Industrial Connectors Market Size to Grow at a CAGR of 6.9% During 2021-2026
Industrial Connectors Market size was valued at $5.3 billion in 2020, and it is estimated to grow at a CAGR of 6.9% during 2021-2026. The growth is mainly attributed to the increasing adoption of IoT and automation technologies in industries is set to drive the market growth. Integration of superior connector products in automotive parts such as powertrain, safety and body electronics is set to propel the market growth. Additionally, increasing trend for connected cars and the adoption of connectors in automotive sector is set to propel the market growth. The growing demand for safety systems thus has a direct effect on the demand for industrial connectors, which in turn drives market growth. Circular connectors are widely used to enable maximum connectivity of the electric or signal transmission in various applications particularly HDMI cables and Electronic peripherals. For instance, total net generation of electricity in United States reached 310,710 thousand MWh on March 2021 with a 1% increase from March 2020 and is expected to elevate in forecast period owing to high electricity demands. This will provide significant growth in the demand of circular connectors to enable maximum connectivity in data streams further propelling its market growth in North American Market.
Industrial Connector Market Segment Analysis – By Type
PCB Connector held the major market share of 28.8% in 2020. PCB wire to board type of connectors are used in connecting a wire to a printed circuit board (PCB), enabling connectivity between circuits. High adoption of wire-to-board PCB connectors in industries such as aerospace, military, consumer electronics, medical, telecom and data communication application set to drive the demand of PCB connectors in factory automation. They can be tested to automotive levels on shock, vibration and temperature cycling for reliability. They also have high durability and flexibility. This type of connections are used to bring power and signals onto a PCB and they are specifically designed for LED lighting, and others which set to boost the market growth.
Industrial Connector Market Segment Analysis – By Industry Vertical
Semiconductor & Electronics is the fastest growing segment in Industrial Connectors market and estimated to grow at a CAGR of 9.0% during forecast period 2021-2026. In semiconductor and electronics industry, connectors are used in applications such as drives, relays and switches, cable assembly sets, fabrication and packaging, test sockets, printed circuit boards (PCBs) and others. In this industry, all outputs of a circuit rely on the performance of the connectors used. The demand for faster, better and cheaper electronic devices drive all component manufacturers to constantly upgrade their offerings which escalate the demand for connectors. Implementation of automation technology in semiconductor and electronics industry to incorporate progressive levels of factory control software components, automated material handling systems, and real-time process tool control to meet the growing and changing needs of a semiconductors and electronics.
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Industrial Connector Market Segment Analysis – By Geography
APAC dominated the Industrial Connectors market in 2020 with a market share of 39.4%, followed by North America and Europe owing to the presence of large number of players. In addition to these, high adoption of automation technologies in industries which drives the market growth. For instance, ABB which is one of the leading company in Europe invests in development of advanced products including connectors for various applications is set to drive the market growth.
Industrial Connector Market Drivers
Increasing adoption of connectors in data centers
With rapid industrial growth towards data centers, industrial connectors are causing high demands in the market. With the help of industrial connectors, companies have been able to improve their Ethernet capabilities, thus improving the data connectivity in their organization. Adoption of Ethernet connectors in data centers provides high speed transmission of massive amounts of data which helps in enhancing work productivity. With the help of such connectors, data centers are able to meet the high end and data heavy applications offering high performance, thus acting as a major driver for the growth of industrial connectors market.
Growing demand for 5G and Government initiatives
The adoption of wireless technologies such as Wi-Fi, Bluetooth and others coupled with implementation of automation technology in industries have been fueling the connectors market. According to the National Cable and Telecommunications Association, the number of connected devices are anticipated to reach 50.1 billion by the end of 2020. Growing number of connected devices in telecommunication industry is poised to fuel the market growth. Many government initiatives have been implemented in countries such as India, China, and Brazil, in order to improve the network infrastructure. For instance, the Chinese and Indian governments suggested that their countries should actively promote the 5G development plans and launch the technology by the end of 2020. These kind of initiatives are increasing the demand for connectors.
Industrial Connector Market Challenges
Designing and Operation failures
Designing of miniaturized connectors is the major challenged faced by industrial connectors OEMs. Design engineers face problems in balancing the compact designs of connectors along with offering high performance levels. Designing of miniaturized high voltage power connectors without compromising with the durability offered device robustness in the harsh environments is the major issue faced by in industrial connectors’ manufacturers market. Additionally, repeated connector connection and disconnection causes wear and tear issues, thus causing operation failures and this hampers the market growth.
Industrial Connector Market Landscape
Technology launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Industrial Connectors market. Industrial Connectors top 10 companies include Molex Incorporated, TE Connectivity, Amphenol Corporation, Aptiv (Delphi Connection Systems), JST Mfg. Co. Ltd., Hirose Electric Co. Ltd., Rosenberger Hochfrequenztechnik GmbH, Harting Technology Group, Foxconn Technology Group, Sumitomo Electric Industries Ltd., Japan Aviation Electronics Industry Ltd. and Yazaki Corporation and others.
Acquisitions/Technology Launches
In March 2020, Amphenol ICC launched ix industrial connectors in collaboration with its technology partners Hirose Electric and Harting Technology Group. With a mechanically strong 10 position connector design and IEC 61076-3-124 compliant, these connectors were designed to meet the next generation industrial Ethernet requirements.
In February 2020, Binder USA LP had launched eight contact male/female M16-X cable connector named M16-X415 series in order to offer high speed data transmission along with an IP67 rated ingress protection to resist harsh environments.
Key Takeaways
Europe dominated the Industrial Connectors market in term of revenue in 2020 owing to the presence of major number of players.
Adoption of advanced technologies such as IoT, automation technologies in industries and stringent regulations to use advanced equipment is poised to propel the market growth.
Increasing adoption of Industrial Connectors in data centers with growing trend of 5G technology is set to drive the market.
Designing of miniaturized connectors is the major challenge that hampers the market growth
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