by The global Gas Spring Market is estimated to be valued at US$ 3198 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 mechanical devices that utilize compressed gas to store and control energy. They are commonly used where the controlled release of stored energy is required, such as in automotive closures, industrial doors, robotics, and chairs. Gas springs provide damping and controlled movement in both compression and extension. Their linear motion helps reduce physical strain and fatigue. They are lightweight and compact, making them a suitable alternative to counterbalances, springs, and other lifting/damping mechanisms.
Market key trends:
One of the key trends driving the gas spring market is the growing adoption of industrial automation across various end-use sectors like automotive, healthcare, electronics, logistics, and food & beverages. Gas springs are integral components of robotic arms, conveyor belts, automated doors, and other automated machines. Their ability to provide smooth, controlled motion makes them suitable for repetitively automated tasks. The global push for Industry 4.0 is leading manufacturers to automate various production processes, thereby propelling the demand for robotic and mechatronic equipment that incorporate gas springs. The trend towards lean manufacturing is also promoting industrial automation adoption. Additionally, the increased emphasis on workplace ergonomics and safety is augmenting the replacement of conventional lifting mechanisms with gas springs across industrial applications.
Porter’s Analysis
– Threat of new entrants: Low, as manufacturing gas springs requires huge capital investment and established distribution channels. Existing players have advantages of economies of scale.
– Bargaining power of buyers: Moderate, as buyers have limited options and switching costs are high. However, differentiated products give buyers some bargaining power.
– Bargaining power of suppliers: Moderate to high as raw materials required are commodities and supplying doesn’t require huge investments. This gives suppliers bargaining power over price and quantity.
– Threat of new substitutes: Low to moderate, as though alternative suspension systems exist, gas springs have benefits of ergonomics and precision that are difficult to substitute.
– Competitive rivalry: High, as the market has many global and regional players competing on pricing, product quality and innovation. Intense competition keeps prices low and pressures margins.
Key Takeaways
– The Global Gas Spring Market Size is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period 2023 to 2030, due to increasing demand from automotive and furniture industries.
– Asia Pacific region dominated the global market in 2023 with a share of over 35%, led by China, India and Japan. The region is expected to continue its dominance, driven by strong growth in industrial activities and increasing consumer spending on furniture and automobiles.
– 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 fragmented with global and regional players selling customized products targeting niche applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
