According to a recent report published by Allied Market Research, titled, “Cables and Connector Market by Product Type, Installation Type, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Cables and Connector Market size was valued at $86.14 billion in 2019 and is projected to reach $160.93 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.
Cables and connectors play an integral part in the integration of various systems & sub-systems among various industry verticals. The demand for reliable connectivity, high performance communicating channels, and efficiency in transferring data by various enterprises boosts the Cables and Connector Market growth. High-performance networks are essential for business, manufacturing, transportation, education, media, and security. Cables and connectors products help to ensure that data infrastructure performs flawlessly for its users at different times and multiple locations.
Advancements such as high-definition video and multi-channel audio in the IT and electronics market drives the growth of the Cables and Connector Market in this industry. Moreover, oil & gas companies are looking toward fiber optics for improving operational performance and accuracy, which is expected to provide lucrative opportunity for the market.
By product type, the global Cables and Connector Market was led by the external cables & connectors segment in 2019 and is projected to maintain its dominance during the forecast period. Rise in adoption of autonomous and connected systems in various end-user industries is boosting the growth of the market in this segment. However, the internal cables & connectors segment is expected to grow at the highest rate during the forecast period, owing to drastic advancement in networking technology and huge penetration of electronic devices across different industries such as IT & telecom, manufacturing, and automotive across the globe.
Region wise, the Cables and Connector Market was dominated by Asia-Pacific in 2019 and is expected to retain its position during the forecast period. The major factor that drives the growth of the market in this region includes rise in adoption of optic fiber cables by the manufacturing industry to sustain in harsh environment. However, LAMEA is also expected to witness significant growth rate during the forecast period owing to the rising penetration of connected devices and consumer electronics in the region.
Key Findings Of The Study
By product type, the internal cables & connectors segment is expected to attain substantial growth during the forecasted period.
By industry vertical, commercial segment generated the highest revenue in 2019.
By region, the Asia-Pacific accounted for the highest cables and connector market share in 2019.
The key players profiled in the cables and connector market analysis are 3M Company, Amphenol Corporation, Alcatel-Lucent (Nokia Corporation), Axon Cable S.A.S., Fujitsu Ltd., Huawei Technologies Co. Ltd., Nexans, Prysmian S.P.A., TE Connectivity Limited, and Sumitomo Electric Wiring Systems, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.