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The increasing demand for cryogenic material from the aerospace industry is driving the growth of the global space cryogenics market.
— Emergen Research
VANCOUVER, BC, CANADA, January 3, 2023 /EINPresswire.com/ — The space cryogenics market size was USD 17 Billion in 2021 and is expected to register a CAGR of 7.29% during the forecast period. This growth can be attributed to increased research activities taking place in aerospace, defense and medical sectors. Cryogenic technology finds application in these areas due to its ability to maintain extreme temperatures for extended periods of time. In addition, technological advancements have made it easier for cryogenic systems to be used for a variety of purposes, including storage and transportation of materials in space.
The increasing demand for cryogenic material from the aerospace industry is driving the growth of the global space cryogenics market. The use of cryogenic fuels such as liquid hydrogen and oxygen provides higher efficiency as compared to conventional fuels, resulting in improved performance of spacecrafts. This has resulted in an increased need for cryogenic systems, which is expected to drive the global space cryogenics market during the forecast period.
In Space Cryogenics business report, industry trends are formulated on macro level which helps clients and the businesses comprehend market place and possible future issues. This market research report involves a key data and information about the Space Cryogenics industry, emerging trends, product usage, motivating factors for customers and competitors, restraints, brand positioning, and customer behavior. A detailed market study and analysis of trends in consumer and supply chain dynamics cited in this report helps businesses draw the strategies about sales, marketing, advertising, and promotion. The finest Space Cryogenics market research report is generated with the expertise and innovation of a team of researchers, forecasters, analysts and managers.
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The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Key Players Profiled in the Report are:
Thales, Absolut System, Inox India Limited, Air Liquide, Oxford Instruments, Parker Hannifin Corp, Wessington Cryogenics, Herose GmbH, Creare, Cryofab.
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Some Key Highlights
The companies are focusing on product launches, acquisitions and collaborations to gain competitive advantage in the market. For instance, in March 2020, Airbus launched a cryocooler for space applications. This product offers high performance cooling capabilities and extended lifetime in various space environments. Similarly, Thermacore Inc collaborated with Lockheed Martin to develop cryogenic systems for spacecraft propulsion systems.
Furthermore, the advancements in technology is supporting the growth of this market. Companies are investing heavily in R&D activities, creating innovative products and solutions to cater to the demand of the market. For instance, in June 2020, Oxford Instruments launched a cryogen-free superconducting magnet systems for MRI and NMR applications. This system is designed to enable ultra-low temperatures while preserving high magnetic field homogeneity and stability.
The increasing demand for satellites, especially in the commercial sector, is further driving the growth of this market. According to a study by Euroconsult, more than 8500 satellites are expected to be launched during 2020-2029, of which around 40% will be devoted to communications applications. This demand is encouraging manufacturers to develop advanced cryogenic systems suitable for space applications. In addition, the rising focus on environment protection and increasing demand for green energy solutions is further contributing to the growth of this market.
Furthermore, the report provides a comprehensive overview of the Space Cryogenics market along with product portfolio and market performance. The report offers key insights into market share, supply chain analysis, demand and supply ratio, import/export details, and product and consumption patterns. To gain a better understanding, the report is further segmented into sections such as product types offered by the market, application spectrum, companies, and key geographical regions where the market has established its presence.
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Market Dynamics:
The report offers insightful information about the market dynamics of the Space Cryogenics market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Space Cryogenics market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Space Cryogenics market.
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For the purpose of this report, Emergen Research has segmented the global space cryogenics market based on cooling type, component type, application, and region:
Cooling Type Outlook (Revenue, USD Million; 2019–2030)
High Temperature Coolers
Radiators
Stored-Cryogen Cooler
Mechanical Cooler
Low-Temperature Coolers
Helium Sorption Coolers
Dilution Refrigerators
Adiabatic Demagnetization Refrigerators
Solid-State Coolers
Component Type Outlook (Revenue, USD Million; 2019–2030)
Low-Conductive Supports
Multilayer Insulation
V-Groove Shields
High Thermal Conductivity Links
Heat Switches
Pressure, Level, and Flow Meters
Space-Qualified Temperature Sensors
Cryogenic Cables
Application Outlook (Revenue, USD Million; 2019–2030)
Space-Science Missions
Earth-Observation
Telecom Applications
Technology-Demonstration Missions
Cryo-Electronics Applications
Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Space Cryogenics market expected to boost the growth of the industry in the coming years.
Radical Highlights of the Space Cryogenics Market Report:
Comprehensive overview of the Space Cryogenics market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Space Cryogenics market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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