USD 0.95 billion
Report ID: SQMIG20C2055 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 71 | Figures: 75
Wave Spring Market size was valued at USD 0.95 billion in 2021 and is poised to grow from USD 0.99 billion in 2022 to USD 1.48 billion by 2030, growing at a CAGR of 4.50% in the forecast period (2023-2030).
The production of wave springs from lightweight, high-strength metals and alloys has increased their use in the manufacture of aircraft, satellites, and automobiles by reducing weight and enhancing strength. The global wave spring market is driven by an increased demand for wave springs across numerous end-use verticals, including automotive, industrial, aerospace, among many others. Since the wave springs are used in automobiles and airplanes, reducing their weight reduces the overall weight of the structure and increase its capacity to support loads. Hence, the need for various wave spring types is being driven by expanding application array of springs; also, these springs are customized to meet the particular needs of various end-use industries and industry verticals
US Wave Spring Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 0.95 billion
Crest-to-Crest Wave Spring
Crest-to-Crest Wave Spring
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The global wave spring market is segmented based on type, application and region. The market is segmented on the basis of type as crest-to-crest wave spring, glass wave spring, single turn wave spring, nested wave spring, linear springs, and others. The market is segmented on the basis of application as aerospace electrical connector, electronic tools, valve, bearings, face seal, rotary union, vibration isolator, and others. Based on the region the market segmentation spans North America, Europe, Asia-Pacific, South America, and MEA.
Wave Spring Market Analysis by Type
Among the type, the Crest-to-Crest Wave Spring segment dominated the market with more than 50.0% share in 2022. The Crest-to-Crest Wave Spring segmental growth of the market is attributed to the increased demand for the crest-to-crest wave spring from a broad range of industries such as oil and gas, automotive, aerospace and many others. Its uses are typically applications requiring low-medium spring rates and large deflections with low-medium forces. Crest-to-Crest Springs can develop similar forces, yet occupy one-half (1/2) or less the axial space when compared with helical compression springs; which allows for strict space constraints. Its two major types include Crest-to-Crest Wave Spring (C and CM Series) and Crest-to-Crest Wave Spring with Shim Ends (CS and CMS Series).
Wave Spring Market Analysis by Application
Among the application, the Valves segment dominated the market with more than 21.0% share in 2022. Valves are critical components of various industrial equipment. An increased need for connected networks for maintaining and monitoring of industrial equipment, adoption of automation technologies in process industries, along with emphasis on development of smart cities globally are the key factors that encourages the adoption of valves and bearings; which, thereby creates a wide scope for the market growth. Hence, an increased demands for valves and bearings from a various industry such as automotive, aerospace, oil and gas, medical among many others.
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In 2022, North America is expected to have the biggest market share of 40.0% in the market. In the North American and Asia-Pacific regions, along with the presence of major market players, the region marks a growth in the automotive and aviation industry, which is supporting the market growth.
The US and China are rapidly emerging towards the modernization of the automobiles and airlines, which as a result accounts for the increased demand for modern and compact chassis/ products for eliminating the extra weight and space in the vehicle. Hence, this is likely to drive the regional growth of the market during the forecast period. As of 2022, over 79% of the US population reported having access to their own car, with an additional 29% having access to a company or family car. Similarly, annual vehicle production in China accounted for 42% of global vehicle production. The high motor vehicle demand fuels an active automotive industry, which significantly creates a wide market scope.
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Wave Spring Market Driver
Demand for Lightweight and High-performance Products to Improve Market Growth
Wave Spring Market Restraints
Price volatility is expected to impede the market growth
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The market is consolidated in nature. The prominent players operating in the market are adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Wave Spring Market Top Players Company Profiles
Wave Spring Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global wave spring market report analysis, based on the type of global wave spring market, the crest-to-crest wave spring segment dominated the market with more than 55.0% share in 2022. Based on the application of global wave spring market, the valves segment dominated the market with more than 26.0% share in 2022. Based on the region, North America dominated the global wave spring market.
|Market size value in 2021||USD 0.95 billion|
|Market size value in 2030||USD 1.48 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Wave Spring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wave Spring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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