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.
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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.
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.