The latest market study on “Global Microminiature Circular Connectors Market is estimated to reach US$ 2,476.48 Mn by 2027 from US$ 1,809.60 Mn in 2019. The report includes the analysis of the factors of driving or restraining the market growth, alongside highlighting the prominent players in the market with their recent developments.
The increasing shift towards renewable energy, electromobility, and industrial digitalization (Industry 4.0) is anticipated to provide growth opportunities for the microminiature circular connector providers. Emerging economies offer substantial new markets for the sales of these products.
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The connected devices market is expected to reach US$ 50.1 billion by 2020, according to the National Cable and Telecommunications Association. The government organizations in developing countries, such as India, China, and Brazil, have undertaken many developments to improve the network infrastructure. Such initiatives are boosting the demand for high-speed data transmission cables connectors.
The Chinese government has also proposed that the country would actively promote the 5G development plans and launch the technology by 2020. This would lead to the development of upgraded communication infrastructure, which is expected to increase the need to install better cable connectors and other equipment in the coming years.
The microminiature circular connectors market has been segmented on the basis of type, application, and geography. In terms of geography, Asia Pacific held the largest share of the microminiature circular connectors market, followed by Europe and North America, in 2019. Further, Asia Pacific is also projected to register the highest CAGR in the market during 2020–2027, the forecast period for the report.
Impact of COVID-19 Pandemic on the Microminiature Circular Connectors Market
The recent COVID-19 pandemic has caused huge disruptions in Asia Pacific countries, and the consequence and impact of this outbreak are likely to worsen in the coming months on account of the spread of the virus. The governments of Asia Pacific countries are taking possible steps to control the viral transmission through the enforcement of nationwide lockdowns. The Airports Council International (ACI) AsiaPacific warned that the prolonged duration of the COVID-19 outbreak would drastically impact the region’s airport connectivity and economic sustainability, significantly restricting them from achieving previously projected growth prospects. This series of events is anticipated to negatively impact microminiature circular connector market growth in the coming years.
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The market based on type is segmented into metal shells and plastic shells. The metal shell segment is expected to hold the prime market share in the microminiature circular connectors market during the forecast period. Further, based on application, the microminiature circular connectors market is segmented in military and defense, aerospace and UAV, industrial application, medical, and others. The industrial application segment held the largest share of the market in 2019.
The List of companies – Microminiature Circular Connectors Market
The major companies offering microminiature circular connectors market worldwide include Amphenol Corporation, Franz Binder GmbH & Co.Electrical Components KG, Glenair, Inc., Hirose Electric Co., Ltd., HUBER+SUHNER, ITT Inc., Omnetics Connector Corporation, SOURIAU SAS, TE Connectivity, and Ulti-Mate Connector, Inc.
Microminiature Circular Connectors Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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