Unlock the growth potential in the thriving Wire Connectors market ($86.15B) as well as Wire and Cable ($415B) market with our comprehensive research report. Get valuable insights and make informed decisions in this rapidly expanding market. Order your copy now.
Dubai, UAE, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Global Wire Connectors Market Outlook To 2030:
According to a recent market analysis by Extrapolate, the global Wire Connectors Market is projected to attain a valuation USD 86.15 billion by 2030 from USD 64.72 billion in 2021 at a CAGR of 3.68% between 2022 to 2030.
Rapid digitalization and the demand for reliable, high-performance, and efficient connections are boosting the growth of the market. The increasing number of fixed broadband connections has enabled the growth of the installation of wired connections. According to the International Telecommunication Union, there are over 1.3 billion fixed broadband users globally in the year 2023.
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The demand for micro-connectors with high data rates is also required for smartphones and other handheld mobile devices. This is expected to drive the market for wire connectors. For instance, board-to-board connections operating at 10 Gbps are commonly utilized, while some cutting-edge micro board-to-board connectors are capable of operating at 20 Gbps. As a result, the demand for cable connections is directly impacted by the expansion of consumer electronics.
Competitive Landscape of Wire Connectors Market
The wire connectors market comprises key players and several new entrants in the market with increased demand and minimal capital investment for these connectors. Multiple mergers and acquisitions have also contributed to the growth of the market. A few of the major connector market players include Amphenol Corporation, Aptiv., TE Connectivity Limited, 3M, etc. For instance, Amphenol RF expanded its AUTOMATE Type A MiniFAKRA product series to build closed-entry cable interfaces, mitigating contact damage.
Japan Aviation Electronics Industry, Ltd.
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PCB Connectors to Retain Largest Market Share with Improved Connectivity
The printed circuit board (PCB) connectors are expected to maintain the leading position in the wire connectors market during this forecast period. The PCB connectors utilize high-quality materials to steer performance and provide manufacturers with dependable and long-lasting products. It exhibits a compact size, is easy to diagnose and repair, and, most importantly, offers a strong connection with copper tracks.
The PCB connectors are gaining traction owing to the rising number of market opportunities in various industries, including transportation, aerospace and defense, computers, industrial, telecom/datacom, and consumer electronics, etc. The increasing demand for PCB connectors in North America for the production of electric vehicles is also driving the wire connectors market growth.
Automotive/Transportation Sector to Witness Largest Market Share for Various Types of Wired Connectors
The rising adoption of increasingly sophisticated electronic systems, such as audio controls, driver assistance systems, diagnostic systems, cruise control, and infotainment systems, is expected to drive a significant increase in the demand for wired connections in the automobile industry. Additionally, the industry is anticipated to witness a boom in the production of electric cars worldwide.
Increasing innovations and design improvements for miniature connectors are also driving growth for the market in the automotive industry. For instance, in December 2021, Hirose Electric developed the GT50 Series with 1mm pitch and heat resistance up to 125 degree Celsius, amplifying its demand in automotive applications. The increasing usage of electric vehicles and hybrid vehicles is driving the growth of the global wire connectors market.
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North America, Europe to Exhibit Rapid Growth with Rising Demand for Wire Connectors in Automotive Sector
Research analysts at Extrapolate have projected that North America is expected to maintain the largest share of the wire connectors market. The rising demand for wired connections for the automotive and industrial sectors is responsible for the expansion of this market. The presence of key players in this region is also anticipated to fuel the market's expansion. The rising demand for wired connections in the automotive and, aerospace & military industries is fueling the wire connectors market.
Europe, on the other hand, is also expected to expand rapidly during the forecast period owing to the increasing demand for wired connectors in end-user industries, including automotive and industrial sectors. For instance, Germany is expected to grow at a high growth rate owing to the expansion of the automobile industry in the region.
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Some Major Points From Table of Content:
Chapter 1. Executive Summary Chapter 2. Research Methodology Chapter 3. Market Outlook Chapter 4. COVID-19 Impact On Wire Connectors Market Chapter 5. Global Wire Connectors Market Overview, By Type, 2017 – 2030 (USD Million) Chapter 6. Global Wire Connectors Market Overview, By End-user Vertical, 2017 - 2030 (USD Million) Chapter 7. Global Wire Connectors Market Overview, By Geography, 2017 - 2030 (USD Million)
Section II: Wire And Cable Market Report 2022- 2030
As per the recent research report published by Extrapolate, the global Wire and Cable Market is estimated to generate a revneue of USD 415 billion by 2030 from USD 198 billion in 2021 at a CAGR of 8% during the forecast period.
