NEW YORK, May 7, 2018 /PRNewswire/ --
MarketResearch.biz announces publication of its most recently generated research report titled, "Global Nitrogen Gas Springs Market by Type (Standard, Compact, Super Compact and Micro), By Application (Automotive, Die Industry, Electronics and Others), and Region - Global Forecast to 2026.", which offers a holistic view of the nitrogen gas springs market through systematic segmentation that covers every aspect of the target market. According to report, the nitrogen gas springs market is projected to reach a value of over US$ 10.5 Bn in 2026 at a CAGR of 5.8% over the forecast period. The first five-year cumulative revenue for global market (2017-2021) is projected to be approximately US$ 35.5 Bn, which is expected to increase significantly over the latter part of the five-year forecast period.
Nitrogen gas spring is a type of spring comprising a precision rod/shaft attached to a piston moving within a sealed cylinder, in which nitrogen gas is filled at high pressure. The gas pressure acts on the piston inside the cylinder and provides resistant force.
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Global Nitrogen Gas Springs Market: Market Dynamics
Increasing wide range of applications of nitrogen gas springs across various industries such as automotive, manufacturing, and healthcare sectors is a key factor expected to drive growth of the global nitrogen gas springs market. Nitrogen gas springs are used in vehicles, furniture such as in office chairs, beds, cabinets, kitchen shelves, etc. in order to provide ease of handling and are efficient for lifting, supporting, and motion control of bonnets, hatches, doors, lids etc. However, prime application areas include automotive and industrial sectors. In addition, abundance availability of nitrogen gas, low cost, and various usable properties of the product are other major factors expected to fuel market growth in the coming years. Moreover, major advantages of nitrogen gas springs over conventional springs is expected to further drive growth of the market. Other advantages are that these are corrosion-free, heavy-duty, and have an average lifespan of around 10 years which is expected to drive market growth.
However, nitrogen gas springs discharges vast amount of energy when not used efficiently. There is approx. 300 bar pressure inside a nitrogen gas spring system. Misusing or mishandling nitrogen gas springs can lead to potentially dangerous bursts that can cause the rod to eject up to 1,500 feet, reaching more than 200 miles per hour and cause serious injuries. This is expected to restrain market growth over a period of time.
Due to increasing smart city trend coupled with increasing preference for smart home automation, gas springs are expected to find wide scope in terms of application, and further present high potential opportunities for key players operating in the global market in the near future. The market players are focused on development of more durable compression gas springs by use of various base materials - apart from steel and alloys - such as titanium. In order to expand application areas and enter into more niche verticals such as healthcare, racing yachts, motorsports, and defense categories will create more potential revenue opportunities for players in the target market.
Global Nitrogen Gas Springs Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global nitrogen gas springs market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global nitrogen gas springs market is expected to expand at a CAGR of 5.8% during the forecast period.
Global Nitrogen Gas Springs Market: Segmental Snapshot
The market report has been segmented on the basis of form type, application, and region. The type factor segment includes standard, compact, super compact and micro. The application segment includes automotive, die industry, electronics and others (furniture, medical, ships). The regions/ countries covered in the analysis US, China, Europe, Japan, India, Southeast Asia, Rest of the World.
By Type: The super compact segment accounted for highest revenue share contribution as compared to other type segment, and is expected to register a CAGR of over 6% between 2017 and 2026, owing to rising demand for the product, due to the fact that the super compact gas spring combines the convenience of a self-contained gas spring with the increased on-contact force and shorter body height of a bore seal cylinder.
By Application: The automotive segment is projected to account for highest revenue share as compared to that of other application segments, and register a CAGR of over 5% over the forecast period, owing to wide and growing application of nitrogen gas springs in the automotive industry.
By Region/Country: The market in US accounted for highest revenue share in the global nitrogen gas springs market in 2016, and is expected to register a CAGR of over 5 % between 2017 and 2026, owing to presence of major players in the market in the country, and growing applications for nitrogen gas springs.
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Global Nitrogen Gas Springs Market: Competitive Analysis
The research report on the global nitrogen gas springs market includes profiles of some of major companies such as MISUMI Group, Inc., Barnes Group Inc. (Hyson & Kaller), DADCO, Inc., Fibro Gmbh., Mollificio Bordignon srl, Pascal Corporation, Xinda Precision Machinery Manufacturing Co., Ltd., Quiri Hydromecanique, and AZOL-GAS.
The Global Nitrogen Gas Springs Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global Nitrogen Gas Springs Market for 2017-2026.
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