PUBLISHER: Allied Market Research | PRODUCT CODE: 1472225
PUBLISHER: Allied Market Research | PRODUCT CODE: 1472225
The Cryopump market was valued at $580.2 million in 2020 and is projected to reach $1,239.3 million by 2032, registering a CAGR of 6.4% from 2023 to 2032. A cryopump is a kind of vacuum pump used to acquire and keep extremely-high vacuum (UHV) in engineering and scientific research sectors, as well as manufacturing industry. A cryopump works at the principle of cryogenic cooling, condensing and receiving air from a vacuum chamber at very low temperatures. Cryopumps are highly suitable for a wide range of applications requiring vacuum state ranging from 10-3 Pa to 1-9 Pa, especially in environments where oil-free and rapid gas extraction are paramount.
The growth in the market is primarily due to the rapid growth in semiconductor production facilities, medical facilities, and research facilities. The electronics industry is evolving rapidly as public and private entities are increasing investments in developing new and improved electronic components. For instance, in June 2022, Samsung began production of 3-nanometer chips. Similarly, in August 2022, Taiwan Semiconductor Manufacturing Company Limited announced that it would also start production of 3-nanometer chips, and had already started R&D on 1.4-nanometer chip technology. In addition, the integration of semiconductor components in a chip is also evolving, to reduce the IC size, while making it more power efficient. the U.S. government under President Biden's administration has brought in the Innovation and Competition Act and intends to spend $52 billion on the semiconductors sector. Similarly, the Indian government in December 2021 approved a $10 billion package for the semiconductor industry.
Furthermore, governments in developed countries allocate significant funds towards research and development (R&D) to position themselves as leaders in various industrial domains. In recent years, there has been a growing recognition of the importance of having a robust R&D infrastructure, prompting many developing nations to allocate substantial resources towards its development. This trend has subsequently driven the demand for cryopumps. For instance, in India, the Gross Expenditure on Research and Development (GERD) has shown a consistent upward trajectory, increasing from $133.7 billion in 2010-2011 to $155.34 billion in 2020-2021. Similarly, China has witnessed a steady rise in research and development expenditure. In 2022, China's investment in R&D continued to grow, surpassing $421 billion, with an annual increase of over 10%, as reported by the National Bureau of Statistics.Cryopumps play a crucial role in various research activities across industries such as pharmaceuticals, semiconductors, and physics. In healthcare, cryopumps are utilized in medical imaging equipment that requires vacuum environments. As these industries evolve and R&D spending increases, the demand for cryopumps is expected to rise accordingly.
The Cryopump market is segmented on the basis of configuration, cooldown duration, and crossover rating. By configuration, the market is categorized into straight and flat. On the basis of cooldown duration, it is bifurcated into 90 minutes and less, and More than 90 minutes. As per crossover rating, the market is categorized into less than 250 Torr-Liter, 250-500 Torr-Liter, and More than 500 Torr-Liter. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The major players that operate in the global market have adopted key strategies such as product launch and product development to strengthen their market outreach and sustain the stiff competition in the market. For example, in February 2023, Atlas Copco acquired service and sales distributor Zeus Co Ltd. in South Korea. This move will help Atlas to further expand its foothold in the country in a more efficient manner.
Competition Analysis
Competitive analysis and profiles of the major players in the Cryopump market, such as SHI Cryogenics Group, Trillium, Leybold Products GmbH, Edward Vacuum (Atlas Copco), Ulvac Cryogenics, Inc., Pfeiffer Vacuum GmbH, Vacree Technologies Co.,Ltd, Ebra Corporation, Nikkiso, and Elliott Group, are provided in this report.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)