Gas Spring Market In-depth Forecast Study Highlights Growth in CAGR% and Revenue (US$Mn) till 2028
This is also anticipated to give traction to the growth of gas spring market in the coming decade.
[UKPRwire, Fri Jun 14 2019] Gas springs are expected to emerge as an important equipment in the near future and will be used in various applications including furniture, automotive, medical, industrial, etc. Different types of gas spring are available based on need including lockable Global Gas Spring Market, lift gas spring, swivel chair gas spring, non-lockable gas spring, damper and gas traction spring.
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The evolution in the residential and automotive sectors has led to higher acceptance of equipment such as gas spring that are used for opening, lifting, closing, adjusting and positioning applications in varied fields. A gas spring is a type of spring other than typical mechanical spring that generally relies on elastic deformation. It uses compressed gas contained within a walled cylinder closed by a sliding piston to store potential energy and endure external force applied parallel to the direction of the piston shaft.
More recently, gas springs have been perceiving a heave in demand in the automotive and industrial applications. Gas springs are mostly used in the automotive industry to adjust passenger seats and for opening & closing of dicky and bonnet.
Gas Spring Market: Market Dynamics
Ever growing end-use industries, such as automotive, aerospace, marine, medical, etc., both in developing and developed economies is expected to be the prime factor responsible for the growth of the global gas spring market over the forecast period. Moreover, gas spring handles heavy objects with ease as compared to mechanical springs. This is also anticipated to give traction to the growth of gas spring market in the coming decade.
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Gas springs are generally corrosion resistant, but it cannot be used in environments with a constant damp load. This factor is anticipated to hamper the growth of gas spring market over the forecast period.
A major trend anticipated five years down the line involves market leaders both dedicated manufacturer and OEMs are focusing on research and development activities to develop innovative and efficient products. Moreover, the market of gas spring is highly fragmented with presence of several global and regional players. Hence, the manufacturers are offering customized gas springs based on customer demands.
Geographically, the global gas spring market is segmented into North America, Western Europe, Eastern Europe, Latin America, South East Asia-Pacific, Japan, China, India and the Middle East & Africa. The regional demand dynamics is directly connected with the demand from the end-use industries. Over the forecast period, Asia Pacific is expected to be closely followed by North America. Both of these markets are anticipated to witness enormous growth in the gas spring market due to the estimated growth in the automotive sector in emerging economies, such as the India, China and U.S. Western Europe is estimated to grow at a substantial CAGR during the forecast period owing to upsurge in demand for gas spring in the growing industrial sector in the region. Latin America is expected to grow at a substantial CAGR during the forecast period owing to growth of end-use industries in the region.
Gas Spring Market: Market Participants
Examples of some of the key participants identified across the value chain of the global gas spring market include: Stabilus GmbH, Industrial Gas Spring, Inc., SUSPA GmbH, IDEAL Gas Spring Pvt. Ltd., LANTAN, Barnes Group Ltd., Dictator Technik GmbH, Bansbach Easylift GmbH, Aritech Gas Spring, ACE Controls Inc., Shunde Huayang Gas Spring Co., Ltd., Metrol Spring Limited, AVM INDUSTRIES., WAN DER FUL CO., LTD., Ameritool Manufacturing Inc., ChangZhou LongXiang Gas Spring Co.,Ltd
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