The global heavy-duty connector market size is expected to grow at a CAGR of 6.4% during the forecast period 2020 – 2027; it was accounted to USD 1.47 billion in 2019 and, to account to USD 2.41 billion by 2027.
New York, Feb. 02, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Heavy-Duty Connector Market Size, Share, Growth, Trends and Global Forecasts to 2027 – Global Analysis and Forecasts by Component (Hoods & Housings, Insert and Contact, and Accessories); Material (Metal, Plastic); Termination Method (Crimp, Screw, and Others); Application (Manufacturing, Power, Rail, Oil & Gas, Construction, and Others)”; the global heavy-duty connector market growth is impelled by increasing scope of application for HDC, adoption of heavy duty connectors by small and medium-sized enterprises and rising adoption of automation in diverse range of industries.
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Global Heavy-Duty Connector Market – Report Scope:
Market Size Value in
USD 1.47 Billion in 2019
Market Size Value by
USD 2.41 Billion by 2027
Growth rate
CAGR of 6.4% from 2020-2027
Forecast Period
2020-2027
Base Year
2020
No. of Pages
203
No. of Tables
110
No. of Charts & Figures
89
Historical data available
Yes
Segments covered
Component; Material; Termination Method; Application
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Global Heavy-Duty Connector Market: Competitive Landscape and Key Developments
Amphenol Sine Systems, HARTING Technology Group, Phoenix Contact GmbH & Co. KG., TE Connectivity, and Weidmüller Interface GmbH & Co. KG are the top five key players profiled in the heavy-duty connector market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in the heavy-duty connector market are mentioned below:
• In January 2016, TE Connectivity launched a new range of rectangular Heavy Duty Connectors that can operate under harsh environments.
• In March 2019, Weidmüller announced a strategic partnership with IDEC, focusing on terminal blocks with PUSH IN connection technology.
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Entry of New Players Focusing on Emerging Economies to Provide Lucrative Opportunities for Heavy-Duty Connector Market Growth during (2020-2027)
The growing economic weight of several emerging economies, more specifically Brazil, Russia, India, China, South Africa, Indonesia, Turkey, and South Korea, provides expansion opportunities for various companies. Globally, the pattern of foreign direct investment (FDI) has changed in past years, with the increasing significance of developing market multinational enterprises (MNEs). These countries have been a powerful engine of the economic growth across the globe during the past century. China and India, together, contribute almost two-thirds of the global GDP growth. As per the Organization for Economic Co-operation and Development (OECD), APAC continues to record a positive average GDP growth rate of 6.6% in 2018 and 6.3% in 2019. The private sector in emerging economies is playing a crucial role by setting up various manufacturing plants, leading to helping countries foster long-term economic development and secure productivity. Also, the growth of the manufacturing and oil & gas sector is leading to increasing focus on technological development such as automation blockchain, and IoT. The industries such as oil & gas, energy & power, and manufacturing are looking for components that enable data and power supply even in the harshest of environmental conditions.
The heavy-duty connector market growth in North America is having significant growth rate. North America is a technologically advanced region and has a strong manufacturing sector, with companies continuously focusing on exploring new technologies to improve efficiency. A high degree of competition has also led to the increased adoption of new technologies in the region. Also, the focus on automation is growing in the region, which is supporting the growth of the heavy-duty connector market in the region. North America has a strong manufacturing sector, and major manufacturing industries in the region include automobile chemicals, food processing, consumer goods, and electronics. Increased automation has led to change in the manufacturing industry in the US, and manufacturers are rapidly implementing new technologies in their assembly lines to meet the increasing consumer demands. Heavy-duty connectors are used in manufacturing companies whenever there is a need for a secure, easy, and time-saving assembly of machinery and facilities. Therefore, the growing popularity of industrial automation and increasing focus on adopting new technological solutions across North America are among the factors creating a rising demand for heavy-duty connectors in the region.
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Heavy-Duty Connector Market: Industry Overview
The heavy-duty connector market has been segmented on the basis of component, material, termination method, application, and geography. Based on component, the heavy-duty connector is segmented into hoods & housings, insert and contact, and accessories. Based on material, the heavy-duty connector is segmented into metal and plastic. Based on termination method, the heavy-duty connector is segmented into crimp, screw, and others. Based on application, the heavy-duty connector is segmented into manufacturing, power, rail, oil & gas, construction, and others. Based on geography, the heavy-duty connector market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The heavy-duty connector market in the Asia Pacific is projected to witness impressive growth during 2020–2027. The region experiences a progressive economic outlook in comparison with other regions across the world. The region has enormous growth potential owing to the presence of fast-growing countries such as China, Japan, and India. Further, China focuses on adopting high-tech machinery and components in manufacturing hubs, and other developing countries such as Malaysia, India, Indonesia, and Vietnam are attracting several businesses by adopting advanced technologies in their manufacturing facilities. With the growth of international trade due to trade liberalization and overall infrastructure development, the demand for heavy-duty connectors is likely to increase during the forecast period.
Europe is characterized by strong economic and manufacturing capabilities. The EU is the world’s second-largest producer of products derived from petroleum and constitutes 16% of the total global oil refining capacity. Further, gas and coal have remained essential fuel sources for thermal electricity generation in Europe. In addition, shale gas and other hydrocarbon extractions are carried out in various European countries, and measures are being taken up by regulatory bodies to ensure that the impacts on the environment are minimal during the oil and gas extraction processes. Further, the European countries are looking forward to entering into more synergies and investment in R&D activities to introduce future technologies. The country also endures in funding for Electronic Components and Systems for European Leadership (ECSEL) program to further develop electronic components and systems. Further, Europe has a strong industrial sector, and major industries in Europe include manufacturing, construction, and automotive. The UK is one of the most significant industrial countries in Europe, and other countries include France, Germany, Italy, and Scotland. The European industrial sector has quickly adopted new technologies, which would, in turn, drive the demand for heavy-duty connectors in the industrial segment.
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