
Study Period | 2019 - 2030 |
Market Size (2025) | USD 3.47 Billion |
Market Size (2030) | USD 4.73 Billion |
CAGR (2025 - 2030) | 6.40 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Cryocooler Market Analysis
The Cryocooler Market size is estimated at USD 3.47 billion in 2025, and is expected to reach USD 4.73 billion by 2030, at a CAGR of 6.4% during the forecast period (2025-2030).
The cryocooler industry is experiencing significant technological advancement, particularly in military and defense applications where these devices are crucial for maintaining cryogenic temperatures in sophisticated equipment. The United States, leading global military investment with USD 876.94 billion in spending in 2022, has driven substantial innovation in cryocooler technology for night-vision systems, satellite surveillance, and missile guidance systems. These developments have led to improvements in both efficiency and reliability, with modern cryocoolers featuring enhanced performance in mid-wave and long-wave infrared sensor applications.
The space sector has emerged as a key growth area for cryogenic technology, with applications ranging from satellite operations to deep space exploration. Recent developments in spacecraft thermal management systems have focused on creating more predictable cryocooler performance, crucial for long-term space missions. The technology has proven particularly valuable in cooling infrared and visible cameras, despite a partial shift toward uncooled IR cameras in some applications. Space-qualified cryocoolers continue to evolve, with emphasis on reducing mass while maintaining high reliability and system-level cost-effectiveness.
The healthcare sector has witnessed remarkable adoption of cryogenic equipment, particularly in diagnostic and treatment equipment. According to recent data, the United States maintains approximately 37.99 MRI units per million population, highlighting the extensive infrastructure requiring cryocooler technology. The field of proton therapy has seen particular growth, with 42 proton therapy centers now operating across the United States, each requiring sophisticated cryogenic systems for their superconducting magnets.
Innovation in cryopreservation technology has opened new frontiers in medical applications, from reproductive medicine to cancer treatment. The International Agency for Research on Cancer projects an increase to 27 million new cancer cases annually by 2040, driving demand for advanced medical equipment utilizing cryogenic technology. This growth has spurred development in areas such as cell preservation, hematopoietic stem cell treatments, and targeted immune cell therapies, all requiring precise temperature control through advanced cryogenic refrigeration systems.
Cryocooler Market Trends
Growing Medical and Healthcare Services in Developing Economies
The expansion of healthcare infrastructure in developing economies has become a significant driver for the cryocooler market, particularly in regions experiencing rapid healthcare modernization. In India, for example, the healthcare infrastructure reached USD 349.1 billion by FY 2022, with the government allocating USD 372 billion to the healthcare sector in 2022. This substantial investment has created increased demand for advanced medical equipment requiring cryogenic equipment, including MRI systems, proton therapy equipment, and cryopreservation facilities.
The Indian Council of Medical Research (ICMR) and Indian Institutes of Technology (IITs) have established Centers of Excellence focused on medical device development and commercialization, demonstrating the growing emphasis on domestic healthcare technology capabilities. Healthcare investments in developing nations have seen significant growth, with India's healthcare and pharmaceutical sector recording M&A activity worth USD 4.32 billion in the first half of 2022. Major healthcare providers are expanding their presence, as evidenced by Aster DM Healthcare's announcement to invest USD 120.97 million in capital expenditure over three years to expand its presence in India, aiming to increase its revenue share from the country to 40% by 2025.
Increasing Production of Liquefied Natural Gas
The liquefied natural gas (LNG) sector has emerged as a crucial driver for cryogenic system advancement, with applications spanning liquefaction, transport, and storage operations. The cryogenic industry has experienced remarkable growth in recent decades, primarily driven by worldwide LNG project development. LNG technology, which enables economically viable transportation of natural gas over long distances, currently accounts for approximately 30% of international natural gas trade, creating sustained demand for cryocooler solutions.
Recent developments in the industry include significant technological innovations and infrastructure investments. For instance, in December 2022, CPH2, a UK-based green hydrogen technology company, signed a development agreement with New Zealand-based Fabrum Solutions Ltd for cryogenic systems in gas separation and hydrogen liquefaction. Additionally, in February 2022, Plug Power Inc. entered into a collaboration agreement with Atlas Copco Mafi-Trench Company LLC and Fives to develop hydrogen liquefaction plants, demonstrating the expanding applications of cryocooler technology in the energy sector. These developments highlight the growing importance of cryocoolers in enabling efficient transport and storage of natural gas through volume reduction at cryogenic temperatures.
