BANGALORE, India, April 6, 2021 /PRNewswire/ -- The Connector Market is segmented By Product Type (PCB Connectors, I/O Connectors, Circular Connectors, Fiber Optic Connectors, RF Coaxial Connectors, and Others), and End User (Consumer Electronics, Telecom, Automotive, Energy & Power, Aerospace & Defense, and Others). This report covers Global Opportunity Analysis and Industry Forecast from 2020 to 2027. This report is published on Valuates Reports in the Electronic Components Category.
The global Connector Market size was valued at USD 64.17 billion in 2019 and is projected to reach USD 98.12 billion by 2027, registering a CAGR of 6.7% from 2020 to 2027.
Major factors driving the growth of connector market size are
Rapid urbanization, along with growing demand for consumer electronic devices,
Increasing demand for network bandwidth coupled with a spur in fiber optics deployment will further stimulate the demand for connectors.
High usage of automation technology across various sectors, including industrial, defense, and automotive segments.
TRENDS INFLUENCING THE GROWTH OF CONNECTOR MARKET SIZE
Favorable telecom policies implemented by regulators coupled with growing internet users will proliferate the connectors market size
The surge in the number of data centers is expected to create lucrative opportunities for the market. Businesses are relying on data centers to provide reliable, cost-effective, and long-term data backup. The connectors designed into these increasingly important connectivity hubs make a surprisingly big impact on their operating costs and performance. Furthermore, demand for connectors will increase as a result of various initiatives such as Industry 4.0 and the paradigm change toward industrial automation.
The soaring automotive segment is in turn expected to fuel the growth of connectors market size. The adoption of advanced safety features & the increasing number of electronic components in vehicles, and the rise in the number of autonomous vehicles globally are in turn increasing the demand for connectors.
Other factors that are expected to drive the connectors market size are increased adoption of smart technologies and increased investment in security and submarine cables by various organizations.
Due to increased demand for smartphones, a boom in automotive production, industrial automation, and growth in consumer electronics, the Asia-Pacific region is expected to rise at the fastest pace during the forecast period.
Based on type, the PCB Connectors segment will maintain the lead throughout the forecast period.
The telecom segment is expected to grow at the highest CAGR of 8.1% during the forecast period based on end-user.
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