Gas springs are mechanical devices that counterbalance and control the motion of mechanical assemblies such as lift gates, seats, lids and position adjustable components. They find applications in industrial equipment, automobile seats, laptops, camera lens caps and medical devices due to advantages such as consistent spring rate, long service life and compact design. The global Gas Spring Market is estimated to be valued at US$ 3,000.0 Mn in 2024 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: Increased industrial automation has been a key driver of growth for the gas spring market over the past decade. More automated machinery and processes require precisely-calibrated adjustable components and positioning mechanisms that can be provided through gas springs. Industrial robots, autonomous vehicles, assembly lines and automated warehousing equipment increasingly rely on gas springs to enable adjustable joints, moving payloads and repetitive accurate movements. This has significantly increased demand for gas springs from the industrial automation sector. Furthermore, ongoing technological advancements are enabling gas springs to provide positioning capabilities for even smaller and more sophisticated automated equipment, ensuring continued market expansion over the forecast period.
SWOT Analysis
Strength: Gas springs have advantages over other actuation technologies like springs or hydraulic systems in terms of efficiency, space savings and cost. They provide smooth and controlled motion with minimal maintenance requirements.
Weakness: Gas spring market is fragmented with presence of many local and global players. Intense competition leads to pricing pressures. Gas springs also have limitations in terms of load capacity and cycles compared to other technologies.
Opportunity: Growing automotive industry globally is driving demand for gas springs in automotive applications like liftgates, hoods, trunk lids etc. Increasing adoption of gas springs in industrial equipment and furniture also presents opportunities.
Threats: Stringent environmental regulations regarding usage of harmful gases in gas springs is a challenge. Substitution threat from emerging electro-mechanical actuation technologies.
Key Takeaways
The global gas spring market is expected to witness high growth over the forecast period of 2023 to 2030.
Regionally, Asia Pacific dominates the global market and is expected to maintain its lead position through 2030. China is the largest producer and consumer of gas springs globally.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it