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Rise in demand for high-speed connects and high growth rate of automotive industry, and surge in investment in defense & submarine cables drive the market growth.
PORTLAND, Ore. , June 6, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Connector Market By Product (PCB Connectors, I/O Connectors, Circular Connectors, Fiber Optic Connectors, RF Coaxial Connectors, Others), End User (Consumer Electronics, Telecom, Automotive, Energy and Power, Aerospace and Defense, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". As per the report, the global connector industry was accounted for $62.3 billion in 2020, and is expected to reach $114.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
Major determinants of the market growth
Rise in demand for high-speed connects and high growth rate of automotive industry, and surge in investment in defense & submarine cables drive the global connector market. On the contrary, complex fault detection and removal process of errors hinder the market growth. However, increase in number of data centers would unlock new opportunities in the future.
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The PCB connectors segment dominated the market
By product type, the PCB connectors segment held the largest share in 2020, accounting for more than one-fifth of the global connector market, due to rise in electronics industry along with advances in semiconductor technology. However, the fiber optic connectors segment is estimated to register the highest CAGR of 8.3% during the forecast period, owing to rise in preference toward high bandwidth communication and emerging opportunities in the telecom sector.
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The telecom segment to portray the highest CAGR through 2030
By end user, the telecom segment is projected to manifest the highest CAGR of 8.3% from 2021 to 2030, owing to rise in use of cell phones, cameras, and other advanced devices that demand continuous high quality data transmission. However, the automotive segment held the largest share in 2020, contributing to more than one-fifth of the global connector market, due to rise in safety among consumers and increased requirement for reliable connector in vehicle systems.
Asia-Pacific held the lion's share
By region, the global connector market across Asia-Pacific dominated in 2020, accounting for more than two-fifths of the market. In addition, the region is expected to register the highest CAGR of 7.5% during the forecast period, due to high investment in infrastructure, energy, and technology development. The report studies the market across Europe , North America , and LAMEA as well.
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