DUBLIN--(BUSINESS WIRE)--The "Connector Market By Product Type, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global connectors market size was valued at $64.17 billion in 2019, and is projected to reach $98.12 billion by 2027, registering a CAGR of 6.7% from 2020 to 2027.
An electrical connector is an electromechanical gadget used for joining circuits. It consists of jacks (female end) and plugs (male end). The established connection may be permanent joint between devices or act as temporary for portable gears. An adapter can be used to efficiently bring together different connectors.
These connectors significantly reduce the effort, time, and manpower needed for assembling, manufacturing, and installing devices, their components as well as wiring. It is extensively used on circuits for computers, communications, consumer electronics, and industrial machinery. Also, it joins two lengths of flexible copper cable or wire, or connects a cable or wire to an electrical terminal. However, in computing, a connector is generally known as a physical interface (physical layer of OSI model in networking).
The global connector market is anticipated to witness significant growth during the forecast period. Factors such as rapid urbanization along with an increase in demand for consumer electronic devices, high usage of automation technology across various sectors including industrial, defense, and automotive segment drive the growth of the connector market. In addition, the automotive segment is fueled by adoption of advanced safety features, increase in number of electronic components in vehicles, and rise in the number of autonomous vehicles globally.
However, volatility in the raw material prices such as copper, is a major restraint to the global connector market industry. In addition, surge in demand from telecom and automotive sector owing to emerging 5G, and IoT technology, is expected to create opportunities for the connector market industry. Also, Asia-Pacific region is expected to develop at the highest rate in the region during the forecast period, which create several opportunities for the key manufacturer of the market.
The global connector market is segmented into product type, end user, and region. By product type, the market is divided into PCB Connectors, I/O connectors, circular connectors, fiber optic connectors, RF coaxial connectors, and others. By end user, the market is segregated into consumer electronics, telecom, automotive, energy & power, aerospace & defense, and others.
Market Dynamics
Drivers
- Surge in demand for high-speed connectors
- Growing demand in Automotive sector
- Rise in investment in defense & submarine cables by various organizations
Restraint
- Complex fault detection and removal process of errors
Opportunities
- Surge in number of data centers
Key Market Players
- 3M
- ABB Ltd.
- AMETEK
- Amphenol Corporation
- Aptiv PLC
- Huawei Technologies Co. Ltd.
- Japan Aviation Electronics Industry Ltd.
- Nexans
- Prysmian S.P.A.
- TE Connectivity Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/vnadi4
