applications
In many space projects, cryogenic detectors are essential for the accomplishment of scientific objectives. Many space instruments require cryogenic refrigeration such as optics, IR sensors, and satellites. These instruments require cooling down to cryogenic temperatures for better operation. The current trend in space cryogenic applications is to develop cryogen-free (helium-free) satellites. The advent of cryocoolers has changed the way cryogenic missions are now designed.
Vendors are now focusing on the manufacturing of miniature cryocoolers for better space applications. For instance, in August 2015, Lockheed Martin developed the lightest satellite cryocooler known as micro cryocooler. It weighs approximately 11 ounces that is three times lighter than its predecessor, and it is expected to have an operating life of at least ten years. It draws out heat from sensor systems and helps in cooling satellites orbiting the Earth and on missions to other planets. It opens the possibility of more extended missions.
According to a senior analyst at Technavio for unit operations research, "Most future scientific missions involving complex cryogenic chains feature active coolers in the place of lifetime limited cryogen storage. Even for near orbit satellites, cryocoolers enable cool detectors to lower temperatures more rapidly than was possible with passive cooling. Such developments augur well for the cryocooler market."
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Global cryocooler market segmentation
This market research report segments the global cryocooler market by type (Gifford-McMahon, pulse tube, stirling, and other cryocoolers) and key regions (the Americas, APAC, and EMEA).
The Gifford-McMahon, type cryocoolers held the largest market share in 2017, accounting for 32% of the market. However, the market share for this application is expected to decrease by over 1% by 2022. The fastest growing type of cryocooler is the stirling cryocooler, which will account for 24% of the total market share by 2022 establishing it as the second highest segment.
In terms of region, the cryocooler market in APAC accounted for the highest market share followed by EMEA and the Americas in 2017. The market share of this region is expected to increase by more than 2% by 2022.
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