Industrial Gas Spring Market Size, Share, Growth, and Industry Analysis, By Type (Lift Industrial Gas Spring, Lockable Industrial Gas Spring, Swivel chair Industrial Gas Spring, Gas traction springs, Damper, and Others), By Application (Automotive, Furniture, Industrial, Aerospace, Medical, and Others), Regional Insights and Forecast To 2031

Updated On: 08 July 2024

Industrial Gas Spring Market Report Overview

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The global industrial gas spring market size was USD 2090.5 million in 2021 and is projected to touch USD 3174.91 million by 2031, exhibiting a CAGR of 4.3% during the forecast period.

Gas springs are hydro-pneumatic energy storage devices. Nitrogen gas and oil are used as compressible and damping (motion control) mediums. Gas springs can be designed to fulfill a range of needs. Gas springs are composed of a precision rod attached to a piston that moves within a sealed cylinder filled with high pressure nitrogen gas and oil. The major factors affecting gas springs are viscous friction (damping), dry friction, and progression or K-factor.

The capacity of gas springs to handle heavy objects once compared to mechanical springs, which is anticipated to drive the global industrial gas spring market growth. Furthermore, global market for gas springs in end-use industries such as automotive, medical, aerospace, industrial, marine, and others in both developing and developed economies is supposed to drive the gas spring market over the forecast period.

Gas springs are used in various applications such as lifting, closing, opening, adjusting, and positioning. A gas spring is a type of spring that relies on elastic deformation in most cases. Gas springs are used for a range of applications, including adjustable chairs, industrial & agricultural equipment, photocopier covers, lids & access panel covers, home furniture, gratings, safety flaps, travel & cargo trailers, and automotive hood props, which drives demand for the gas spring market throughout the forecast period.

COVID-19 Impact: Finding Opportunity to Increase the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the industrial gas spring market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

There has been a significant increase in demand for beds and hospital equipment during the pandemic. When other industries were shut down, manufacturers saw an opportunity to redirect their existing inventory to the medical sector. The number of hospitals and isolation centres for COVID-19 increased, which increased demand for gas springs, and this effect is expected to last until the pandemic effect lasts.

LATEST TRENDS

"Increased Use of the Product to Boost the Market Growth"

The latest market trends include the increased use of these springs in medical equipment, furniture, the automotive industry, and others. Gas springs are a type of spring that is commonly used in the automotive industry and other applications that require hydraulic power. A gas spring is a type of linear actuator that controls a rod's force and extension by compressing or decompressing an internal gas, typically nitrogen. Springs are essential components of objects that must be able to expand and contract, such as medical equipment, furniture, and automobiles.

Industrial Gas Spring Market Segmentation

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• By Type

Based on type; the market is divided into Liquid propane (LP) Barbecues and Natural gas (NG) Barbecues Liquid propane (LP) Barbecues is the leading part of the type segment.

• By Application

Based on application; the market is divided into Commercial and Outdoor Activities and Family Use

Commercial and Outdoor Activities are the leading part of the application segment.

DRIVING FACTORS

"Low Costs to Increase Market Demand"

Because of their low maintenance costs, high durability, and long service life, demand for these springs has increased in recent years. Industrial springs are broadly classified into three types: compression, torsion, and extension. The compression type of these springs is used when an axial force is needed to reduce the load on the object, whereas the extension type of these springs is used when an axial force is needed to increase the load on the object.

"Broad Application to Increase Popularity"

As the product has a wide range of applications, including automotives, furniture, and construction. It can also be used for other purposes, such as car suspension and furniture support. The industrial gas spring market is a diverse and growing opportunity, with many different industries and applications. Over 20 million gas springs are currently in use around the world. For heavy-duty applications, gas springs are an excellent choice. The gas spring market is expected to expand in the coming years. Gas springs are used in a wide range of industries and applications, from automotive to aerospace.

RESTRAINING FACTORS

"Less Technological Application to Hamper the Market Growth"

The drawback of the industrial gas spring market is that the technology is still in its early stages and the market is still evolving. As companies place larger orders, the industrial gas spring market is expanding. The demand for these springs is increasing rapidly, but the technology and manufacturing process are not yet mature enough to meet customer expectations. The industry, like any other, is anticipating more technological advancement.

Industrial Gas Spring Market Regional Insights

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"North America to lead market owing to Urbanization"

The industrial gas spring market share in North America is the largest. The market is expanding due to increased mechanisation. Every industry is looking for ways to tailor their products to a specific market. They are developing their own applications to fit into the market regardless of the industries with which they are involved. This region is welcoming more product experiments as well as their application in a variety of industries, which is fueling market growth.

KEY INDUSTRY PLAYERS

"Market Leaders to Increase Market Growth"

The study provided insights on the market participants and their involvement in the industry. Acquisitions, mergers, technological advancements, partnerships, and expanding industrial facilities are all used to collect and report data. Other significant factors in this sector have included companies that manufacture and create new products, the regions in which they operate, automation, technology adoption, earning the highest income, and making a difference to their products.

List of Market Players Profiled

• Stabilus (Luxembourg)
• Suspa (Germany)
• Lant (U.S.)
• Bansbach (U.S.)
• WDF (Italy)
• HAHN (Germany)
• Barnes (U.S.)
• Zhongde (Germany)
• Dictator (Germany)
• Changzhou (China)
• Shanghai Zhenfei (China)
• Aritech (Belgium)
• Vapsint (Italy)
• Huayang (Malaysia)
• AVM (Germany)
• ACE Automation (India)
• LongXiang (China)
• Yili (China)
• LiPinGe (China)
• IGS (U.S.)
• Gaysan (Turkey)
• Attwood (U.S.)
• Ameritool (U.S.)
• Camloc (U.K.)
• Alrose (Russia)
• Gemini (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.