Westford, USA, Feb. 23, 2024 (GLOBE NEWSWIRE) -- Ordering small accessories can be a challenge for wave spring makers. Moreover, the consumer pays for raw materials in the global wave spring market. A wave spring is a type of compression spring made of thin wire. If the manufacturer already has thin wire for the wave spring, it can be manufactured more quickly and at lower cost.
Browse in-depth TOC of "Wave Spring Market”
● Pages - 157
● Tables – 71
● Figures – 75
The growing trend towards smaller designs and reduced weight in all industries is driving demand for smaller, lighter wave canals. This is especially true in the global wave spring market. For example, Wearable technology, which can now track everything from a patient’s blood pressure to walking speed, to electrolyte levels and heart rate, is an example of rapid innovation.
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Prominent Players of Global Wave Spring Market
- 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
Valves Segment to Dominate Market Owing to Rising Adoption of Automation Technologies
The valves segment dominated the global wave spring market with more than 21.0% share by 2022. Valves are important components of various industrial equipment. The increasing need for the repair of technical equipment and interconnectivity, the adoption of automation technologies, and the emphasis on the development of smart cities worldwide are major forcing factors encourage adoption of valves and bearings thereby providing wider market growth.
Although North America accounted for the largest market share in the global wave spring market due to high demand from end-users, increased investment by key players in R&D activities is likely to drive regional growth above during the forecast period.
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Crest-to-Crest Segment to Witness Significant Growth Owing to Increased Demand for Oil and Gas Carrying Air
Crest-to-Crest wave spring segment dominated the market with over 50.0% share by 2022. The global wave spring market growth of Crest-to-Crest wave spring segment is attributed to crest-to-crest wave spring increased demand for oil and gas carrying air aerospace and many other industries. Generally, they are used in applications requiring low to medium spring rates and large deflections with low to medium strength. Crest-to-crest springs can have similar effects but take up half (1/2) or less of the axial space compared to helical compression springs; allowing for strict location limitation.
Asia-Pacific dominated the global market in terms of revenue share in the global wave spring market and is expected to continue its dominance over the forecast period. The industry is also expected to grow significantly between 2024 and 2031. This can be attributed to the rising demand for aircraft, rising automotive production, among others and the expansion of oil and gas industry in emerging economies as China, India and Indonesia.
A comprehensive analysis of the major players in the global wave spring market has been recently conducted in this 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 endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments of Global Wave Spring Market
- In February 2022 European Springs & Pressings, a subsidiary of Leszofors in Cornwall UK, rebranded and formed a new subsidiary called Leszofors Heavy Springs UK.
- In March 2021, BAUMANN spring limited released a document regarding their global partner’s regular products in the supply chain during the pandemic.
Key Questions Answered in Global 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 do these differences shape the market's future growth?
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