Space Cryogenics Market: Current Analysis and Forecast (2024-2032)
Emphasis on By Cooling Type (High-Temperature Cooler, Low-Temperature Cooler), By Application ( Space Science Mission, Earth Observation, Telecom Application, Technology Demonstration Mission, and Cryo-Electronic Application), By Temperature ( Less than 120 K, 120-150 K, and More than 150 K), and Regions (North America (The US, Canada, Rest of North America), Europe (Germany, The UK, France, Italy, Spain, Rest of the Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World)
Global Space Cryogenics Market Size & Forecast
The Global Space Cryogenics market was valued at USD 17,100 million in 2023 and is expected to grow at a strong CAGR of around 7.14% during the forecast period (2024-2032) owing to the rising demand to launch satellite and space missions by the leading nations as the US, India, China, Russia, etc.
Global Space Cryogenics Market Analysis
Space cryogenic technologies are crucial to keep crucial equipment, fuel, etc., in an aircraft safe for long space missions. With the rising number of satellites launched and long-standing plans for government agencies such as NASA, ISRO, and private space agencies such as SpaceX to launch manned missions in space the technology will receive further support and is anticipated to exhibit a notable growth in the forecasted years i.e., 2024-2032.
The Global Space Cryogenics market was valued at USD 17,100 million in 2023 and is expected to grow at a strong CAGR of around 7.14% during the forecast period (2024-2032). The market for Space Cryogenics on a global scale is witnessing a period of robust growth owing to ongoing advancements in the areas of space exploration and scientific missions in addition to the increasing requirements of cryogenic technology for space propulsion and fuel storage applications. As much of the investment is focused on deep space exploration by space agencies and private players alike, as asteroids and comets come within reach of human technology, launching satellites, and beginning commercial space ventures, it seems clear that cryogenics is the future cornerstone technology for space development. Cooling of instruments, storage of propellants such as liquid hydrogen and liquid oxygen, and enabling complex missions with very high precision and efficiency are some of the services provided by space cryogenic systems. Hence, the maximum thrust comes from the following areas in terms of their cryogenic applications: space science, such as telescopes and planetary exploration; earth observation; and satellite communication as these sectors generally require very soliciting systems with special capabilities to function at the extreme conditions of space. Those looking into such developments have contributed a major share to the investments that are being put in for space cryogenics, more tied toward private-sector projects than government-sponsored missions. North America, Europe, and Asia-Pacific are the leading regions in the adoption of space cryogenics, with an increasing emphasis on space tourism, satellite constellations, and missions to deep space.
Some of the recent developments that are anticipated to drive the adoption are the launch of new-age cryogenic systems. For instance, in 2025, Cryoport Inc. announced to launch State-of-the-Art Cryoport Express® Cryogenic HV3 Shipping System ("HV3") a Cryogenic Shipping System for Transporting Lifesaving Biologics and Temperature-Sensitive Therapies.
Cryogenic systems use cooling technology for critical space instruments and propellant storage for propulsion systems required during rocket launches and satellite systems, which ultimately contribute towards space-based launch infrastructure. Cryogenics will, therefore, be used increasingly by space agencies and private companies for missions that tend to be of commercial application, such as Earth observation satellites that track and monitor climate change, renewable energy infrastructures on Earth, as well as potential use of cryogenics on other possible missions. Considering all the changes in the demand for Space Cryogenics during 2024-2032.
Global Space Cryogenics Market Drivers
This section discusses the key market drivers that are influencing the various segments of the Global Space Cryogenics Market as identified by our team of research experts.
Integration of Cryogenic Systems in Commercial Space Applications:
Currently, the fusion of cryogenic technology into the markets within space applications is what currently shapes or is becoming the trend in the whole space industry. By as much as SpaceX, Blue Origin, and Rocket Lab increase their private launches for satellite transport, space tourism, and inner planet explorations, the very critical need for cryogenic technologies is at a complementing value: to enhance efficiencies and capabilities in the mission. Cryogenic systems that are utilized for the storage and management of fuels like liquid oxygen (LOX) and liquid methane (LCH4) needed for their rocket propulsions are extensively used in commercial launches.
Some of the recent developments have been observed across the globe as leading space companies are testing their new-age engines with cryogenics. For instance, in 2024, the New Glenn rocket of Blue Origin completed its initial testing for cryogenics at Launch Complex 36.
