SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global gas spring market accounted for US$ 2,487.4 Mn in 2017, and is projected to exhibit a significant CAGR of 5.6% over the forecast period (2019 – 2027).
Market Dynamics of the Gas spring Market:
Increasing application coupled with rising demand for gas springs from end-use industries is one of the major factors driving growth of the gas spring market globally. These factors are expected to create incremental growth opportunities for manufacturers in this market.
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Owing to rising demand for gas springs, manufacturers are focusing on various strategies such as partnerships and acquisitions in order to expand their market share and consumer base, and also strengthen their foothold in the global gas spring market.
For instance, in July 2019, Camloc Motion Control Limited, a manufacturer of struts, dampers, and gas springs, partnered with Ireland-based Appian Fasteners, a distributor of industrial fasteners and mechanical components. Through this partnership, Camloc Motion Control Limited expects to expand its distribution network of adjustable force gas springs through Appian’s online web store.
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Moreover, in June 2016, Stabilus S.A., one of the leading providers of gas springs and hydraulic dampers, acquired entities of SKF Group that include Hahn Gasfedern, Fabreeka/Tech Products, and ACE, for around US$ 339 Mn. These entities are industrial suppliers of motion control, vibration control, and damping that are used for application in various industry segments such as rail vehicle manufacturing, and industries such as automation, and medical. This acquisition will help Stabilus to expand its motion control solutions globally.
Rising application in automotive and aerospace industries has led to increasing demand for nitrogen gas springs. Nitrogen gas springs are gaining significant traction in the industrial sector due to benefits such as adjustable force which makes it useful in several automotive and aerospace applications. Moreover, it is useful in applications where high force is required. This type of gas spring can also be repaired and reused for various end-use industrial applications. Owing to improved performance and less space occupancy of nitrogen gas springs, they are replacing conventional compression springs in various applications. Additionally, nitrogen gas springs are being used by industrial machine manufacturers which is expected to boost demand for gas springs globally.
Rising adoption of advanced technology for production of various equipment and motion control products such as nitrogen gas spring is expected to create growth opportunities for gas spring manufacturers in the global market. Moreover, increasing demand for nitrogen gas springs for aerospace and automotive applications is expected to bolster growth of gas spring market globally.
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Key Market Takeaways:
- Global gas spring market is estimated to be valued at US$ 2,487.4 million in 2017. By 2027, the market is projected to reach US$ 4,191.6 million, exhibiting a CAGR of 5.6 % over the forecast period (2019–2027)
- The market is studied across major geographies including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America held second largest revenue share in the global gas spring market in 2017, and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are the major growth engines in this region. The significant growth of the gas spring market in North America is driven by increasing aircraft production. Growth of the gas spring market is attributed to increasing applications of gas spring in the aerospace industry such as in airplane seats, luggage storage compartments, and cabin furnishings. According to statistics published by the Aerospace Industries Association in 2018, the U.S. civil aircraft production sales in 2016 was 2,652 units, which increased to 2,808 units in 2017.
- Some of the major players operating in the global gas spring industry include Stabilus, HAHN Gasfedern GmbH (Stabilus GmbH), ACE Controls Inc. (Stabilus GmbH), 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, Barnes Group, Camloc Motion Control Limited, Metrol Springs Limited, and Lesjofors AB (Beijer Alma).
About Coherent Market Insights:
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