The microminiature circular connectors market was valued at US$ 1,809.6 million in 2019 and is projected to reach US$ 2,476.5 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027. The growth in the medical device industry is propelling the demand for microminiature circular connectors around the world. The rising demand for miniaturized connectors is also one of the major factors driving the microminiature circular connectors market worldwide. However, the inefficiency with regard to the use of panel space by these connectors is one of the prime factors restraining the growth of market. Despite these limitations, emerging economies offers ample new sales avenues to the microminiature circular connectors market players for future growth. The government organizations in developing countries such as India, China, and Brazil have undertaken many developments to improve the network infrastructure. Such initiatives increase the demand for high-speed data transmission cables connectors. The Chinese government actively promotes the 5G development plans and is willing to launch the technology by 2020. This involves developing upgraded communication infrastructure, which would increase the need to install better cable connectors and other equipment.
The microminiature circular connectors market has been segmented on the basis of type, application, and geography. The market based on type is segmented into metal shell and plastic shell. The metal shell segment is expected to hold a prime share of the microminiature circular connectors market during the forecast period. The microminiature circular connectors market, based on application, is segmented into military and defense, aerospace and UAV, industrial application, medical, and others. The industrial application segment led the market in 2019, and it is anticipated to continue its dominance during the forecast period. On the basis of geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Asia Pacific held the major share of the market in 2019 and is expected to continue its dominance till 2027.
Impact of COVID-19 Pandemic on Microminiature Circular Connectors market
The Asia-Pacific region constitutes the world’s two most populated countries as well as manufacturing hubs across India and China. The China region virtually imposed strict lockdown and social isolation which virtually halted the manufacturing as well as production of numerous equipment and machinery for several weeks resulting in shrinking its country economy. Furthermore, the country also isolated its import as well as export of critical raw materials and industrial equipment for numerous industry vertical impacting the supply chain of various end-user industries. Similarly, India also imposed a nationwide lockdown to mitigate the growing number of COVID-19 cases across the country. As a result, the subsequent lockdown and disruption of numerous industrial equipment and machineries across China and India respectively has contributed significantly in negatively impacting the market growth across the Asia-Pacific region. In addition to this, the closure of several retailers, distributors and sales representatives also has reduced the availability of components and production of circular connectors other European and North American based market players
The overall microminiature circular connectors market size has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the microminiature circular connectors market with respects to all the segments. It also provides the overview and forecast for the global microminiature circular connectors market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the microminiature circular connectors market.
A few of the major players operating in the global microminiature circular connectors market are HUBER+SUHNER, Amphenol Corporation, ITT Inc., Omnetics Connector Corporation, Hirose Electric Co., Ltd., TE Connectivity, Ulti-Mate Connector, Inc., Franz Binder GmbH & Co. Electrical Components KG, Glenair, Inc., and Souriau SAS.