Segment Analysis: By End-User Vertical
Healthcare Segment in Cryocooler Market
The healthcare segment dominates the global cryocooler market, commanding approximately 23% market share in 2024. This significant market position is primarily driven by the extensive utilization of cryocoolers in various medical applications, including proton therapy, cryosurgery, MRI systems, and hospital oxygen liquefaction systems. The segment's dominance is further strengthened by the rising adoption of cryogenic equipment in advanced medical equipment, particularly in developing economies where healthcare infrastructure is rapidly expanding. The ability of cryogenic systems to maintain superconducting magnets at extremely low temperatures in medical equipment, especially in MRI and proton therapy systems, has made them indispensable in modern healthcare facilities. The growing prevalence of cancer treatments requiring proton therapy and the increasing installation of MRI systems worldwide continue to drive the demand for cryocoolers in the healthcare sector.

Space Segment in Cryocooler Market
The space segment is emerging as the fastest-growing vertical in the cryocooler market, projected to grow at approximately 7% during 2024-2029. This remarkable growth is driven by the increasing deployment of cryogenic coolers in various space applications, including telescopes, satellites, and astronomy equipment. The segment's growth is particularly fueled by the rising number of satellite launches and space exploration missions that require advanced cooling systems for their infrared sensors and optical detectors. The development of more efficient and lightweight cryogenic refrigeration systems specifically designed for space applications, coupled with the increasing investments in space research and exploration programs by various countries and private companies, is contributing significantly to this growth trajectory. The trend toward developing mini and microsatellites for budget-constrained missions has also presented new opportunities in space cryocooler applications.
Remaining Segments in End-User Vertical
The military, commercial, transportation, and other end-user verticals constitute significant portions of the cryocooler market, each serving unique applications. The military segment utilizes cryocoolers extensively in night vision systems, missile guidance, and surveillance equipment. The commercial sector employs these systems in superconducting applications, gas liquefaction, and high-temperature superconductor operations. The transportation segment focuses on applications in maglev trains and LNG transportation systems. Other end-user verticals encompass applications in semiconductors, environmental monitoring, energy storage, and research facilities. Each of these segments contributes to the market's diversity and overall growth, driven by technological advancements and increasing applications across various industries.
Cryocooler Market Geography Segment Analysis
Cryocooler Market in North America
North America continues to dominate the global cryocooler market, holding approximately 35% of the cryocooler market share in 2024. The region's leadership position is primarily driven by substantial investments in military applications and healthcare infrastructure. The presence of advanced healthcare facilities and ongoing technological advancements in medical imaging equipment, particularly in proton therapy and MRI systems, has significantly contributed to market growth. The region's strong focus on space exploration and satellite technology has created sustained demand for cryogenic equipment. Additionally, the expanding defense sector, particularly in infrared sensing and missile guidance systems, has further strengthened market growth. The United States, in particular, maintains its position as a key contributor to market growth through its extensive military modernization programs and advanced healthcare infrastructure. The region's robust research and development capabilities, coupled with the presence of major market players, continue to drive innovation in cryocooler technology.

Cryocooler Market in Europe
Europe has established itself as a significant market for cryocoolers, demonstrating approximately 6% growth from 2019 to 2024. The region's market is characterized by strong technological capabilities and increasing adoption across various industries. The European market benefits from substantial investments in healthcare infrastructure, particularly in advanced medical imaging and cancer treatment facilities. The region's focus on space exploration and satellite technology through organizations like the European Space Agency has created consistent demand for cryogenic systems. The market is further strengthened by ongoing developments in quantum computing and superconducting technologies. European countries' commitment to renewable energy and LNG infrastructure has also contributed to market expansion. The presence of established research institutions and manufacturing facilities continues to drive innovation in cryocooler technology. The region's stringent quality standards and regulatory framework have ensured the development of highly reliable and efficient cryocooler systems.
Cryocooler Market in Asia-Pacific
The Asia-Pacific cryocooler market is positioned for robust growth, with an expected growth rate of approximately 7% from 2024 to 2029. The region's market is driven by rapid industrialization and increasing investments in healthcare infrastructure across developing economies. China, Japan, and India are emerging as key markets, supported by growing manufacturing capabilities and technological advancement initiatives. The region's expanding semiconductor industry and increasing focus on space exploration programs have created new opportunities for cryogenic cooler applications. The healthcare sector's modernization, particularly in developing nations, has led to increased demand for medical imaging equipment. The region's growing focus on military modernization and defense capabilities has further accelerated market growth. Additionally, the expansion of LNG infrastructure and increasing adoption of superconducting technologies have created new avenues for market growth. The presence of both established players and emerging manufacturers has fostered a competitive environment driving innovation and market expansion.
