According to a new market research report published by Credence Research “Power Connectors Market (Type – Light Duty, Medium Duty and Heavy Duty; Application – Automotive, Aerospace, Data Communication and Others) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall Power Connectors market worldwide was valued at US$ 1.87 Bn in 2018 and is set to grow with a CAGR of 3.6% during the forecast period.
Power connectors are devices that enable electrical current to pass through it for the sole purpose of supplying a device with power. Because of its use in energy transfer, the global market for power connectors will see significant growth. Power connectors are broadly utilized in the defense and military sector. These connectors are crafted in terms of their precision, durability and reliability to meet the tough military standards. Power connectors are also known as modular connectors which, by using pre-existing building blocks to arrange unique contacts, can be crafted to fit consumer goals and requirements. Power connectors also find extensive applications in consumer electronics, medical devices and aerospace industries. Within a circuit, power connectors offer an inline disconnect and also come with varying sizes and shapes as required. In the near future, all of the above factors will likely fuel the demand for power connectors. Emerging trends that have a direct impact on the connector industry’s dynamics include increasing demand for high-speed connectors, shifting to compact and thinner connectors as well as introduction of high-power connectors.
By Type, the upto 15.0 A segment dominated the market in 2018 majorly due to increasing demand for mid power connectors especially from consumer electronics and automotive industries. Although, upto 25.0 A segment is projected to witness the fastest growth over the forecast period owing to increasing demand for high power connectors from military and automotive applications. Rising demand for electric cars coupled with increasing awareness among consumers regarding the usage of electric vehicles are some major factors anticipated to drive the demand for such power connectors. In terms of application, the automotive segment accounted for the largest share in 2018. Safety features such as anti-theft alarm system, adaptive cruise control, keyless entry, auto emergency braking and lane departure warning help prevent fatal accidents and provide higher safety levels. Using a considerable number of electronic components, such advanced features are integrated into a vehicle. Connectors play an essential role in providing these components with adequate power distribution. Also, power connectors are produced in a way to endure severe operating situations viz. low and high temperatures, dirt as well as wear and tear.
Due to growing construction and infrastructure activities in emerging economies such as China and India, Asia Pacific power connectors industry is estimated to grow at a significant rate. Growth is driven by a rapid increase in automotive production, increased demand for tablets and smartphones, and increased industrial automation, as well as increased demand for home appliances. Awareness of increasing levels of air pollution has encouraged the adoption of electric vehicles creating tremendous opportunities for connectors in China, Japan, India, and other countries. Due to advanced technologies and innovative product development, North America is expected to remain the largest market for power connectors throughout the forecast period. Huge number of power industries, huge military base and a rapidly evolving electronics industry especially in the U.S. are some major factors behind North America’s dominance.
Some of the key manufacturers operating in the global power connectors market include Molex, Igus, TE Connectivity, CLIFF Electronic Components, Amphenol, CUI, Samtec, Harwin, Foxconn, NBC, Hirose Electric, Bulgin, Belden, Furutech, ITT, GE, Kyocera, Glenair, Anderson Power Products, Methode Electronics, Aerospace Electronics, Phoenix Contact and Binder among others. Major players are adopting several marketing strategies such as acquisitions & mergers, product launch, product innovation, geographical expansion and partnerships in order to maintain their goodwill in the ever competitive market.
Our Blog: Home – Target Market Size