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The cryocooler market is experiencing high growth in the forecast period. The liquefied natural gas industry is on an upswing as global demand hits new highs with substantial volumes coming onto the market, and as nations around the world turn to natural gas as a cleaner-burning alternative to coal and other fossil fuels for power generation and transportation. A notable increase in the demands for LNG worldwide has been witnessed over the years owing to the depletion of the naturally occurring resources and non-renewable resources of energy generation. The global LNG production recorded an all-time high growth in the year 2018 as compared to 2017 comprising a rise of 9.6%. Australia, the US, and Russia have been at the forefront of the production of LNG globally. Stirling cryocoolers have been put to commercial use in the LNG market almost 4 decades back by the late 1970’s. Stirling cryocoolers are used in several LNG related applications where they are used to remove heat from an LNG gas steam for liquefying it again. The prominent applications of Stirling cryocoolers in the LNG market include small-scale biogas or LNG plants, storage tank boiloff reliquefaction, and process cooling. At the source of production of biogas, the cleaned output gas is directly liquefied for its sale and transport. In the large LNG plants, the stored LNG tend to form vent gas as a result of het leakage. For reliquefaction at these sites, cryocoolers are used effectively.
The cryocooler market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. APAC is expected to be the fastest growing region in global cryocooler market. Whereas, North America followed by APAC and Europe holds a highest market share in the cryocooler market. Cryocooler market is expected to experience significant growth in the coming years due to the increasing demand in industries such as energy & power, consumer electronics and other emerging applications, exhibiting substantial market growth.
The demand for cryocooler in developing economies is constantly rising as the number of applications are rising in different sectors the involvement of the private sector in space development and utilization is increasing in the US as well as in Japan. NASA took a significant part in encouraging the private sector in US, the best example being the Commercial Orbital Transportation Services program that supported SpaceX. Thus, the increasing investments in the space related activities is anticipated to boost the market of cryocoolers used in spaxce applications. The involvement of the private sector in space development and utilization is increasing in the US as well as in Japan. NASA took a significant part in encouraging the private sector in US, the best example being the Commercial Orbital Transportation Services program that supported SpaceX. Thus, the increasing investments in the space related activities is anticipated to boost the market of cryocoolers used in spaxce applications. These factors are responsible for adoption of asset integrity management service across APAC region. Moreover, in North America, the US government has laid huge emphasis on the production of LNG and by that the country has become the largest supplier of LNG globally. Cryocoolers are required at LNG gas stations for maintaining the liquid in pressurized forms. Further, a high focus has also been laid on the development of renewable sources of energy where cryocooler find good applications
The major players operating in the market for asset integrity management service market include 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 among others.
The report segments the global cryocooler market as follows:
Global Cryocooler Market – By Hardware
Global Cryocooler Market – By Type
Global Cryocooler Market – By Application
Global Cryocooler Market – By Geography
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