Policies and investments directed toward Expanding Digital Networks Driving Demand for Cables and Connectors: Fact.MR Report
According to a new research report released by Fact.MR, the global cable and connector market is projected to reach a size of US$ 112.15 billion in 2024 and thereafter expand at a CAGR of 8.4% from 2024 to 2034.
Demand for cables and connectors from industries such as automotive and telecommunications is rising at a significant pace. High government investments and initiatives directed toward improving connectivity have pushed the demand for cables and connectors. The market is also benefitting from increased digitalization and 5G internet penetration in several parts of the world.
Expansion of the oil & gas and energy sectors is set to further boost the demand for cables and connectors. Electrification in the automotive industry is expected to increase sales of these products. In addition, demand for high-bandwidth cables and connectors is projected to drive the market in the coming years. Cable and connector manufacturers are expected to also benefit from increased investment in the defense sector.
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Key Takeaways from Market Study:
“Rapid digitalization and increased initiatives to improve connectivity are benefitting manufacturers of cables and connectors across the world. Shift toward electric vehicles is fueling the demand for specialized cables and connectors in the automotive sector,”says a Fact.MR analyst.
Leading Players Driving Innovation in the Cable and Connector Market:
Amphenol Corp.; Axon Cable; 3M Company; Alcatel-Lucent; Molex Inc.; TE Connectivity Ltd.; Sumitomo Corporation; Huawei Technologies Co. Ltd.; Nexans SA; Prysmian Group; Hirose Electric Co., Ltd.; Corning Incorporated; Huber+Suhner AG; Rosenberger; JAE Electronics, Inc.
Market for Cables and Connectors Benefitting from Increasing Demand for Higher Bandwidth and Faster Transmission
High bandwidth is critical in the telecom industry, video services, cloud applications, online gaming, and TV-on-demand. In comparison to wireless communication, a wired transmission link provides more bandwidth, greater dependability and agility, and increased security. Furthermore, wireless transmission is less efficient in underwater operations because low frequencies are used to reduce attenuation and prevent transmission rate slowing.
Market growth is projected to be driven by growing demand for higher bandwidth and faster transmission. These connections have a much lower profile than standard side-entry counterparts. They are located within a cutout on the PCB. As a result, they are mounted flush with the PCB. The development of these new cables and connectors is projected to contribute to market expansion.
Cable and Connector Market News:
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the cable and connector market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges details on the cable and connector market based on type (HDMI, VGA, USB, CAT5/CAT6) and end use (automotive, commercial, energy & power, aerospace & defense), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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5G is the fifth generation of mobile network technology, offering faster speeds, lower latency, and the ability to connect more devices simultaneously compared to previous generations.
Digitalization refers to the process of converting information into a digital format, enabling easier access, management, and sharing of data across various platforms.
Automotive electrification involves the integration of electric powertrains and components in vehicles, enhancing efficiency and reducing reliance on fossil fuels.
CAGR stands for Compound Annual Growth Rate, a useful measure that indicates the mean annual growth rate of an investment over a specified time period longer than one year.
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