Europe is Expected to Hold Major Market Share During Forecast Period
Overview:
The European space cryogenics market reflects a growth phase arising from regional activity in space exploration, satellite technology, and commercial space activities. Cryogenic technology serves the very center of space propulsion systems, where the safe storage and handling of cryogenic fuels such as liquid oxygen (LOX) and liquid hydrogen (LH2) used in rocket engines are concerned. Due to the demand for advanced missions fueled by agencies like the European Space Agency (ESA) and private companies like Arianespace and Orbital ATK, cryogenics systems have become pivotal for space missions.
Meanwhile, with investments pertaining to space infrastructure and research for deep-space exploration, satellite communication, and defense applications, Europe is pushing the set market even further. Miniaturization has opportunities of its own in these applications, especially in the small satellite and CubeSat markets, where the downsized compact cryogenic technologies would improve efficiency and performance by reducing the weight and cost of launching small spacecraft.
Innovation, sustainability, and reusable rocket technology for the region are driving the growth of the market. With the continued proliferation of European space missions, such as to the Moon and Mars, the demand for cutting-edge cryogenic systems will increase. Cryogenic technology commercialization will also significantly enhance Europe’s presence in the global space sector.
Global Space Cryogenics Industry Overview
The Global Space Cryogenics market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Thales, Absolut System, Sumitomo Heavy Industries Ltd, Air Liquide, Oxford Instrument, Parker Hannifin Corporation, Honeywell International Inc., RICOR, Creare, and Northrop Grumman Corporation.
Global Space Cryogenics Market Report Coverage
Details | |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 7.14% |
Market size 2023 | USD 17,100 million |
Regional analysis | North America, Europe, Asia-pacific, Rest of the World |
Major countries | The US, Canada, The UK, France, Germany, Italy, Spain, China, Japan, India |
Companies profiled | Thales, Absolut System, Sumitomo Heavy Industries Ltd, Air Liquide, Oxford Instrument, Parker Hannifin Corporation, Honeywell International Inc., RICOR, Creare, and Northrop Grumman Corporation. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Cooling Type, By Application, By Temperature, By Region/Country |
Reasons to buy this report:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
The report presents a quick review of overall industry performance at one glance.
The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
The study comprehensively covers the market across different segments.
Deep dive regional level analysis of the industry.
Customization Options:
The Global Space Cryogenics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs; hence, feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Space Cryogenics Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Space Cryogenics market were the three major steps undertaken to create and analyze the adoption of Global Space Cryogenics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the Global Space Cryogenics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Global Space Cryogenics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Global Space Cryogenics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as By Cooling Type, By Application, and By Temperature. Further regional/country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Global Space Cryogenics market. Further, we conducted factor analysis using dependent and independent variables such as By Cooling Type, By Application, and By Temperature in the Global Space Cryogenics market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Global Space Cryogenics market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Space Cryogenics market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors, including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach, were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
The industry’s market size, in terms of revenue (USD) and the adoption rate of the Global Space Cryogenics market across the major markets domestically
All percentage shares, splits, and breakdowns of market segments and sub-segments
Key players in the Global Space Cryogenics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs), including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Global Space Cryogenics market. Data was split into several segments and sub-segments after studying various parameters and trends By Cooling Type, By Application, and By Temperature in the Global Space Cryogenics market.
The main objective of the Global Space Cryogenics Market Study
The current & future market trends of the Global Space Cryogenics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Analyze the current and forecast market size of the Global Space Cryogenics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
Segments in the study include areas By Cooling Type, By Application, and By Temperature.
Define and analyze the regulatory framework for the global Space Cryogenics industry.
Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
Analyze the current and forecast market size of the Global Space Cryogenics market for the major regions.
Major countries of regions studied in the report include North America (The US, Canada, and Rest of North America), Europe (The UK, France, Germany, Italy, Spain, Rest of Europe), Asia-pacific (China, Japan, India, Rest of the Asia-pacific), Rest of the World
Company profiles of the Global Space Cryogenics market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry.
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Global Space Cryogenics market?
The Global Space Cryogenics market was valued at USD 17,100 Million in 2023 and is expected to grow at a CAGR of 7.14% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the Global Space Cryogenics market?
Increased space exploration and scientific missions are some of the key driving factors for growth.
Q3: Which segment has the largest share of the Global Space Cryogenics market by Temperature?
Less than 120 K has the largest share of the Global Space Cryogenics market by Temperature.
Q4: Which region will dominate the Global Space Cryogenics market?
Europe is expected to dominate the market during the forecast period.
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