Global Gifford-McMahon Refrigerator Market Size to Exceed $ 2.57 Billion by 2033 | CAGR Of 7.05%

Global Gifford-McMahon Refrigerator Market Size to Exceed $ 2.57 Billion by 2033

According to a research report published by Spherical Insights & Consulting, the Global Gifford-McMahon Refrigerator Market Size is Expected to Grow from USD 1.3 Billion in 2023 to USD 2.57 Billion by 2033, at a CAGR of 7.05% during the forecast period 2023-2033.

Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Gifford-McMahon Refrigerator Market Size, Share, and COVID-19 Impact Analysis, By Type (Single-Stage, Two-Stage), By Application (Research Laboratories, Medical Facilities, Industrial Applications, and Others), By End-User (Academic Institutions, Healthcare, Industrial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here : https://www.sphericalinsights.com/reports/gifford-mcmahon-refrigerator-market

The Gifford-McMahon (GM) refrigerator market is an ultra-low temperature cryogenic system that uses the GM thermodynamic cycle. Key uses include superconducting magnet cooling, MRI and particle accelerators, gas liquefaction for helium and hydrogen, cryogenics research, semiconductor manufacturing, and space technologies. It includes GM's cryocooler manufacturers, components, and cryogenic maintenance services. Furthermore, the Gifford-McMahon refrigerator market is driven by rising demand for MRI and medical imaging, increasing investments in quantum computing and superconducting technologies, developments in space exploration, and cryogenic drive systems. However, The limitations of the Gifford-McMahon refrigerator market include high initial prices, demanding maintenance needs, and relatively low energy efficiency when compared to novel upcoming cryogenic technologies.

The two-stage segment is expected to hold the largest share of the global Gifford-McMahon refrigerator market during the projected timeframe.                

Based on type, the global Gifford-McMahon refrigerator market is categorized as single-stage, two-stage. Among these, the two-stage segment is expected to hold the largest share of the global Gifford-McMahon refrigerator market during the projected timeframe.  These systems are chosen because they have increased cooling capacity and efficiency, especially in applications that require ultra-low temperatures, such as superconducting magnets and space technology.

The medical facilities segment is expected to grow at the fastest CAGR during the projected timeframe.

Based on the application, the global Gifford-McMahon refrigerator market is categorized as research laboratories, medical facilities, industrial applications, and others. Among these, the medical facilities segment is expected to grow at the fastest CAGR during the projected timeframe. The growing demand for MRI systems and high-end medical imaging technologies, which require dependable cryogenic cooling, is propelling expansion in this market.

The healthcare segment is expected to hold the largest share of the global Gifford-McMahon refrigerator market during the projected timeframe.                             

Based on end-user, the global Gifford-McMahon refrigerator market is categorized as academic institutions, healthcare, industrial, and others. Among these, the healthcare segment is expected to hold the largest share of the global Gifford-McMahon refrigerator market during the projected timeframe. This expansion is mostly dominated by the increasing demand for medical imaging technology, notably MRI systems that need cryogenic cooling for superconducting magnets.

North America is projected to hold the largest share of the global Gifford-McMahon refrigerator market over the forecast period.

North America is projected to hold the largest share of the global Gifford-McMahon refrigerator market over the forecast period. This is mostly due to the strong demand for cryogenic cooling in advanced healthcare applications (such as MRI systems), research facilities, and the industrial sector. The presence of top manufacturers, significant investments in healthcare and technology, and rising demand for quantum computing and space exploration technologies all contribute to North America's dominance.

Asia Pacific is expected to grow at the fastest CAGR growth of the global Gifford-McMahon Refrigerator market during the forecast period. This region benefits from increased demand for high-tech medical devices, such as MRIs, as well as significant expenditures in research and manufacturing, mostly in China, Japan, and South Korea.

Major vendors in the global Gifford-McMahon refrigerator market are Linde plc, Brooks Automation, Inc., Lake Shore Cryotronics, Inc., Chart Industries, Inc., CryoSpectra GmbH, Cryomech, Inc., Sumitomo Heavy Industries, Ltd., Advanced Research Systems, Inc., Janis Research Company, LLC, Cryo Industries of America, Inc., Oxford Instruments plc, Bluefors O, and Others.   

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In January 2022, The SHI Cryogenics Group introduced the RJT-100 4K GM-JT Cryocooler. SHI's advanced Gifford-McMahon/Joule-Thomson (GM-JT) Cryocooler is the latest and most powerful 4K cryocooler, capable of handling up to 9.0 W at 4.2 K (50/60 Hz).

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global Gifford-McMahon refrigerator market based on the below-mentioned segments: 

Global Gifford-McMahon Refrigerator Market, By Type

• Single-Stage
• Two-Stage

Global Gifford-McMahon Refrigerator Market, By Application

• Research Laboratories
• Medical Facilities
• Industrial Applications
• Others

Global Gifford-McMahon Refrigerator Market, By End-User

• Academic Institutions
• Healthcare
• Industrial
• Others

Global Gifford-McMahon Refrigerator Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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