Rapid urbanization and expanding infrastructural activities worldwide are expected to drive the wire and cable market. The improved material availability of wires and cables is projected to boost the demand in various commercial, industrial, and residential sectors. The increasing demand for smart grids in underground and submarine cables is also driving growth for the wires and cables market.
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With rising demand for energy-efficient and renewable sources of electricity, smart grids are experiencing significant investments and rapid adoption in the semiconductor & electronics industry. After the adverse effects of the coronavirus pandemic on the global industry, the increasing demand for renewable power generation has resulted in the growth of the wires and cables market.
Furthermore, the data centers in IT, communications, and networking sectors are demanding improved data storage and traffic routing management systems as Big Data continues to expand rapidly. The increased availability and affordability of wires and cables is driving significant growth of the market.
Competitive Landscape of the Wire and Cable Market
The current market for wires and cables is fragmented across the globe, with several major players propelling the growth of the market. Cable manufacturing companies, including Prysmian Group, Southwire Company, KEI Industries, etc., are molding the competitive landscape of the wire and cables industry.
Southwire Company, LLC. (Georgia, U.S.)
FURUKAWA ELECTRIC CO., LTD. (Tokyo, Japan)
Sumitomo Electric Industries, Ltd. (Tokyo, Japan)
Belden Inc. (Missouri, U.S.)
LS Cable & System Ltd. (Anyang, South Korea)
KEI Industries Ltd (Delhi, India)
Cords Cable Industries Ltd. (Delhi, India)
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Global Wire and Cable Market Segmentation:
Low Voltage Segment to Spur Market Size with Multiple Applications in End-User Industries
The high demand for low-voltage cables is driven primarily by the increasing energy needs of businesses and households due to rapid urbanization across the world. The increasing demand for electricity, data transmission, and communication, backed by government initiatives to encourage people to switch to renewable sources of energy, is also driving the growth of the low-voltage cables market. Furthermore, the growing demand for alternative sources of energy, such as solar, wind, and hydroelectric power, is expected to help drive the growth of the low-voltage cables market in the coming years.
Manufacturers are focusing on developing improved insulation materials that are suitable for low-voltage cable applications, as well as quality performance and reliability. This has resulted in the introduction of novel technologies such as cross-linked polyethylene (XLPE) and insulation materials such as PVC, rubber, and polypropylene. These materials are being used in the production of low-voltage cables to meet the increasing demand for high-performance cables that are safe and durable. Moreover, advancements in automation, robotics, and process control systems have led to an increase in the number of electronic appliances and equipment requiring low-voltage cables, thereby boosting the growth of the low-voltage cables market.
Furthermore, the rapid expansion of smart cities across the world has increased the demand for low-voltage cables as they are used to connect sensors, monitors, and other devices that are used to manage the city’s infrastructure. This has consequently created significant growth opportunities for the low-voltage cables market.
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Construction Segment to Spearhead Industry Share with Increasing Investments in Electrical Uses Worldwide
The construction segment is augmenting growth owing to rapid electrical applications in residential and commercial settings. Growing infrastructure and rising construction sector expenditure are boosting the demand for the wires and cables industry. The development of industrial facilities, business establishments, office buildings, and residential townships presents substantial opportunities for wire and cable makers. The usage of wires and cables has also expanded as a result of large investments in underwater cable connections and developments in renewable energy.
For instance, the construction industry in the United States is expected to rapidly contribute nearly 4.2% of its GDP to the market. With increasing private construction and other privately owned houses, the construction segment is expected to augment growth for the wires and cables market.
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North America, Europe Emerging as Largest Markets for Wires & Cables with Rising Adoption of Energy-Efficient Sources
North America and Europe are leading markets for wires and cables due to their shift towards energy-efficient sources and the growth of various industries. The need to reduce pollution and emissions has led to the adoption of renewable energy sources like solar, wind, and water power, requiring specialized wiring and cabling materials. Metals like copper, aluminum, and silver are preferred due to their conductivity, durability, and affordability. The growth of the automotive, healthcare and construction industries has increased the demand for wiring and cabling materials further.
Research analysts at Extrapolate have predicted that North America is expected to witness the highest growth of the wires and cables market owing to the adoption of renewable sources of energy generation and energy efficiency in the region. As per our study, the government aims to enable 100% of U.S. energy consumers to access residential or community solar without any rise in electricity cost. The target is to install 30 GW of offshore wind by 2030, with the potential to reach 110 GW by 2050.
Europe has emerged as the second-largest market for wires and cables owing to the increasing investment in renewable energy and grid infrastructure. According to smartEn, a European business organization integrating consumer-driven sustainable energy transition solutions, various regions, including Italy, Spain, Estonia, Finland, etc., have crossed approximately 100% smart meter coverage. On the other hand, a few developing regions, such as Denmark, are also rapidly growing, with approximately 80% of smart and sustainable future plans.
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