Compression Gas Spring Market Outlook (2023 to 2033)
As per Future Market Insights, the compression gas spring market is anticipated to attain a value pool of US$ 3 billion by 2023-end. Global demand for compression gas springsis expected to rise at a CAGR of 7.2% to US$ 6 billion in 2033.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 3 billion
Projected Market Value in 2033
US$ 6 billion
Growth Rate (2023 to 2033)
7.2% CAGR
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Prominent Market Drivers
Increasing demand from the healthcare industry: Compression gas springs are used in various medical equipment such as hospital beds, patient lifts, and surgical tables. With the aging population and growing healthcare infrastructure, the demand for medical equipment is expected to increase, driving the demand for compression gas springs.
Technological advancements in materials and designs: With the development of new materials and designs, compression gas springs are becoming more versatile and durable. For example, new materials such as composite materials and high-strength alloys offer improved performance and durability, while advanced designs such as variable force gas springs provide more precise control over the force and speed of movement. These technological advancements are driving the growth of the compression gas spring market by enabling manufacturers to develop new products that offer improved performance and reliability.
Key Opportunities
Growing demand from emerging economies: Emerging economies such as China, India, Brazil, and Mexico are experiencing rapid industrialization and urbanization, which is driving the demand for machinery and equipment. This, in turn, is increasing the demand for compression gas springs, as they are an essential component of various types of machinery and equipment. As these economies continue to grow, the demand for compression gas springs is expected to increase, creating new opportunities for market players.
Focus on sustainability: Sustainability is becoming increasingly important for consumers and businesses alike, and the compression gas spring market is no exception. Manufacturers are now focusing on developing eco-friendly products that are recyclable and use sustainable materials. By focusing on sustainability, market players can differentiate themselves from their competitors and appeal to customers who are looking for environmentally responsible products. This can lead to increased sales and brand loyalty.
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Expected Trends
Adoption of smart technologies: Smart technologies such as sensors and IoT-enabled devices are becoming increasingly popular in the compression gas spring market. These technologies enable manufacturers to monitor the performance of their products in real-time, diagnose issues, and optimize their operations. For example, sensors can be used to detect wear and tear in gas springs, allowing maintenance to be scheduled before a failure occurs. The adoption of smart technologies is expected to increase in the coming years, as manufacturers seek to improve the reliability and performance of their products.
Customization of products: Customers are increasingly looking for products that are tailored to their specific needs, and the compression gas spring market is no exception. Manufacturers are now offering customized products that meet the unique requirements of their customers. For example, gas springs can be customized to provide a specific force or travel, or to operate in a particular environment. By offering customized products, manufacturers can differentiate themselves from their competitors and appeal to customers who are looking for bespoke solutions.
Growing use of additive manufacturing: Additive manufacturing, also known as 3D printing, is becoming increasingly popular in the compression gas spring market. This technology enables manufacturers to produce complex and customized parts quickly and at a lower cost than traditional manufacturing methods. Additive manufacturing also allows manufacturers to experiment with new designs and materials, enabling them to develop innovative products. As the technology continues to improve and become more widely available, it is expected to become more prevalent in the compression gas spring market.
The product offer dampening when force is exerted on the spring as the piston is pushed into the cylinder.
Demand for the product will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Though muted demand is understood to be observed during 2020 to 2021. Revival in demand from automotive and aerospace industries will create plentiful opportunities in near future for Compression Gas Spring.
What is Driving Demand for Compression Gas Spring?
The key factor responsible for the growth of the compression gas spring market are via prominent industries such as aerospace, automotive and marine as well as ever emerging sectors e.g. medical . Demand from both the developed as well as developing countries is expected to be on continual rate over the forecast period.
Traditionally, compression gas springs is understood to have significant demand in the industrial and automotive applications. Specifically, to adjust the passenger seats in vehicles and for opening and closing of trunk & bonnet compression gas springs are mostly used in the automotive industry.
Additionally, it easily handles heavy objects over the mechanical springs which is expected to propel the growth of compression gas spring market in the coming years.
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Healthy Demand from Automotive Sector Likely to Augment the Product Sales
The lift gas spring segment is expected to dominate the compression gas spring market in and is anticipated to retain its dominance throughout the forecast period. The key significance of lift gas spring is that it makes lifting & opening operations very suitable which eliminate the actual weight of the object and make it negligible. Also, lift gas springs are used in various sectors such as industrial sector and agricultural sector.
Also, on the basis of application, automotive sector is estimated to witness the wide spread applications of compression gas spring. With rising construction activities & infrastructure across the globe have increased the demand for materials transportation which directly triggered the demand for light and heavy commercial vehicles which is positively fueling the demand for compression gas spring.
USA and Canada Market Outlook
The regional demand of a product is directly connected with the demand from their end-use industries. During the forecast period, North America is anticipated to witness enormous growth in the market due to the ever growing automotive sector in emerging economies, such as USA
Foremost position in the market holds by North America market due to the presence of top global manufacturers like Industrial Gas Spring, Inc, ACE Controls Inc., AVM INDUSTRIES and Aritech Gas Spring.
North America held a leading share of the global market and is projected to continue its dominance throughout the forecast period. The USA is a key market for the product in North America, due to increasing aerospace sector in the country.
USA sales will also be impacted by the construction sector recovery in 2021. The USA construction sector faces a challenging year, however, there is growing optimism that low mortgage rates will lead to a spurt in early 2022. The momentum is likely to hold ground, which will provide an impetus to a range of construction material with compression gas spring.
Europe Demand Outlook for the Product
Europe is another leading regional global market for compression gas spring in terms of production and end user base. With the EU5 countries consisting of a pivotal manufacturing hub, the market growth is expected to fetch decent opportunities.
Also, many European companies are engaged in the production of compression gas spring which include Stabilus GmbH, SUSPA GmbH, Dictator Technik GmbH,
Bansbach Easylift GmbH etc which increase the product scope in the Europe region.
Who are the Key Manufacturers and Suppliers?
Some of the leading manufacturers and suppliers of the product include
The global market growth is estimated to rise at a considerable rate during the forecast period. The market is expected to grow at a steady rate and with the rising adoption of strategies by key market players, the market is expected to rise over the projected horizon.
Market leaders including both manufacturer and OEMs are focusing on research and development activities to develop innovative and efficient products which will increase the product scope in various sectors.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Type:
Lift Gas Spring
Lockable Gas Spring
Swivel chair Gas Spring
Gas traction springs
Gas spring Damper
Others
By Application:
Automotive
Aerospace
Marine
Medical
Furniture
Industrial
By Region:
North America (USA, Canada)
Latin America (Mexico, Brazil)
Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia)
South Asia (India, ASEAN, Rest of South Asia)
East Asia (China , Japan, South Korea)
Middle East and Africa (GCC Countries, South Africa, Northern Africa, Rest of MEA)
