New York, United States, Jan. 15, 2024 (GLOBE NEWSWIRE) — Cryogenic temperatures are reached by cooling an application using a mechanical refrigerator called a cryocooler. It is common to define cryogenic temperatures below 123 K, 150°C, or -238°F. Several physical phenomena start to swiftly diverge from how they behave at room temperature and lower, and new phenomena become more significant. As a result, the discipline of cryogenics frequently necessitates developing a new set of specialized abilities, operational constraints, and testing protocols. Cryocoolers are frequently used in defense applications to cool infrared focal planes.
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Growing Medical and Healthcare Services in Developing Economies Drive the Global Market
According to Straits Research, “The global cryocooler market size was valued at USD 2.93 billion in 2021. It is projected to reach USD 5.52 billion by 2030, growing at a CAGR of 7.30% during the forecast period (2022-2030).” Cryocoolers are in high demand due to their universal application in MRI systems, cryosurgery, proton therapy, and the liquefaction of oxygen in hospitals. The ability of a cryocooler to cool the atmosphere depends on a number of the thermodynamic properties of the flowing gas. Developed economies have been a significant source of demand for the global cryocooler market because of the continuously evolving technologies in the healthcare sector. Cryocoolers are simple to install in the healthcare industry due to their widespread use in proton therapy, MRI systems, cryosurgery, and the liquefaction of oxygen in hospitals.
Expanding Liquefied Natural Gas Production Creates Tremendous Opportunities
Liquefied natural gas production has increased, and cryocoolers are used more frequently in the semiconductor industry. Circor (CSA CSM) has set new standards for a hydrogen-powered future. Several new resources and technologies have significantly decreased equipment costs while improving performance, efficiency, and safety. All of these point to liquid hydrogen (LH2) and liquified natural gas/compressed natural gas (LNG/CNG) as potential electricity alternatives for cryocoolers.
In order to reliquefy boil-off gas in the LNG tank, small liquid natural gas (LNG) distribution stations must use miniature and effective cryocoolers. When power is increased from low input electric power to 10 kW, the cryocooler provides around 1.2 kW of cooling at 120 K, and the relative Carnot efficiency is more than 20%. About 295 average cubic meters of boil-off natural gas can be condensed daily. This invention offers a reliable, efficient, and manageable way for LNG distribution stations to reduce their energy use.
Regional Analysis
Asia-Pacific cryocooler market share is expected to grow at a CAGR of 8.10% during the forecast period. It is possible to transport large amounts of natural gas effectively with a significant volume reduction (more significant than a factor of 600) between natural gas at atmospheric pressure, temperature, and LNG thanks to the significant commercial use of cryocoolers in the liquefaction, transport, and storage of natural gas. According to the International Gas Union, Japan had the best liquefied natural gas (LNG) regasification capacity in the world in 2020, with 210.5 MTA, or 25% of the global capacity, as of February 2020. Although China will begin receiving LNG through pipelines from Russia in the next few years, this increase is expected to slow down.
North America is anticipated to grow at a CAGR of 7.70%, during the forecast period. Cryocoolers are in great demand in the healthcare industry in North America due to their widespread use in MRI systems, cryosurgery, proton therapy, and oxygen liquefaction in hospitals. The area is a major global producer of cutting-edge cancer treatments and swiftly developing technology like cryocooler gadgets. The cryocooler market in North America has been growing since proton therapy is one of the primary uses for these devices in treating cancer. Cryocoolers are generally employed in MRI scanners and other similar applications in the medical profession. To bring cutting-edge cryogenic cooling technologies to market, American government space organizations have invested significant money in research and development.
Key Highlights
- Based on the end-user vertical, the global cryocooler market is bifurcated into space, healthcare, military, commercial, transportation, and others. The healthcare segment owns the highest market share and is expected to grow at a CAGR of 7.95% during the forecast period.
- Asia-Pacific is the most significant shareholder in the global cryocooler…
Read More: Global Cryocooler Market Size is Estimated to Reach USD