The global cryocooler market is expected to reach US$ 3,137.2 million in 2027, registering a CAGR of 9.3% during the forecast period 2019-2027.
In 2018, North America accounted for the largest market share, growing at a CAGR of 8.5%
In APAC region, the cryocooler market is expected The Asia Pacific region comprises of several companies manufacturing flat panel displays. Since cryopumps has a significant market share in the flat panel display field, the market for cryocoolers is anticipated to grow owing to the mentioned factor.
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Top Key Players:- Advanced Research Systems, Inc., Brooks Automation Inc., Chart Industries Inc., Cryomech Inc., Northrop Grumman Corporation, RICOR – Cryogenic & Vacuum Systems, Sumitomo Heavy Industries, Ltd., Sunpower Inc. (Ametek Inc.), Superconductor Technologies Inc., and Thales Group.
In the recent few years, cryocooler market has noticed noteworthy M&A and partnership activity. Some of the significant deals include Sumitomo (SHI) Cryogenics of America, Inc. acquired Ferran Technologies Inc. Ferran Technology instrumentation allows for expansion into products that measure and control the vacuum within the same environments and same markets. Similarly, another initiative has undertaken. The cryocoolers of Northrop Grumman facilitates operation of Advanced Himawari Imager (AHI), developed by the Exelis, Inc. The Himawari-8 cryocoolers has joined various Northrop Grumman cryocoolers operating in space, and currently the High Efficiency Cryocooler on board NASA’s Orbiting Carbon Observatory-2 satellite.
Cryocooler market is segmented on the basis of types. The Gifford-McMahon (GM) cryocooler type is expected to dominate the cryocooler market during the forecast period. The Gifford-McMahon (GM) captures a significant share of the cryocooler type market and is growing continuously due to lesser costs of GM cryocoolers and higher reliabilities involved with their operations practically with minimal maintenance costs.
Key findings of the study:
US holds the largest cryocooler market share in North America region. The U.S. medical device industry is extremely diversified and manufactures a range of products to diagnose and treat patients, ranging from complex programmable pacemakers to tongue depressors. Moreover, the automotive industry is one the largest manufacturing sector in the U.S.
Merger and acquisition is expected to be the key growth strategy to be adopted by players for next two-three years. However, this strategy could impact competition, it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
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