Wave Spring Market to Surpass 1.48 Billion by 2030 Drives Due to Increase in the Automotive and Aerospace Industries
SkyQuest projects that the wave spring market will attain a value of USD 1.48 billion by 2030, with a CAGR of 4.50% over the forecast period (2023-2030). The demand for wave springs is experiencing a notable increase in the automotive and aerospace industries owing to their lightweight nature and high-performance properties. Wave springs provide an efficient solution for managing forces and ensuring proper functioning in these industries. Furthermore, their compact design and ability to deliver significant force in limited space make them ideal for applications with strict size and weight constraints in the wave spring market.
Westford, USA, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the increasing trend of miniaturization and weight reduction across various industries fuels the demand for smaller, lighter-weight wave springs in the wave spring market. This trend is particularly prominent in the medical device industry, with a growing emphasis on developing compact and portable devices. As a result, these devices, such as wearable technology, have witnessed rapid innovation in recent years.
Browse in-depth TOC on the “Wave Spring Market”
- Pages – 157
- Tables – 71
- Figures – 75
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A wave spring is a specific type of compression spring characterized by its unique design, consisting of a series of waves or ridges rather than traditional coils. These springs are engineered to provide efficient and effective performance in various applications. One of the primary functions of wave springs is to absorb and distribute vibrations and shocks, making them ideal for use in environments where stability and dampening are crucial in the wave spring market.
Prominent Players in Wave Spring Market
- Smalley Steel Ring Company
- Rotor Clip Company Inc.
- Bachmann Industries Europe GmbH & Co. KG
- GIFFCO (Global Industrial Fasteners and Supplies Inc.)
- Arcon Ring LLC
- Baumann Springs Ltd.
- Associated Spring Raymond
- Lee Spring Company LLC
- Vulcan Spring & Manufacturing Co.
- Schnorr GmbH
- Huihuang Spring Machinery Co. Ltd.
- John Evans’ Sons Inc.
- Mohawk Spring Corporation
- Norstan Inc.
- Sogefi SpA
- European Springs and Pressings Ltd.
- National Spring & Manufacturing Corporation
- Mubea Inc.
- Tru Wave LLC
- Katcon Global
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Valves Segment is Expected to Dominate the Market Due to the Increased Need for Connected Networks
Valves segment emerged as the dominant player in the wave spring market, accounting for more than 21% of the market share. Valves are critical components used in various industrial equipment and systems. The increased need for connected networks and advanced monitoring capabilities for industrial equipment has propelled the demand for valves. In addition, the adoption of automation technologies in process industries has further contributed to the market growth of valves.
The markets in the North America held a substantial market share in the global wave spring market owing to high demand from various end-use industries. The region’s dominance can be attributed to several factors. The aerospace industry in North America benefits from favourable government policies that support aerospace manufacturing and research and development activities.
Crest-to-Crest Wave Spring Segment is Expected to Grow the Market Due to the Rising Demand for Crest-to-Crest Wave Springs
Crest-to-crest wave spring segment emerged as the dominant player, accounting for more than 50% of the wave spring market share. The significant growth of this segment can be attributed to the rising demand for crest-to-crest wave springs across various industries, including oil and gas, automotive, aerospace, and more.
Regional markets in the Asia Pacific emerged as the dominant player in the global wave spring market in terms of revenue share, and this trend is expected to continue throughout the forecast period. Furthermore, the region is projected to grow substantially from 2023 to 2030.
A comprehensive analysis of the major players in the wave spring market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Wave Spring Market
- European Springs & Pressings, a subsidiary company of Lesjöfors based in Cornwall, UK, underwent a rebranding effort and officially renamed itself Lesjöfors Heavy Springs UK in 2022. This strategic move aligns the company more closely with its parent company, Lesjöfors, and emphasizes its specialization in manufacturing heavy-duty springs. Furthermore, by leveraging the brand recognition and expertise of Lesjöfors, Lesjöfors Heavy Springs UK aims to strengthen its position in the market and better serve its customers’ needs.
- Recently, BAUMANN spring limited, a prominent spring manufacturer, released a circular addressing their global partners regarding their regular production operations and the uninterrupted supply chain of their products during the ongoing pandemic. The communication highlighted the company’s commitment to maintaining high production standards and assured their partners that there were no restrictions or disruptions in the supply of their spring products.
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Key Questions Answered in Wave Spring Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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