Cryocooler Market in Rest of the World
The Rest of the World region, encompassing Latin America and the Middle East & Africa, represents an emerging market for cryocoolers with significant growth potential. These regions are witnessing increasing adoption of cryocooler technology, particularly in healthcare and industrial applications. The growing focus on modernizing healthcare infrastructure has created new opportunities for medical imaging equipment utilizing cryogenic cooler technology. The expansion of LNG infrastructure and increasing investments in space research programs have further contributed to market growth. The region's defense sector modernization initiatives have also created demand for cryocooler-based systems. Local manufacturers are increasingly partnering with global players to enhance their technological capabilities and market presence. The ongoing investments in research and development facilities, particularly in Brazil and Middle Eastern countries, are expected to drive future market growth. The region's growing industrial base and increasing focus on technological advancement create promising opportunities for market expansion.
Cryocooler Market Overview
Top Companies in Cryocooler Market
The global cryocooler market is characterized by continuous product innovation and technological advancements, with leading companies focusing on developing more efficient and reliable cooling solutions. Companies are increasingly investing in research and development to create cryocoolers with enhanced performance characteristics, particularly for space, healthcare, and military applications. Strategic partnerships and collaborations, especially with research institutions and government agencies, have become crucial for market expansion and technological advancement. Operational agility is demonstrated through customized solutions and quick adaptation to end-user requirements, while manufacturing capabilities are being enhanced to meet growing demand. Geographic expansion strategies are primarily focused on emerging markets, with companies establishing a local presence through distributors and service centers to better serve regional customers.
Diverse Players Shape Competitive Market Dynamics
The cryocooler industry exhibits a moderately fragmented competitive landscape, featuring a mix of large multinational conglomerates and specialized manufacturers. Global players like Northrop Grumman, Sumitomo Heavy Industries, and Thales Group leverage their extensive resources and established presence across multiple industries to maintain market leadership. These companies benefit from their diverse product portfolios and strong relationships with government and commercial customers. The market has witnessed significant consolidation through strategic acquisitions and mergers, as demonstrated by Bluefors' acquisition of Cryomech and various other strategic moves by key players to strengthen their market positions.
Regional players and specialized cryocooler manufacturers compete by focusing on niche applications and specific geographic markets, offering customized solutions and localized support. The competitive dynamics are further influenced by the presence of defense contractors and aerospace companies that have integrated cryogenic technology into their broader product offerings. Market entry barriers remain high due to the technical complexity of products and the need for significant investment in research and development, which has led to increased collaboration between established players and emerging technology providers.
Innovation and Adaptability Drive Market Success
Success in the cryocooler industry increasingly depends on companies' ability to develop innovative solutions while maintaining cost competitiveness and reliability. Market leaders are focusing on expanding their technological capabilities through internal development and strategic partnerships, particularly in emerging applications such as quantum computing and advanced medical imaging. The ability to provide comprehensive after-sales support and maintenance services has become crucial for maintaining customer relationships and securing long-term contracts. Companies are also investing in sustainable manufacturing practices and energy-efficient solutions to align with growing environmental concerns and regulatory requirements.
For new entrants and smaller players, success lies in identifying and serving underserved market segments and developing specialized solutions for specific applications. The concentration of end-users in sectors like healthcare, military, and space exploration necessitates building strong relationships with key decision-makers and understanding complex procurement processes. While substitution risk remains low due to the unique capabilities of cryogenic equipment, companies must continue to improve product performance and reliability to maintain their competitive edge. Regulatory compliance, particularly in medical and aerospace applications, continues to shape product development and market access strategies.
Cryocooler Market Leaders
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Sumitomo Heavy Industries Limited
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Sunpower Inc. (AMETEK Inc.)
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Ricor Systems
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Eaton Corporation PLC
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Cryomech Inc. (Bluefors OY)
- *Disclaimer: Major Players sorted in no particular order

Cryocooler Market News
- May 2024: Danaher Cryogenics, a significant manufacturer specializing in fully integrated sub-Kelvin cryostats, marked essential milestones, showcasing its dedication to pushing the boundaries of scientific research and technology. Noteworthy accomplishments encompass the debut of its inaugural Pony Cryostat at the prestigious Argonne National Laboratory. This was a strategic collaboration with the University of Colorado Colorado Springs (UCCS) to spearhead quantum magnonics research and for the commercial development of Danaher's Adaptive Cooling Technology (ACT).
