PUNE, India, April 12, 2018 /PRNewswire/ --
According to the new market research report "Heavy-Duty Connector Market by Component (Hood and Housing, Insert and Contact), Material (Metal and Plastic), Termination Method (Crimp and Screw), Application (Manufacturing, Construction, Railway, Oil & Gas, Construction), and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 2.81 Billion in 2018 and reach a value of USD 3.51 Billion by 2023, at a CAGR of 4.6% during the forecast period.
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Browse 62 market data Tables and 51 Figures spread through 154 Pages and in-depth TOC on "Heavy-Duty Connector Market - Global Forecast to 2023"
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The growth of this market can be attributed to the rise in the adoption of industrial automation solutions. In the recent past, industrial automation has become the most important part of the modern industrial sector. The adoption of industrial automation equipment such as industrial robots, field devices, and smart equipment has increased significantly among manufacturers from industries such as food & beverages, oil & gas, metals & mining, and automotive. The increase in the adoption of industrial automation equipment in the manufacturing sector further encourages the need for heavy-duty connectors for enhanced signal and power transmission and for high resistance in harsh environments.
Inserts and contacts held the largest share of the heavy-duty connector market in 2017
The heavy-duty connector market based on components is led by the "insert and contact" segment in terms of size. Inserts and contacts are the core components of the heavy-duty connector. They facilitate the transmission of power and signals. In a few cases, inserts and contacts can also be used directly on the machines to create an electric connection without the use of any external enclosure, such as a hood and housing. Moreover, due to the wide adoption of inserts and contacts in applications, such as manufacturing, railways, and oil & gas, the market for these components is expected to grow at the highest growth rate during the forecast period.
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The market for plastic heavy-duty connectors likely to grow at a higher CAGR during the forecast period
Based on materials, the market for plastic heavy-duty connectors is expected to witness the highest growth rate during the forecast period. At one time, aluminum metal was the primary material option for heavy-duty connectors; however, today, plastic is considered as a reliable and viable option. This is because plastic can be used to create solutions that are lighter, more resilient, and more environmentally friendly. In addition, in many industries, the use of plastic offers advantages, including corrosion-resistance, over metal.
APAC expected to hold the largest size of the heavy-duty connector market during the forecast period
APAC held the largest size of the heavy-duty connector market in 2017, followed by Europe and North America. Rapid industrialization, high adoption of automation solutions, and competitive pressure to achieve operational efficiency are fueling the growth of the heavy-duty connector market in APAC. China and Japan have a strong hold on the manufacturing industry and witness a high demand for automation and industrial robotics; moreover, these countries also comprise top manufactures of construction equipment and electric locomotive manufactures. Furthermore, in India, proactive initiatives taken by the Indian government promoting the use of heavy-duty connectors in manufacturing, railway, oil & gas, and energy applications are encouraging the growth of the heavy-duty connector market.
Weidmuller Interface (Germany), Phoenix Contact (Germany), TE Connectivity (Switzerland), Amphenol Sine Systems (US), Molex (US), Harting Technology(Germany), XiamenWain Electrical (China), Wieland Electric (Germany), ITT (US), ODU (Germany), and Lapp (Germany) are the major players operating in this market.
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