Industrial Connectors Market Size, Share, Growth and Industry Analysis By Type (M12 Sensor Cables, Connectors, Shielded Networking Cables, 7/8 Power Cables, And, Others) By Application (Industrial Automation And Process Control, Machine Tools And Machinery Food And Beverage, Pharmaceuticals, Packaging, And, Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Industrial Connectors Market REPORT OVERVIEW

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The global industrial connectors market size was USD 2051.4 million in 2022 and market is projected to touch USD 2996.5 million by 2031 with a compound annual growth rate (CAGR) of 4.3% during the forecast period.

Industrial connectors can come in various forms. They can come as multiphase plugs and sockets. They majorly help in providing a connection to the electrical mains. These mains have higher voltage and greater currents compared to other plugs and sockets. They are mainly integrated in polyphase systems.

Many new developments can be witnessed in the market. New varieties of connectors are being seen in the market. They are also being implemented in automotive, electrical devices, and defense sectors. This is considered as the latest trend in the market.

Every electronic device requires industrial connectors to provide connection. The growth in the number of autonomous vehicles all over the world has become yet another factor adding to the growth of the market.  All of these factors have collectively helped in the global industrial connectors market growth.

COVID-19 impact: Unavailability of Required Raw Materials During the Pandemic Reduced the Market Growth

The industrial connectors are made of many materials. These raw materials are essential for the purpose of production of the industrial connectors. Due to the pandemic of COVID-19 there was a concerning shortage in the availability of required raw materials because of strict lockdowns and social distancing norms.

Connection products are made up of materials like PBT plastics, nylon-66, 6T plastic materials, 9T plastic materials, LCP plastic materials, and many more. These materials form the base of industrial connectors. As these materials became scarce, the production decreased bringing down the market share during the period of pandemic.

LATEST TRENDS

"Wide Variety and Their Vast Application in The Market to Increase the Market Growth"

Many varieties of industrial connectors are available in the market. PBC connectors, I/O connectors, fiber optic connectors, RF coaxial connectors, circular connectors and network connectors are some of the important kinds of connectors available in the market.

Along with the wide range of options to chose from these industrial connectors also have vast applications. They are used in regulating signal connections, used in radio antennas, analog and serial digital interface video signals, and nuclear instruments. The huge demand for global industrial connectors is propelling the market growth.

Industrial Connectors Market SEGMENTATION

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• By Type

The market can be divided on the basis of type into the following segments:

M12 sensor cables, connectors, shielded networking cables, 7/8 power cables, and others.

The m12 sensor cables segment is anticipated to dominate the market during the forecast period.

• By Application

Classification based on application into the following segment:

Industrial automation and process  control,  machine tools and machinery food and beverage, pharmaceuticals, packaging, and others.

The Industrial automation and process control segment is predicted to dominate the market during the research and forecast period.

DRIVING FACTORS

"Growing Demand for Consumer Electronic Devices to Fasten the Market Growth"

In today’s world of rapid urbanization and modernization, the growth for consumer electronic devices have reached a peak. No work can be completed efficiently without the involvement of electronic devices. Every electronic device requires industrial connectors to provide connection.

This has been one of the important factors driving the market growth. Along with this great usage of automation technology in many major sectors has created a growth opportunity for the market. Industrial defense and automotive segment are also using industrial connectors on a large-scale basis, which is helping in increasing the global industrial connectors market share.

"Sudden Increase in The Number of Autonomous Vehicles Globally to Propel Market Growth "

From the past few decades there has been a noticeable growth in the number of autonomous vehicles all over the world. Along with being used in electronic devices and defense segments industrial connectors are also being adopted in the automotive segment.

The automotive segment is in turn fueled and being developed by the incorporation of advanced safety measures.  The electric components involved within a machine is also increasing every day. All of these factors have contributed in the massive growth of the industry.

RESTRAINING FACTOR

"Volatility In the Price of Copper to Considerably Decrease the Market Growth"

The price of raw materials keeps on fluctuating depending upon the market situations. The fluctuating price of raw materials will hamper the market growth. Industrial connectors are majorly made up of metals, and especially copper. Copper is a good conductor of heat and electricity.

However, the volatility in the prices of copper is limiting the growth of the market. Along with this, the poor contact provided by the connectors, or the loose connection can result in the failing of a particular unit. All of these are considered as the factors restraining the market growth.

Industrial Connectors Market Regional Insights

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"Asia Pacific to Dominate Market Share in The Upcoming Years"

Asia Pacific holds the largest share in the global industrial connectors market with more than one-fourth of the shares. After Asia Pacific Europe is predicted to dominated the market. A few favorable factors have helped in the growth of the market in Asia Pacific. 

The latest trend in the market has been the emergence of 5G internet all over the world. This is much more prevalent in the region of Asia Pacific. Also, the high demand for automotive as well as telecom sector in this region has profited the market. Internet of Things technology has also played a major role in creating better opportunities for the market in Asia Pacific.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Yazaki (Japan)
• TE Connectivity (Switzerland)
• Sumitomo Wiring Systems (Japan)
• Rosenberger (Germany)
• Phoenix Contact (Germany)
• JST (U.S.)
• Hirose Electric (Japan)

Report Coverage

The report provides an insight into the global industrial connectors industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations