As per industry analysis by an ESOMAR-certified market research and competitive intelligence provider, the global gas spring market is poised to expand at a substantial CAGR of a little over 10% during the forecast period of 2021-2031.
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.
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 research analyst
Inorganic Approach and Product Customization by Key Players
Prominent players in the market such as Stabilus GmbH, Beijer Alma, Barnes Group, and Suspa GmbH have created a synergy in the demand and supply equation with end-use industries. This collaborative network has streamlined the supply chain of gas springs, set by relative demand from healthcare, furniture, and aerospace industries, and replacement of mechanical springs with advanced gas spring systems.
Key players consider innovation and product customization to be their core competency. Market leaders Stalibus GmBH, Suspa, and Barnes Group have been at the forefront of developing gas spring systems integrated with dampers to cater to specific demand from end-use industries.
Mergers and acquisitions have become the backbone for market growth as front runners have acquired local players to enjoy market dominance. For instance, Stabilus GmbH has ACE Controls, CLEVERS, Piston Gas Spring, and HAHN Gasfedern GmbH under its roof; while Beijer Alma acquired Lesjofors and Metrol Springs.
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. The group has already acquired market leaders such as Kaller, AS Raymond, and Hyson, under its umbrella, thereby capturing a dominant market share.
Gas spring manufacturers are competing primarily on product attributes, customization, innovation, and pricing.
These insights are based on a report on Gas Springs Market by Fact.MR.
