Gas Springs Market is expected to grow at a robust pace in terms of revenue in 2031

CITY, Country, 2022-Dec-29 — /EPR Network/ —

According to industry analysis by Fact.MR, a provider of market research and competitive intelligence, the global Gas Springs market is projected to expand at a substantial CAGR of just over 10% during the forecast period 2021- 2031.

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Historically, the market has recorded a growth rate of 4.5% in the last 5 years, due to the growing demand for sectors such as automotive, industrial machinery and furniture in the wake of the exponential increase in population, urbanization and of household spending worldwide. Additionally, the demand for gas springs is reaching new potential as healthcare facilities and isolation centers increase worldwide.

One size doesn’t fit all has allowed manufacturers to follow innovative manufacturing techniques to create bespoke gas springs that can be combined in a multitude of ways to create an affordable, customer-focused product. Personalization has been the essence for the growth of the market due to the diversified applications.

First aid trolleys, hospital beds, mobile hospital passenger seats. lifting aids, LED display mount, automotive application, medical equipment, aerospace applications, oil diffusers, pickup truck sides, cabinets and furniture, are the various applications served by gas springs.

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Key points from the market study

• The global gas spring market is projected to add 2.6 times in value by 2031.
• Demand for gas springs in healthcare sector 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 over US$860 million 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 show a high growth rate of approximately 10.5% CAGR, while OEMs, under the sales channel, are projected to add 2.6x value by 2031 .
• South Asia market is projected to grow at 11% CAGR and is expected to be valued at over USD 800 million in 2031, due to increasing population and urbanization and increasing volume of industrial machinery and automation .
• With maximum force, 750-1000N gas springs are poised to provide more opportunities for manufacturers due to the growing use in the healthcare and furniture industries and the development of electric vehicles with advanced automated systems. The 750-1000N segment is expected to progress at a CAGR of 10.5% over the next ten years.

“Rapid urbanization, increasing population aging and the desire for comfort are driving market growth,” says an analyst at Fact.MR

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Main market segments covered

• Product
  • Gas springs
    • Lockable gas springs
    • Standard gas springs
  • Shock absorbers
    • Gas spring hydraulic shock absorbers
    • Friction gas spring shock absorbers
• Maximum strength
  • Gas springs less than 250 N
  • Gas springs 251 – 500 N
  • Gas Springs 501 – 750 N
  •  Gas springs 751 – 1000 N
  • Gas springs greater than 1000 N
• Mounting orientation
  • Horizontal gas springs
  • Vertical gas springs
    • Vertical rod gas springs
    • Gas springs with lowered vertical rod
  • Custom orientation
• Maximum stroke length
  • <75mm gas springs
  • Gas springs 76 – 150 mm
  • Gas springs 151 – 300 mm
  • Gas Springs 301 – 450mm
  • Gas springs >450 mm
• Sales channel
  • OEM sales of gas springs
  • Aftermarket sale of gas springs
• Application
  • Gas springs for automotive
  • Gas springs for the aerospace, marine and railway sectors
  • Gas springs for home and office equipment
  • Gas springs for industrial machines and automation
  • Gas springs for healthcare
  • Other

Regional analysis includes

• North America (USA, Canada)
• Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
• EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
• CIS and Russia
• Japan
• Asia Pacific Ex-Japan (Greater China, India, South Korea, ASEAN Countries, Rest of EPAJ)
• Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa, Rest of MEA)

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Read more trend reports from Fact.MR:  https://www.globenewswire.com/news-release/2022/09/29/2524890/0/en/High-Replacement-Rate-of-Halogen-with-LEDs- Paving -Revenue-Generation-Opportunities-for-Airfield-Ground-Ground-Lighting-Suppliers-States-Fact-MR.html

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