According to latest research by Future Market Insights, Compression Gas Spring is set to witness steady growth during 2021-2031 with an anticipated CAGR of over 6% for the same period. The product offer dampening when force is exerted on the spring as the piston is pushed into the cylinder. Demand for the product will witness steady recovery in short-term, with optimistic growth outlook in the long-run. Though muted demand is understood to be observed during 2020-2021. Revival in demand from automotive and aerospace industries will create plentiful opportunities in near future for Compression Gas Spring.
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The key factor responsible for the growth of the compression gas spring market are via prominent industries such as aerospace, automotive and marine as well as ever emerging sectors e.g. medical . Demand from both the developed as well as developing countries is expected to be on continual rate over the forecast period.
Traditionally, compression gas springs is understood to have significant demand in the industrial and automotive applications. Specifically, to adjust the passenger seats in vehicles and for opening and closing of trunk & bonnet compression gas springs are mostly used in the automotive industry.
Healthy Demand from Automotive Sector Likely to Augment the Product Sales
The lift gas spring segment is expected to dominate the compression gas spring market in and is anticipated to retain its dominance throughout the forecast period. The key significance of lift gas spring is that it makes lifting & opening operations very suitable which eliminate the actual weight of the object and make it negligible. Also, lift gas springs are used in various sectors such as industrial sector and agricultural sector.
Also, on the basis of application, automotive sector is estimated to witness the wide spread applications of compression gas spring. With rising construction activities & infrastructure across the globe have increased the demand for materials transportation which directly triggered the demand for light and heavy commercial vehicles which is positively fueling the demand for compression gas spring.
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Regional Outlook:
The regional demand of a product is directly connected with the demand from their end-use industries. During the forecast period, North America is anticipated to witness enormous growth in the market due to the ever growing automotive sector in emerging economies, such as U.S.
Foremost position in the market holds by North America market due to the presence of top global manufacturers like Industrial Gas Spring, Inc, ACE Controls Inc., AVM INDUSTRIES and Aritech Gas Spring. North America held a leading share of the global market and is projected to continue its dominance throughout the forecast period. The U.S. is a key market for the product in North America, due to increasing aerospace sector in the country.
Europe is another leading regional global market for compression gas spring in terms of production and end user base. With the EU5 countries consisting of a pivotal manufacturing hub, the market growth is expected to fetch decent opportunities. Also, many European companies are engaged in the production of compression gas spring which include Stabilus GmbH, SUSPA GmbH, Dictator Technik GmbH, Bansbach Easylift GmbH etc which increase the product scope in the Europe region.
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Key Manufacturers and Suppliers
Some of the leading manufacturers and suppliers of the product include
- ACE Controls Inc.
- Ameritool Manufacturing Inc.
- Aritech Gas Spring
- AVM INDUSTRIES
- Bansbach Easylift GmbH
- Barnes Group Ltd.
- ChangZhou LongXiang Gas Spring Co. Ltd.
- Camloc Motion Control Limited
- Dictator Technik GmbH
- Gemini Gas Springs Inc.
- IDEAL Gas Spring Pvt. Ltd
- Industrial Gas Spring Inc.
- LANTAN, Metrol Spring Limited
- Shunde Huayang Gas Spring Co. Ltd
- Stabilus GmbH
- SUSPA GmbH
- WAN DER FUL CO. LTD.
The global market growth is estimated to rise at a considerable rate during the forecast period. The market is expected to grow at a steady rate and with the rising adoption of strategies by key market players, the market is expected to rise over the projected horizon. Market leaders including both manufacturer and OEMs are focusing on research and development activities to develop innovative and efficient products which will increase the product scope in various sectors.