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.
Global Nitrogen Gas Springs Market: Segmental Snapshot
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.