Gas springs are devices that provide linear or angular damping with high load capacities. They offer significant advantages over mechanical springs such as less space requirement, remote adjustment capabilities and improved load control.
The global Gas Spring Market is estimated to be valued at US$ 3,000.0 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.
Market key trends:
One of the key trends in the gas spring market is the growing demand from industrial applications. Industrial gas springs are primarily used for adjustable platforms, clamping and securing equipment, height adjusting components and access systems. They offer significant benefits over mechanical springs such as precise position control, damping properties and smooth operation in these applications. Moreover, gas springs for industrial use are corrosion resistant and maintenance-free which contributes to their increasing adoption. Increasing industrialization and automation across developed as well as developing regions will continue to drive the demand for industrial gas springs over the forecast period.
SWOT Analysis
Strength: The gas spring market benefits from long product life and reliability. Gas springs have high corrosion resistance and can withstand harsh environmental conditions.
Weakness: Gas springs have limited applications as they are suitable only for lightweight lifting applications. Their lifting capacity is also limited in comparison to other lifting solutions.
Opportunity: Growing demand from industrial and automotive sectors for lightweight and durable lifting solutions offers significant growth opportunities. Increasing adoption of automation in factories is another key opportunity.
Threats: Availability of alternative lifting technologies like electric actuators and scissor lifts poses competition. Fluctuations in raw material prices can increase production costs.
Key Takeaways
The global gas spring market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing demand from industrial equipment and automotive sectors.
Regional analysis: North America dominates the global gas spring market currently due to strong presence of automotive and industrial sectors in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with China and India emerging as highly lucrative markets.
Key players operating in the gas spring market include 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., and Metrol Springs Limited. Stabilus GmbH and Hahn Gasfedern GmbH capture major share of the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
