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June 6, 2022 /PRNewswire/ -- Allied Market Research recently published a report. According to the report, the global connector industry size was US$62.3 billion in 2020 and is expected to reach US$114.7 billion by 2030, with a CAGR of 6.6% from 2021 to 2030.
Global Opportunity Analysis and Industry Forecast 2021-2030.
1. Key determinants of market growth. Rising demand and high growth rate for high-speed connectors in the automotive industry and along with surging investments in defense and submarine cables, driving the global connectors market.
2. COVID-19. The COVID-19 pandemic has severely impacted the electronics and semiconductor industries, disrupting supply chains. During the pandemic, the entire production process has also been affected. However, as the world recovers from the pandemic, the automotive industry's demand for connectors will increase.
3. PCB connector market dominates the market. From the perspective of product type, the PCB connector field will occupy the largest share in 2020, accounting for more than one-fifth of the global connector market, this is due to the rise of the electronics industry and advances in semiconductor technology. However, the fiber optic connector segment is expected to witness the highest CAGR of 8.3% during the forecast period owing to increasing preference for high bandwidth communications and emerging opportunities in the telecom industry.
4. The telecommunications sector has the highest CAGR. From an end-user perspective, the telecommunications segment is expected to register the highest CAGR of 8.3% from 2021 to 2030 due to the increased use of mobile phones, cameras, and other advanced devices that require continuous high-quality data transmission. However, the automotive segment holds the largest share in 2020, accounting for more than one-fifth of the global connector market due to increasing consumer safety and increased demand for reliable connectors in automotive systems.
5. Asia Pacific holds the largest share. By region, the Asia-Pacific region dominated the global connector market in 2020, accounting for more than two-fifths of the market share. Moreover, the region is projected to register the highest CAGR of 7.5% during the forecast period owing to heavy investments in infrastructure, energy, and technology development.
