The future of the nitrogen gas spring market looks bright, some reports say.
According to My News Desk:
The global nitrogen gas springs market was valued at approximately US$ 6.4 Bn in 2017 and is expected to register a CAGR of 5.8%.
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.
Standard of living and growing aging population is on the rise. The global geriatric populace is increasing at a relatively rapid pace, and demand for movement supported/assisted and automated systems in vehicles and other aspects of daily life such as for automatic opening and closing cabinets, doors, positioning beds, recliners, seats etc. is expected to increase, in turn boosting growth of the global nitrogen gas springs market to a significant extent in future. In addition, motor vehicle production, demand, and technological advancements have been witnessing steady and rapid growth over the past few years, which is anticipated to drive demand for nitrogen gas springs to a significant extent in future. Moreover, nitrogen is abundantly available, low cost, and exhibits various usable properties for use in gas springs, which cannot ideally be realized when using other types and materials for this application. These are other factors expected to fuel the global market growth over forecast period.
Nitrogen gas spring find application across various industries such as automotive, manufacturing, and healthcare sectors. Nitrogen gas springs can be 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. Large tools are used for manufacturing complex parts, and such tasks require springs in order to deliver consistent pressure and repeatable force. Hence, nitrogen gas springs find wide application in metal stamping machines, drilling machines, push-and-pull vehicles, railcars etc. In addition, nitrogen gas spring are used in robot arms for smooth lifting and motion control during tasks performed by robots or automated equipment and systems.
However, vast amount of energy is discharged if not used efficiently which could restrain market growth. There is approx. 300 bar pressure inside a nitrogen gas spring system. Misusing or mishandling of 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.
Market Analysis by Type:
On the basis of type, super compact segment is expected to contribute major revenue share in the global nitrogen gas springs market. The micro segment is expected to witness highest CAGR of over 6%, in terms of revenue over the forecast period, owing to its various advantages such as small size and low force. The small size reduces the surface area required, as well as reduces the height of end product.
Market Analysis by Application:
Among the application segments, electronics segment is expected to register highest CAGR of over 8%, owing to variety of applications in the electronics industry. They are used in semi-conductor manufacturing, gaming machines, ATM machines, printing industries or printing equipment, communications equipment, broadband equipment, electronic sensors, lift assist for electrical components etc.
Market Analysis by Region/Country:
The US market is expected to dominate the global nitrogen gas springs market, and is expected to account for largest market revenue share of approximately US$ 3 Bn in 2020, as compared to that of markets in other regions. Dominance by the US market is expected to continue over the forecast period.
Prominent players operating in the global nitrogen gas springs market include 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.