Gas Spring Market is Expected to Reach US$ 7.04 Billion with Registering a CAGR of 6.1% CAGR By 2033

Jul 14, 2023

Fact.MR's latest report on Gas Spring Market provides a detailed analysis of growth drivers, market restraints, and emerging trends. It also offers insights Covering 30+ Countries Including Analysis of US, Canada, Brazil, Mexico, UK, Germany, France, GCC countries, Japan, Korea and many more

Rockville, June 01, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global gas spring market is expected to witness a market size of US 7.04 Billion by 2023 and is expected to witness a CAGR of 6.1% during the forecast period.

A gas spring is a hydro-pneumatic device that compresses gas contained inside a closed cylinder that is sealed by a moving piston to store potential energy. Elastic deformation is not necessary for a gas spring. Once filled with inert nitrogen gas, it is an enclosed structure that operates without the need for the input of any extra gas. The pressure on all sides of the piston is constant regardless of where the gas spring is placed because of the tiny cross-section of the rod.

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Gas spring demand is developing quickly due to a number of variables, including increased demand for ergonomic furniture, widespread use in automotive facilities, advantages for industrial automation, and significant use in hospital furniture and beds.

Report Attributes

Details

Forecast Period

2023 - 2033

Value Projection (2032)

US$ 7.04 Billion

Growth Rate (2023-2032)

6.1% CAGR

No. of Pages

170 pages

No. of Tables

112 Tables

No. of Figures

386 Figures

Key Driving Forces Accelerating the Market Growth

Gas springs find applications in numerous industries such as automotive, aerospace, furniture, medical, and industrial equipment. The growing demand for these industries and their products is driving the market's growth.

With an increasing focus on ergonomics and user comfort, the demand for gas springs in adjustable and ergonomic furniture, including office chairs, height-adjustable desks, and hospital beds, is growing significantly.

Gas springs offer advantages over conventional mechanical springs, such as smoother operation, controlled motion, adjustable force, and reduced vibration. These benefits are leading to the replacement of mechanical springs with gas springs in various applications, thereby driving the market growth.

The automotive industry is a major consumer of gas springs, used in applications such as trunk lids, hoods, tailgates, and seat adjustment systems. The increasing production of vehicles globally and the growing demand for electric vehicles are fueling the growth of the gas spring market.

Advancements in gas spring technology, such as the development of new materials, improved sealing techniques, and enhanced damping properties, are expanding the application areas of gas springs. This technological progress is boosting the market growth.

Vital Indicators Shaping The Future Of The Industry

Ongoing technological advancements in gas spring design, materials, and manufacturing processes are expected to drive market growth. Innovations such as self-adjusting gas springs, dampers with adjustable damping forces, and smart gas springs with integrated sensors are likely to gain traction in the future.

The increasing emphasis on lightweight products in various industries, including automotive and aerospace, is expected to drive the demand for gas springs made from lightweight materials. The adoption of materials like aluminum and composites will help reduce the overall weight of products and improve fuel efficiency.

The rapid growth of electric vehicles (EVs) and autonomous vehicles (AVs) is expected to have a significant impact on the gas spring market. Gas springs are widely used in EV charging port covers, hoods, and AV applications, such as sensor positioning and lidar systems.

Increasing environmental concerns and regulations are driving the demand for energy-efficient and sustainable solutions. Gas springs offer energy-saving benefits and can contribute to reducing overall energy consumption.

The integration of Internet of Things (IoT) technology and automation in industrial processes is expected to influence the gas spring market. Smart gas springs equipped with sensors and actuators can provide real-time data and enable remote monitoring and control, enhancing operational efficiency and maintenance practices.

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Stabilus GmbH

Beijer Alma

Barnes Group

Suspa GmbH

BANSBACH EASYLIFT

Camloc

Dadco

Special Springs

DICTATOR Technik GmbH

Pascal Engineering

Tecapres

Showa Corporation

Challenges Hindering The Market Growth

The prices of raw materials used in gas spring manufacturing, such as steel, aluminum, and various types of seals, can be volatile. Fluctuations in raw material prices can affect production costs and profitability for gas spring manufacturers.

The gas spring market is highly competitive, with numerous manufacturers operating globally. Intense competition can lead to price wars and margin pressure for market players, making it challenging to maintain market share and profitability.

Gas springs need to meet strict quality and reliability standards to ensure safe and long-lasting operation. Any issues related to product quality, such as leakage, failure, or inconsistent performance, can impact customer satisfaction and tarnish the reputation of manufacturers.

Strategies For Manufacturers/Suppliers To Scale In The Market

Manufacturers can expand their product portfolio by developing a wide range of gas springs tailored to different applications and industries. This diversification allows them to cater to diverse customer needs and capture a larger market share.

Investing in research and development (R&D) activities can lead to technological advancements in gas spring design, materials, and manufacturing processes. Innovation in areas such as adjustable damping, self-adjusting gas springs, or smart gas springs with integrated sensors can provide a competitive edge and attract customers seeking advanced solutions.

Emphasizing stringent quality control measures throughout the production process ensures that gas springs meet industry standards and customer expectations. High-quality and reliable products help build trust, enhance brand reputation, and foster long-term customer relationships.

Recent Developments

ASRaymond announced the addition of thousands of new gas springs to their broad catalogue portfolio in 2021. Gas springs, also known as gas struts or gas shocks, are pre-engineered to fit a range of applications and are part of the standard product line.

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Key Segments of Gas Spring Industry Research Report

By Product :

Gas Springs

Lockable Gas Springs

Standard Gas Springs

Dampers

Hydraulic Gas Spring Dampers

Friction Gas Spring Dampers

By Maximum Force :

Below 250 N Gas Springs

251 to 500 N Gas Springs

By Mounting Orientation :

Horizontal Gas Springs

Vertical Gas Springs

Vertical Rod Up Gas Springs

Vertical Rod Down Gas Springs

By Sales Channel :

OEM

Aftermarket

By Application :

Automotive

Aerospace, Marine & Rail

Home & Office Equipment

Industrial Machinery & Automation

Healthcare

Others

By Region :

North America

Latin America

Europe

East Asia

South Asia & Oceania

MEA

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