(EMAILWIRE.COM, March 14, 2020 ) The report "Cryocooler Market by Type (GM, PT, JT, Stirling, and Brayton Cryocoolers), Services (Technical Support, Repair, Preventive Maintenance), Heat Exchanger Type (Recuperative and Regenerative), Application, and Geography - Global Forecast to 2022", The global cryocooler market is projected to reach USD 2.99 Billion by 2022, at a CAGR of 7.00% between 2017 and 2022. The major factors driving the growth of this market include the shortage of helium gas, growing medical & healthcare services in the developing economies, growing production of liquefied natural gas, and increasing adoption of cryocoolers in the semiconductor industry.

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Driver: Scarcity of helium gas expected to drive the cryocooler market

Helium is the second-lightest element on the earth. The growing use of helium gas and liquid helium for industrial purposes may lead to the extinction of helium in the next decade. Furthermore, there are studies that have highlighted the growing depletion of helium gas over the past few years. Professor Robert from Cornell University (US) stated that Helium reserves would run out by 2030. Helium is an inert gas and has extremely high melting and boiling points, allowing it to be used in cryogenics, high-energy accelerators, arc welding, silicon wafer manufacturing, etc. In addition, liquid helium is utilized in cryogenics to cool superconducting magnets, with MRI scans being the major commercial application. As a result, helium is getting depleted at a faster rate, increasing the cost. The extraction of helium from air is very difficult and costly, and the cost is going to increase further because of the limited availability of helium reserves in the rocks. It can be completely replaced by a cryocooler. To counter the depleting helium resources, cryocoolers were introduced to generate low temperatures, which were otherwise done by liquid helium. Cryocoolers are increasingly being employed because they do not require cryogens, and they also offer reliable and maintenance-free operations.

The Americas held the largest share of the cryocooler market in 2016

The cryocooler market in the Americas held the largest share of the global cryocooler market in 2016, followed by the markets in Europe and APAC. The growth of the cryocooler market in the Americas is mainly driven by factors such as the established military industry and the growing importance of the use of cryocoolers in medical cryosurgery and proton therapy. Also, the rising installation of the cryogenic technology in aircraft carriers is driving the growth of the cryocooler market in the Americas. North America holds the major share of the cryocooler market in the Americas.

The major players in the cryocooler market are Sumitomo Heavy Industries Ltd. (Japan), Chart Industries, Inc. (U.S.), Brooks Automation, Inc. (U.S.), Sunpower, Inc. (U.S.), Cryomech, Inc. (U.S.), Northrop Grumman Corporation (U.S.), Advanced Research Systems, Inc. (U.S.), DH Industries BV (The Netherlands), Janis Research Company, LLC (U.S.), RICOR – Cryogenic & Vacuum Systems (Israel), Superconductor Technologies, Inc. (U.S.), and Air Liquide S.A. (France).

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