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 Overview:
Gas springs are cylinders filled with compressed gas and pistons that help create force for lifting, closing, or holding heavy objects open. They are highly durable and require low maintenance and are a cost effective alternative to mechanical springs and electric actuators.
Market key trends:
One of the key trends in the gas spring market is the development of compact and lightweight gas springs. With advances in materials and construction, manufacturers have been able to develop gas springs that take up less space while maintaining load capacity. This allows for gas springs to be incorporated into applications where space is limited. The development of miniature gas springs also enables their use in smaller industrial and commercial equipment as well as in consumer and medical devices.
Segment Analysis
The gas spring market is segmented by application into automotive, industrial, aerospace & defense, healthcare and others. The industrial segment dominates the market and accounted for over 30% share in 2022. This is because gas springs are extensively used in industrial equipment and machinery for adjusting heights, opening & closing mechanisms like garage doors, refrigerators, cargo lift gates, doors etc.
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 industrialization and automation across various industries.
Regional analysis
Asia Pacific dominated the global market in 2022 and is projected to exhibit the fastest growth during the forecast period. This is attributed to strong presence of major gas spring manufacturers and growing automotive and industrial sectors in countries like China and India. North America and Europe are also significant markets globally.
Key players
Key players operating in the gas spring market are 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., Metrol Springs Limited, Lesjofors AB (Beijer Alma), and Others. The market is highly fragmented with the presence of several regional and global players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it