The global Gas Spring Market is estimated to be valued at US$ 3198 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Gas springs find applications in lifting heavy mechanical equipment, furniture, automotive suspensions, amongst others. With the growing adoption across industrial and commercial applications, the gas spring segment has emerged as the fastest growing segment propelling the overall growth of the gas spring market.
Market Overview:
Gas springs are piston or sealing systems that provide controlled, measurable extension and compression through the use of compressed gas such as nitrogen or air. They provide shock absorption and end position control for lids, seats and other mechanical applications.
Market key trends:
Gas springs have emerged as a preferred solution over traditional mechanical springs and hydraulic/pneumatic cylinders owing to design simplicity and compact size. Rising demand from furniture and automotive industries is a key trend fueling the growth of gas spring market. With adoption of ergonomic design and functionality in modern workspace and transportation, gas springs that can withstand heavy loads and provide better end position control has gained prominence. Furthermore, technological advancements leading to development of customized gas spring solutions for industrial and automation applications to optimize space and product design is also augmenting the market growth.
Segment Analysis
The gas spring market is segmented into type, product type, pressure range, industry vertical, and geography. Based on type, the market is bifurcated into locking gas springs and non-locking gas springs. The non-locking gas springs segment currently dominates the market and is expected to continue its dominance over the forecast period. Non-locking gas springs offer reliability and smooth movement without any locking tension, which has increased their adoption across various industries.
Key Takeaways
The Global Gas Spring Market Size is expected to witness high growth, exhibiting a CAGR of 6.6% over the forecast period, due to increasing demand from industries such as automotive, furniture & equipment, aerospace, and medical.
Regional analysis
Regionally, Asia Pacific is expected to witness the fastest growth in the gas spring market during the forecast period. The growth in the region can be attributed to the presence of emerging economies such as China and India coupled with rapid urbanization and industrialization. Moreover, favorable government policies and growing automobile sector in China and India are also fueling the demand for gas springs in the region.
North America is expected to hold a significant share in the gas spring market, owing to the significant presence of key market players and growing aerospace and medical industries. Europe and Latin America are also emerging markets with high growth potential during the forecast period.
Key players
Key players operating in the gas spring market are Stabilus GmbH, HAHN Gasfedern GmbH, ACE Controls Inc., Suspa GmbH., LANTAN gas spring Co., Ltd., WAN DER FUL CO., LTD., Bansbach Easylift, Dictator Technik GmbH., Changzhou JuTeng Gas Spring Co., Ltd., Vapsint S.R.L., Shunde Huayang Gas Spring Co., Ltd., AVM Industries, Gemini Gas Springs Inc., Alrose Industrial Technologies Pvt. Ltd, Barnes Group, Camloc Motion Control Limited., Metrol Springs Limited, Lesjofors AB (Beijer Alma), and Others. Stabilus GmbH is one of the leading players dominating the global market, owing to its diversified product portfolio and global presence.
Read More: https://www.ukwebwire.com/gas-spring-market-size-share-and-growth-forecast/
Comments
0 comment