Allied Market Research recently published its report entitled, "Cables and Connector Market by Product Type (Internal Cables & Connectors and External Cables & Connectors), Installation Type (HDMI, USB, VGA, DVI, CAT5/CAT6, and Others), and Industry Vertical (Automotive, Commercial, Oil & Gas, Energy & Power, Aerospace & Defense, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027".
According to the report, the global cables and connector industry generated $86.14 billion in 2029, and is expected to reach $160.93 billion by 2027, growing at a CAGR of 8.3% from 2020 to 2027.
The analyst states that a rise in investment by governments to improve connectivity within certain regions, an increase in investment in defense and submarine cables by various organizations, and surge in demand for higher bandwidth cables and connectors among different industries has boosted the growth of the global cables and connector market.
Government initiatives to create a surge of connectivity in rural areas of developing countries, and the growing number of data centers are expected to create lucrative opportunities for market players in the coming years.
The research finds the emergence of the COVID-19 pandemic has greatly affected the global cables and connector market, as "the majority of the auto supply chain is connected to China, [impacting] negatively on the sale of cables and connectors." Further, "during this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, and every additional expense apart from essentials," notes the report's summary.
The summary states that by product type, the external cables and connector segment held the largest market share in 2019, accounting for more than two-thirds of the overall market, due to an increase in deployment of data centers across the globe, rise in demand for enhanced network bandwidth, and the emergence of smart cities and smart factories.
However, the internal cables and connector segment is anticipated to exhibit the highest CAGR of 9.4% during the forecast period, owing to supportive government initiatives and plans to drive digitization and promote the adoption of eco-friendly electrical products such as electric vehicles.
By installation, the USB cables and connector segment is expected to register the highest CAGR of 11.3% during the forecast period, due to increase in demand for digital data storage and the emergence of USB 3.0 and 3.1 standards for high-speed data transfer.
However, the external cables and connector segment held the largest market share in 2019, contributing to more than two-fifths of the global cables and connector market, owing to changing customer preference and escalating generation of data.
By region, the global cables and connector market across Asia-Pacific held the largest share in 2019, accounting for nearly two-fifths of the market. Moreover, the market across this region is projected to the highest CAGR of 10.4% during the forecast period, owing to huge investments in infrastructure, energy, and technology development by developing nations such as India, China, and Japan.
According to the study, the market in North America held the second-largest share in 2019, contributing to more than one-fourth of the market.
Major market players examined by the report include:
- Alcatel-Lucent (Nokia Corporation)
- Huawei Technologies Co. Ltd.
- Sumitomo Electric Wiring Systems, Inc.
Download a sample report here: https://www.alliedmarketresearch.com/request-sample/967.
