Historically, the market has witnessed a growth rate of 4.5% over the past 5 years, owing to mounting demand from sectors such as automotive, industrial machinery, and furniture on the back of exponentially rising population, urbanization, and consumer household spending across the globe. Moreover, demand for gas springs is reaching new potential with the rising healthcare facilities and isolation centres across the globe.
One size doesn’t fits all has enabled manufacturers to follow innovative manufacturing techniques to create tailored gas springs that can be combined in a multitude of ways to create a cost-effective product that is customer-centric. Customization has been the essence for market growth owing to diversified applications.
Emergency casualty trolleys, hospital beds, hospital furniture passenger seats. assistive lifting devices, support for LED displays, application in automobiles, equipment for medical use, applications in the aerospace industry, diffusers for oil, tailgates of pickup trucks, cabinets and furniture, are the various applications served by gas springs.
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Key Market Segments Covered
- Gas Springs
- Lockable Gas Springs
- Standard Gas Springs
- Hydraulic Gas Spring Dampers
- Friction Gas Spring Dampers
- Gas Springs
· Maximum Force
- Below 250 N Gas Springs
- 251 – 500 N Gas Springs
- 501 – 750 N Gas Springs
- 751 – 1000 N Gas Springs
- Above 1000 N Gas Springs
· Mounting Orientation
- Horizontal Gas Springs
- Vertical Gas Springs
- Vertical Rod Up Gas Springs
- Vertical Rod Down Gas Springs
- Custom Orientation
· Maximum Stroke Length
- <75 mm Gas Springs
- 76 – 150 mm Gas Springs
- 151 – 300 mm Gas Springs
- 301 – 450 mm Gas Springs
- >450 mm Gas Springs
· Sales Channel
- OEM Sales of Gas Springs
- Aftermarket Sales of Gas Springs
- Gas Springs for Automotive
- Gas Springs for Aerospace, Marine & Rail
- Gas Springs for Home and Office Equipment
- Gas Springs for Industrial Machinery & Automation
- Gas Springs for Healthcare
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- ADB SAFEGATE, Stabilus GmbH, Beijer Alma, Barnes Group, Suspa GmbH, BANSBACH EASYLIFT, Camloc, Dadco, Special Springs, DICTATOR Technik GmbH, Pascal Engineering, Tecapres, and Showa Corporation are identified as key players manufacturing gas springs.
Aforementioned players rely on a blend of organic and inorganic strategies to increase penetration across lucrative markets. These strategies include new product launches, collaborations and partnerships with prominent players in automotive, healthcare and aerospace industry, acquisitions of emerging players, and strengthening of regional and global distribution networks.
- In 2020, TECAPRES has been named as a supplier of gas springs for Renault Automotive. TECAPRES has been striving to achieve the highest standards of quality and service demanded by the automotive industry. This supplier agreement would boost the sales of TECAPRES and provide substantial growth in the market share.
- In 2019, Stabilus, a global leader in gas springs, damping systems, and electromechanical drives for motion control, has acquired General Aerospace GmbH (‘General Aerospace’), a well-known provider of motion control solutions for the aerospace industry. This advancement would harness the gas spring business development in aerospace industry.
- In 2018, Industrial Gas Springs Group Holdings Limited, a recognised designer, maker, and supplier of customised gas springs, was acquired by Barnes Group Inc., a multinational distributor of highly engineered goods and differentiated industrial technologies.
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Key Takeaways from Market Study
- The global market for gas springs is anticipated to add 2.6X value by 2031.
- Demand for gas springs in healthcare is expected to expand at a substantial CAGR of 11.6% over the forecast period.
- North America is the supreme market with a value of more than US$ 860 Mn in 2020, and is projected to expand at a substantial CAGR of approx. 9.7% over the next ten years.
- The aftermarket segment for gas springs is projected to exhibit a high growth rate of around 10.5% CAGR, while OEMs, under sales channel, of are projected to add 2.6X value by 2031.
- The market in South Asia is set to surge at 11% CAGR, and is set to be valued at over US$ 800 Mn in 2031, owing to increasing population & urbanization and increased volume of industrial machinery and automation.
- By maximum force, 750-1000 N gas springs are poised to provide higher opportunity for manufacturers by virtue of increasing use in healthcare and furniture, and development of electric vehicles with advanced automated systems. The 750-1000 N segment is poised to progress at a CAGR of 10.5% over the next ten years.
“Rapid urbanisation, increasing ageing population, and desire for comfort are lending impetus to market growth,” says a Fact.MR analyst
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