The global cryocooler market is projected to reach $2,365.8 million by 2023. As per the research, the global cryocooler market is expected to reach $2,365.8 million by 2023, registering a CAGR of 7.3% during 2017 – 2023.
Rising demand for cryocoolers across the aerospace and defense industry has been boosting the global cryocoolers market. Cryocoolers are being used in this industry to cater the individual demands of military and space applications.
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The major cryocooler vendors have been focusing on innovation to compete in the global market. Major players are targeting on innovating the applications of cryocoolers mainly across the military and healthcare sectors.
The device typically uses helium, hydrogen or a mixture of gases to offer cryogenic temperatures. Some of the key application areas of cryocoolers include military, medical, commercial, environmental, energy, transport, research and development, and space.
Geographically, North America has been the largest contributor to the global cryocooler market, followed by Europe and Asia-Pacific. Some of the factors such as the mature aerospace and defense industry and the rising installation of cryogenic technology in aircraft carriers are responsible for the growth of North American cryocooler market.
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Sumitomo Heavy Industries is one of the major players in the global cryocooler market. The company also intensified its marketing activities aimed at semiconductor manufacturing equipment players who require cryogenic machines. Thus, new offerings and developments help companies to generate more revenues besides serving to wide range of customer requirements.
This post was originally published on Financial Sector