- April 2024: Bluefors announced the development of an ultra-compact version of the world’s most widely used dilution refrigerator system, the LD. The unique ultra-compact LD is a small-footprint cryogenic measurement system ideal for laboratory environments with limited space or where numerous units need to be in a single space, such as high-performance computing data centers.
- January 2024: SHI Cryogenics Group expanded its cryocooler range by introducing the RJT-100 4K GM-JT Cryocooler. This advanced addition stands as SHI's most powerful 4 K cryocooler, boasting a significant capacity of up to 9.0 W at 4.2 K (50/60 Hz). The RJT-100 offers two distinct configurations. The standard Stage setup caters to applications like superconducting radio frequency cavities, superconducting magnets, and low-temperature systems, all demanding robust cooling at 4.2 K. In contrast, the optional Recondensing configuration is designed explicitly for helium recondensation.
Cryocooler Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products and Services
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Value Chain Analysis
- 4.4 Technology Snapshot
- 4.5 Impact of Key Macroeconomic Trends on the Market
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Growing Medical and Healthcare Services in Developing Economies
- 5.1.2 Increasing Production of Liquefied Natural Gas
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5.2 Market Restraints
- 5.2.1 Performance Constraint of Cryocoolers
6. MARKET SEGMENTATION
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6.1 By End-user Vertical
- 6.1.1 Space
- 6.1.2 Healthcare
- 6.1.3 Military
- 6.1.4 Commercial
- 6.1.5 Transportation
- 6.1.6 Other End-user Verticals
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6.2 By Geography
- 6.2.1 North America
- 6.2.2 Europe
- 6.2.3 Asia-Pacific
- 6.2.4 Rest of the World
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Sumitomo Heavy Industries Limited
- 7.1.2 Sunpower Inc. (AMETEK Inc.)
- 7.1.3 Ricor Systems
- 7.1.4 Eaton Corporation PLC
- 7.1.5 Cryomech Inc. (Bluefors OY)
- 7.1.6 Chart Industries Inc.
- 7.1.7 Janis Research Company LLC
- 7.1.8 Advanced Research Systems Inc.
- 7.1.9 Air Liquide Advanced Technologies
- 7.1.10 Stirling Cryogenics BV
- 7.1.11 Northrop Grumman Corporation
- 7.1.12 Thales Group
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Cryocooler Market Industry Segmentation
Cryocoolers are devices that are designed to reach cryogenic temperatures, typically below 120 Kelvin (-153 °C or -243 °F). They are used in applications where extremely low temperatures are required, such as scientific research, medical imaging (MRI), and space technology. The impact of macroeconomic trends on the market is also covered under the scope of the study. Furthermore, the factors that may affect the market's evolution in the near future, such as drivers and constraints, have been covered in the study.
The cryocooler market is segmented by end-user vertical (space, healthcare, military, commercial, transportation, and other end-user verticals) and geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By End-user Vertical | Space |
Healthcare | |
Military | |
Commercial | |
Transportation | |
Other End-user Verticals | |
By Geography | North America |
Europe | |
Asia-Pacific | |
Rest of the World |
Cryocooler Market Research FAQs
How big is the Cryocooler Market?
The Cryocooler Market size is expected to reach USD 3.47 billion in 2025 and grow at a CAGR of 6.40% to reach USD 4.73 billion by 2030.
What is the current Cryocooler Market size?
In 2025, the Cryocooler Market size is expected to reach USD 3.47 billion.
Who are the key players in Cryocooler Market?
Sumitomo Heavy Industries Limited, Sunpower Inc. (AMETEK Inc.), Ricor Systems, Eaton Corporation PLC and Cryomech Inc. (Bluefors OY) are the major companies operating in the Cryocooler Market.
Which is the fastest growing region in Cryocooler Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Cryocooler Market?
In 2025, the North America accounts for the largest market share in Cryocooler Market.
What years does this Cryocooler Market cover, and what was the market size in 2024?
In 2024, the Cryocooler Market size was estimated at USD 3.25 billion. The report covers the Cryocooler Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Cryocooler Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Cryocooler Market Research
Mordor Intelligence provides comprehensive market analysis and industry outlook for the cryocooler market, delivering detailed insights into market size, growth trends, and competitive dynamics. Our research thoroughly covers various segments including stirling cryocooler, pulse tube cryocooler, and gifford mcmahon cryocooler technologies, along with their applications in cryogenic equipment and semiconductor coolers market. The report pdf includes detailed market segmentation, technology adoption patterns, and strategic analysis of key market leaders, helping stakeholders make informed decisions in the evolving cryogenic technology landscape.
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