It is anticipated that the size of the worldwide cable and connector market would generate $112.15 billion in revenue by 2024. According to forecasts, the market will grow at a compound annual growth rate (CAGR) of 8.4% over the following ten years, reaching a value of US$ 251.64 billion by the end of 2034.

In electronic and electrical systems, connectors are crucial electromechanical parts that act as vital bridges. Their main job is to link different devices in a safe and dependable manner so that data, power, and signals may be sent. There are many different types and combinations of cables and connections, each designed for a particular use. Their pin configurations, contact materials, and housing designs set them apart and enable them to efficiently bridge connections in a variety of electrical and electronic circuit types.

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The growth of smart grids and increased expenditures in intelligent power transmission and distribution systems are expected to propel the cable and connector industry. The goal of implementing smart grid technology is to fulfill the growing demand for grid interconnections, which will lead to greater costs.

Increased Security, Agility, and Dependability of Cables and Connectors

Services like on-demand TV, cloud software, online gaming, and video streaming require a lot of bandwidth in the telecom industry. Compared to wireless connectivity, wired networks provide more bandwidth, dependability, flexibility, and improved security. Furthermore, low frequencies that are utilized to reduce signal loss and maintain transmission rates make wireless transmissions difficult underwater.

The growing need for faster transmission rates and more bandwidth is expected to fuel a notable growth in the requirement for cables and connections. Compared to conventional side-entry variants, these connections are much smaller and fit tightly into PCB cutouts, sitting flush with the board. The rise of the global market is anticipated to be fueled by this innovation in cable and connector technology.

Key Companies Profiled

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.

Raw material costs that fluctuate

PVC pellets, copper for wiring, and plastic-based components including ETFE, PTFE, FEP, and TFE for cable conductors and insulation are essential raw materials needed to produce cable connectors. Manufacturers' profit margins are strained by these materials' fluctuating costs.

Due to its low cost and wide range of applications in cable connections, copper is a basic material that is subject to price variations that are impacted by the state of the world economy. Because of its extensive usage in a variety of industries, including manufacturing, electronics, power production, transportation, and construction, price volatility limits the growth of the cable and connector industry.

Because of its robust digital infrastructure and rapid adoption of cutting-edge technology, North America is predicted to have a 25.8% worldwide market share for cables and connectors by 2024. Due to the growing need for high-speed internet and data transmission in this region, cable and connector businesses anticipate that North America will be a significant market.

China, Japan, and India are expected to be the top three markets for cable and connector producers as a result of the Asia Pacific region's growing digitization in the long run. The main factors driving cable and connector sales include growing industrialization, a boom in consumer electronics manufacturing and sales, and an increase in automobile production.

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Competitive Landscape

  • RWE and Smart Wires, a company that offers services and solutions to improve the grid, announced a collaboration in February 2024 to look at connecting offshore wind power through new cable circuits. In order to facilitate offshore generating connections, the firms' memorandum of understanding (MoU) expressly mandates the use of cuttingedge power flow management technology known as SmartValve on lengthy HVAC or HVDC cable circuitsThe partnership seeks to minimize the requirement for more onshore and offshore grid infrastructure while quickening the process.
  • Leading worldwide provider of connection and electronics solutions, Molex, won a top IoT Product Award at the recent OFweek 2023 (8th) IoT / AI Conference, which was held in Shenzhen, China, in August 2023. The Mezz Pro and Mirror Mezz Enhanced high-speed connections were awarded to Molex.
  • ABB introduced the first hinged high-voltage connection backshells for heavy-duty electric cars in the world in July 2023. In high-voltage applications, cable-to-connector stability is enhanced by the Harnessflex EVO connector interface.
  • FIT Hon Teng, an HonHai subsidiary, won the "Red Dot Design Award," also referred to as the "Oscar of the Design Industry," in June 2023. With the theme "FITCONN," which received the Design Concept Award, FIT showcased its exceptional design talents while focusing on the trending subject of artificial intelligence. This creative technique greatly increases the efficiency of data transmission while still satisfying the requirements and architectural principles of current data centers.
  • The IT14 Series, a hermaphrodite board-to-board connection with a maximum transmission speed of 112Gbps PAM4, was introduced by Hirose Electric. Molex invented "Mirror Mezz," a connection for servers, data communications, and telecommunications equipment in 2018. IT14 was the licensed second source for this connector.
  • In September 2022, Molex, a leader in global electronics and a pioneer in connection, introduced the first pluggable module solution for co-packaged optics (CPO). Utilizing tried-and-true technology, its innovative External Laser Source Interconnect System (ELSIS) expedited the creation of hyperscale data centers by providing a comprehensive system of cage, optical, and electrical connectors with a pluggable module.

Segmentation of Cable and Connector Market Research

  • By Type :
    • HDMI
    • VGA
    • USB
    • CAT5/CAT6
  • By End Use :
    • Automotive
    • Commercial
    • Energy & Power
    • Aerospace & Defense
  • By Region :
    • North America
    • Latin America
    • East Asia
    • South Asia & Pacific
    • Western Europe
    • Eastern Europe
    • Middle East & Africa

This growth is driven by the increasing demand for high-speed data transmission, the proliferation of connected devices, and advancements in technology across various industries. As businesses and consumers continue to prioritize reliable and efficient connectivity solutions, the cable and connector market is set to play a crucial role in supporting the infrastructure of the digital age. Industry stakeholders should capitalize on this opportunity by investing in innovative products and expanding their market reach to stay competitive in this dynamic landscape.

FAQ:

At what rate is the market projected to expand in the United States?

The market in the United States is forecasted to advance at 8.3% CAGR between 2024 and 2034.

What is the anticipated market size for cables and connectors in Japan?

The market in Japan is forecasted to reach US$ 25.52 billion by the end of 2034.

What percentage of the market does the automotive sector represent?

The automotive segment is estimated to account for 36.6% of the global market share in 2024.