Global Cable Connector Market to Reflect a 5.94% CAGR During 2019-2024 where Oil & Gas Sector to Aid the Growth of the Cable Connector Industry and Asia-Pacific is Expected to Execute a Significant Growth Rate
Dallas, United States - August 29, 2019 /MarketersMedia/ — Market Overview
The cable connector market is expected to register a CAGR of 5.94%, during the forecast period 2019 - 2024. According to ITU, the number of global fixed broadband subscriptions has increased by 9% annually in the last five years. In addition, the Broadband Commission predicts one billion subscribers worldwide by 2019, compared to 884 million in 2016. This increase in broadband connections will provide an opportunity for the growth of the cable connector market as installation of these connections require connectors.
- Adoption of wireless technologies, such as Wi-Fi, RF, and Bluetooth, will consume a considerable chunk of the cables and connectors, thus paving the way for this market to increase. Increasing penetration of technologies, such as the Internet of Things (IoT), is expected to aid the increase in demand for high-performance and secure data connectivity and transmission, which in turn, may increase the demand for cable connectors. According to the National Cable and Telecommunications Association, the number of connected devices is expected to reach 50.1 billion, by 2020.
- Many developments have been undertaken by government organizations in developing countries, such as India, China, and Brazil, to improve network infrastructure. Such initiatives are increasing the demand for high-speed data transmission cables connectors. For instance, the Chinese government proposed that the country should actively promote 5G development and launch the technology by 2020, which in turn, involves the development of communication infrastructure. This is expected to increase the need for better cable connectors and other equipment for its installation purpose.
- However, issues related to the volatile prices of raw materials are estimated to challenge growth in the cable connector market.
Scope of the Report
Cables and connectors are connectivity devices which are used for transmission of data, signal, and power supply for electronic devices across different industries. Cables are electrical conductors where each cable wire are insulated from one another. Some of the examples of cables include USB, IDE, and CAT5. Moreover, connectors are electro-mechanical devices used for joining electrical terminations. The connectors comprise of plugs and jacks. Connectors are also referred to as input-output connectors and form the interface for linking electronic devices with the help of cables.
Key Market Trends
Oil & Gas Sector to Aid the Growth of the Cable Connector Market
- The energy and utility segment is expected to expand significantly, due to the increase in demand for electro-mechanical equipment in this industry.
- Cable connectors used in this industry to have a high-performance capability as most of the processes require efficient extraction of natural resources.
- Thus, the increasing demand for cable connectors, to achieve better control, monitoring, and instrumentation of processes in the oil and gas industry, is driving the use of cable connectors in this market.
- Moreover, over the period the production and consumption of petroleum product are rising due to increasing usage of petroleum product across various domains. In India, with the rise in consumption of petroleum product, there is a rise in production that meets the supply-demand gap. Thus increasing production leads to an increased usage of cable connector used in the process, that drives the cable connector.
Asia-Pacific is Expected to Execute a Significant Growth Rate
- Asia-Pacific is expected to register a significant growth rate over the forecast period in the cable communicator market due to the increasing focus on energy management and technological advancements.
- Increasing data center services in Asia-Pacific, due to a large number of multinational and domestic enterprises turning toward Cloud Services Providers (CSPs) and colocation solutions, is increasing the need for cable connectors in this region.
- Major firms, such as Google, are also planning to open their data centers in China for their growing businesses, mainly, due to the low manufacturing and labor costs. Apart from China, other countries, such as Japan, are especially having their primary colocation markets in Tokyo, Osaka, and Nagoya and Indonesia, which are expected to stand as one of the leaders in data center services market, thus promoting the need for cable connectors market.
The cable connector market is highly fragmented. The reason being, the player can easily enter into the market due to rising demand and low capital required. Moreover, acquisitions have been a key trend observed across the years in the market. For instance, Amphenol has made around 49 deals between 1999 and 2017. Some of the key players include Amphenol Corporation, Molex Inc. (Acquired by Koch Industries), Fujitsu Limited, TE Connectivity Limited,3M Company, Huawei Technologies Co. Ltd, among others.
- May 2019 - TE Connectivity Ltd. (TE), a global industrial technology company with leading positions in connectivity and sensing solutions, announced that it has acquired Alpha Technics. Alpha Technics is a leading designer and manufacturer of high precision, medical temperature measurement products, and solutions.
- June 2018 – Triton Knoll signed an agreement with a UK firm, J Murphy & Sons Ltd, to work on the design and installation of substation and cable circuits of an 860MW innogy project.
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