Cryocooler Market Size, Share, and Industry Analysis By Type (Gifford-McMahon (GM), Pulse-Tube, Stirling, Joule-Thomson, Brayton, and Others (Polycold Cryocoolers)), By Offering (Hardware and Services), By End-use Industry (Aerospace and Defense, Energy and Power, Healthcare, Electronics and Semiconductors, Others (Research and Development)), and Regional Forecast, 2026-2034

The global cryocooler market size was valued at USD 3.15 billion in 2025. The market is projected to grow from USD 3.39 billion in 2026 to USD 6.14 billion by 2034, exhibiting a CAGR of 7.7% during the forecast period.

The global cryocooler market is experiencing considerable growth during the forecast period owing to the expansion of space and satellite programs, advancements in electronics and semiconductor industry, and growing adoption of cryogenic techniques for surgeries and the cryopreservation of composite tissues. Increasing investment by governments and private entities in the space sector augments the demand for cryocoolers for satellite cooling and space telescopes.

Cryocoolers help keep sensors in extremely cold conditions so that satellites and space telescopes can take pictures on long-term missions.    

• According to the World Economic Forum, the space sector is anticipated to reach USD 1.8 trillion by 2035 on account of the advancements in space-enabled technologies.
• In 2023, the private sector investments in space sector stood at USD 12.5 billion across the world.

Cryocooler Market Driver

Advancements in Electronics and Semiconductor Industries to Drive the Market Demand 

Rapid technological advancements and the unification of technology in the digital ecosystem have had a significant impact on the semiconductor sector. The growing demand for fast and efficient memory systems is fueling the development of complex semiconductors that enable intense memory operations. Cryocoolers are important machines that are utilized for cooling semiconductor components and applications. In addition, cryocoolers provide cryogenic temperatures needed for quantum computers to harness the quantum effects for computation.       

According to the European Union (EU) Industrial R&D Investment Scoreboard, the U.S. semiconductor sector R&D expenditure is second in major high-technology industrial sectors.

Cryocooler Market Restraint

High Initial Cost Coupled with Limited Awareness to Hinder the Market Growth

Cryocoolers are comparatively more expensive than other cooling technologies, requiring significant investment in design, manufacturing, and installation. This can limit its adoption among small businesses or institutions with limited budgets or cost constraints. The operation of the equipment demands a skilled workforce, which is often not readily available. In addition, awareness of cryocoolers in developing economies is low. Enterprises in developing regions may prioritize other cooling technologies owing to cost considerations.

Cryocooler Market Opportunity

Increasing R&D Activities for Scientific Research to Maximize the Demand for Cryocoolers

The R&D spending across various fields, including material science, astronomy and astrophysics, and other physical sciences at U.S. universities significantly increased by USD 8 billion in 2022. These increased R&D activities are set to accelerate breakthrough discoveries and revolutionize the industry while finding solutions for challenging problems. Growing investments in research related to physical sciences are driving the adoption of cryocoolers.

Research labs experimenting with particle physics and material science need reliable and ultra-low temperatures for studying the properties of materials and particles at cryogenic temperatures. Closed-cycle cryocoolers are utilized for material science applications that require ultra-low temperatures to analyze material properties.

Segmentation

Key Insights

The report covers the following key insights:

• Micro Macro Economic Indicators
• Drivers, Restraints, Trends, and Opportunities
• Business Strategies Adopted by Key Players
• Consolidated SWOT Analysis of Key Players

Analysis by Type

Based on type, the market is divided into Gifford-McMahon (GM) cryocooler, pulse-tube cryocooler, Stirling cryocooler, Joule-Thomson cryocooler, Brayton cryocooler, and others (polycold cryocoolers).

Cryocoolers, such as Gifford-McMahon (GM) cryocooler, pulse-tube cryocooler, Stirling cryocooler, Joule-Thomson cryocooler, and Brayton cryocooler are specialized refrigerators that are designed to reach very low temperatures.

During the forecast period, pulse-tube cryocooler are expected to dominate the market during the forecast period. These cryocoolers are highly suitable for applications that are vibration-sensitive owing to their lack of moving parts.  They are highly suitable for applications that are vibration-sensitive owing to their lack of moving parts. These cryocoolers can reach cryogenic temperatures below 123 K in regions having cold conditions, making them reliable and low-maintenance solutions.

Analysis by Offering

By offering, the market is subdivided into hardware and services.

The hardware segment is poised to grow at the highest CAGR during the forecast period due to the increasing demand for military-grade thermal imaging cameras and missile guidance systems that demand high-performance cryocoolers. Additionally, cooling superconducting magnets in MRI machines drives the need for cryocooler hardware.             

Analysis by End-use Industry

By end-use industry, the market is divided into aerospace and defense, energy and power, healthcare, electronics and semiconductors, others (research and development).

The energy and power segment is expected to grow at the highest CAGR during the forecast period. Cryocoolers are critical for maintaining the liquified state of natural gas to easily and efficiently transport them. Many sectors need liquefied gases such as oxygen, nitrogen, and hydrogen among others. Cryocoolers offer the required cryogenic conditions to liquefy them.

Regional Analysis

To gain extensive insights into the market, Download for Customization

Based on region, the market has been studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

North America accounted for the largest share of the global cryocooler market in 2023. The regional market growth is attributed to robust R&D investments, advancements in quantum computing, and technological advancements in cryocooler hardware. Quantum computing needs very low temperatures, which cryocoolers supply by cooling superconducting qubits, fueling the demand for advanced hardware. In addition, expanding research in materials science in the U.S. universities augments the demand for cryocoolers.           

Asia Pacific is the second-largest market based on the demand for cryocoolers. The regional market is driven by growth in semiconductor and electronics industry and technological advancements. The Europe region to show steady growth as a result of surge in space exploration and satellite deployments.

Key Players Covered

The global cryocooler market is highly competitive and significant number of players in the market. In the U.S., the top 5 players account for only around 30% - 35% of the market.

The report includes the profiles of the following key players:

• Sumitomo Heavy Industries, Ltd. (Japan)
• Specialise Instruments (India)
• Bluefors (Finland)
• Absolut System (France)
• Thales (France)
• RIX Industries (U.S.)
• SHI Cryogenics Group (U.S.)
• SHOKAN Co., Ltd. (Japan)
• Northrop Grumman (U.S.)
• AMETEK.Inc. (U.S.)

Key Industry Developments

• In January 2024, SHI Cryogenics Group announced the expansion of cryocooler product offering with the development of the RJT-100 4K GM-JT Cryocooler.  This solution integrates a Joule-Thomson Cryogenic Cooler and a Gifford-McMahon Cryocooler to pre-cool the helium gas.  
• In April 2023, Thales partnered with Absolut System to introduce the latest pulse-tube cryocooler for space applications.