Portland, OR, May 21, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global cables and connector market was pegged at $ 86.14 billion in 2019, and is anticipated to reach $ 160.93 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in investment by government to improve connectivity within regions, surge in demand for higher bandwidth cables and connectors among different industries, and rise in defense and submarine cables by various organizations have boosted the growth of the global cables and connector market. However, complex fault detection and removal process of errors hamper the market. On the contrary, surge in government initiatives to increase connectivity in rural areas of developing economies and growing number of data centers open lucrative opportunities for the market in the coming years.
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Covid-19 scenario:
- The global cables and connector market have not been amongst the affected sectors amid the Covid-19 outbreak, as connectivity products have become essential for manufacturing critical medical technologies including ventilators and monitoring devices.
- On the other hand, the industry is also supplying OEMs with necessary parts required to build essential products to care and protect the people affected by the virus.
- However, disruptions in the supply chain have hampered the overall system to some extent.
Based on product type, the external cables and connector segment held the highest share in 2019, accounting for more than two-thirds of the market. However, internal cables and connector segment is anticipated to manifest the highest CAGR of 9.4% during the forecast period.
On the basis of industry vertical, the oil and gas segment is anticipated to manifest the highest CAGR of 10.4% during the forecast period. However, the commercial segment held the largest share in 2019, contributing to nearly two-fifths of the total market share.
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The global cables and connector market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for nearly two-fifths of the total market share. In addition, the region is expected to register the highest CAGR of 10.4% during the forecast period.
The global cables and connector market report includes an in-depth analysis of the major market players such as 3M Company, Amphenol Corporation, Alcatel-Lucent (Nokia Corporation), Axon Cable S.A.S., Fujitsu Ltd., Huawei Technologies Co. Ltd., Nexans, Prysmian S.P.A., Sumitomo Electric Wiring Systems, Inc. and TE Connectivity Limited.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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