SDKI recently published a report on the Extension Springs market which is studied for the forecast period, i.e., 2022-2031. The report provides comprehensive insights on the current landscape, opportunities, growth drivers and challenges associated with the market. The market is anticipated to witness growth by a CAGR of 4.5% during the forecast period by 2027.
The growth of the Extension Springs market can be attributed to the increasing requirement for improved productivity among enterprises, and emergence of connected devices in factories across the globe. Along with these, manufacturing units are prone to fatal accidents resulting from human errors or mechanical failures.
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According to the International Labor Organization (ILO), 2.3 million men and women globally succumb to work-related accidents or diseases every year. Annually, there are about 340 million occupational accidents in the world. This in turn is expected to boost the demand for safety compliance industrial automation solutions, which in turn is also assessed to offer lucrative opportunities to the market in the near future.
Furthermore, rising adoption of collaborative and industrial robots, and advent of 5G wireless technology and industry 4.0 worldwide are also projected to drive the growth of the Extension Springs market in the forthcoming years. In 2018, around 400,000 units of industrial robots were sold in the world. As of 2022, about 385,000 units of industrial robots were shipped worldwide. Also, the prevalence of industrial robots is higher in the Asia Pacific region.
In South Korea, there are over 800 robots per 9,500 manufacturing employees. In addition, growing collaborations and partnerships among automation companies to expand their product portfolios is also predicted to expand the Extension Springs market significantly over the forecast period.
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Based on geographical analysis, the Extension Springs market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further sub-segmented into the following:
- North America (U.S. & Canada),
- Latin America (Argentina, Mexico, Brazil, Rest of Latin America),
- Europe (U.K., Germany, France, Italy, Spain, Hungary,
- Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe),
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), and the
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman],
- North Africa, South Africa, Rest of Middle East and Africa). The Extension Springs market is also segmented by SEGMENTS.
The research report on Extension Springs market further contains in-depth details on the competitors that are operating in the market. Some of the key players mentioned in our report are KEY PLAYERS. The report also contains critical analyses of the competitors and includes SWOT analysis, business strategies, information regarding business partners, and recent developments, among others.
The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
- Lesjofors AB
- Acxess Spring
- Lee Spring
- Diamond Wire Spring
- Century Spring Corp.(MW Industries)
- WB Jones Spring Co. Inc
- Associated Spring Raymond(Barnes Group Inc.)
- Murphy and Read Manufacturing Co.
- MISUMI Group Inc.
- ZiBo Gold-Star Spring Factory
- Tennessee Spring and Metal, LLC.
- RMW Industries Inc.
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