Portland.OR, April 07, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global connector market generated $64.17 billion in 2019, and is expected to generate $98.12 billion by 2027, witnessing a CAGR of 6.7% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, value chain, competitive landscape, and regional scenario.
Rise in demand for high-speed connectors, surge in demand from the automotive sector, and increase in investments in defense & submarine cables drive the growth of the global connector market. However, complex fault detection and removal process of errors hinder the market growth. On the other hand, rise in number of data centers creates new opportunities in the coming years.
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Covid-19 Scenario:
- The electronics and semiconductor sectors affected adversely due to partial or complete lockdown imposed in many countries. Manufacturing activities of different types of connectors have been stopped due to lack of availability of skilled workforce and shortage of raw materials. The supply chain underwent disruptions too.
- The demand from the end use industries such as automotive, defense, and consumer electronics reduced significantly as daily operations were disrupted. However, the demand is expected to increase post-lockdown as operations begin in full capacity.
- In addition, the lockdown during the Covid-19 pandemic resulted in large-scale manufacturing interruptions across the European region, a ban on exports in China, and others. This hindered the market growth.
The report offers a detailed segmentation of the global connector market based on product type, end user, and region.
By product type, the PCB connectors segment accounted for the highest market share, contributing to nearly one-fourth of the global connector market in 2019, and is estimated to maintain its lead status during the forecast period. However, the fiber optic connectors segment is projected to portray the highest CAGR of 7.2% from 2020 to 2027.
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By end user, the automotive segment held the largest market share in 2019, accounting for nearly one-fourth of the total market share, and is projected to maintain its leadership position throughout the forecast period. However, the telecom segment is expected to witness the highest CAGR of 8.1% from 2020 to 2027.
By region, Asia-Pacific contributed to the highest share in 2019, accounting for nearly half of the total market share, and is estimated to maintain its dominant share in terms of revenue by 2027. Moreover, this segment is projected to maintain the fastest CAGR of 7.1% during the forecast period. The report also analyzes regions including North America, Europe, and LAMEA.
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Leading players of the global connector market analyzed in the research include 3M, AMETEK, ABB Ltd., Aptiv PLC, Amphenol Corporation, Japan Aviation Electronics Industry Ltd., Huawei Technologies Co. Ltd., Prysmian S.P.A., Nexans, and TE Connectivity Ltd.
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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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.