Global Gas Spring Market Is Expected to Exhibit a CAGR of 5.6% During the Forecast Period (2019-2027)
Moreover, in June 2016, Stabilus S.A., one of the leading providers of gas springs and hydraulic dampers, acquired entities of SKF Group that include Hahn Gasfedern, Fabreeka/Tech Products, and ACE, for around US$ 339 Mn. These entities are industrial suppliers of motion control, vibration control, and damping that are used for application in various industry segments such as rail vehicle manufacturing, and industries such as automation, and medical. This acquisition will help Stabilus to expand its motion control solutions globally.
Rising application in automotive and aerospace industries has led to increasing demand for nitrogen gas springs. Nitrogen gas springs are gaining significant traction in the industrial sector due to benefits such as adjustable force which makes it useful in several automotive and aerospace applications. Moreover, it is useful in applications where high force is required. This type of gas spring can also be repaired and reused for various end-use industrial applications. Owing to improved performance and less space occupancy of nitrogen gas springs, they are replacing conventional compression springs in various applications. Additionally, nitrogen gas springs are being used by industrial machine manufacturers which is expected to boost demand for gas springs globally.
Rising adoption of advanced technology for production of various equipment and motion control products such as nitrogen gas spring is expected to create growth opportunities for gas spring manufacturers in the global market. Moreover, increasing demand for nitrogen gas springs for aerospace and automotive applications is expected to bolster growth of gas spring market globally.