June 16, 2020
According to the research report titled ‘Aerospace & Defense Power Connector Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Current Rating’, available with Market Study Report LLC, global aerospace & defense power connector market was worth USD 1172.9 million in the year 2019 and is predicted to expand with a CAGR of 5.3% during the study period. The market is expected to generate revenues worth USD 1737.8 million by the year 2027.
Growing demand for soldier modernization and increasing commercial aircraft production are prime factors driving the growth of aerospace & defense power connector industry. Power connectors play a vital role since they connect engine control units with cables to the electrical system of a commercial aircraft. They enable constant transmission of power and electric signals.
Upcoming variants of existing aircrafts along with rising popularity of avionic systems are further aiding the market expansion. Additionally, growing demand for power connectors among various leading aircraft manufacturers such as Boeing and Airbus is also stimulating the industry outlook. However, limitations associated with manufacturing wide-body aircrafts may act as a hindering factor to the overall market growth.
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As per current rating, aerospace & defense power connector industry is split into >600-900 Amp, >300-600 Amp, >150-300 Amp, >80-150 Amp, >40-80 Amp and 5-40 Amp. The report cites that 5 Amps to 40 Amps segment is predicted to acquire noticeable returns in the forthcoming years.
In terms of connector shape, the market is divided into circular and rectangular, in which the former segment accounted for a significant market share in 2019 and is expected to showcase substantial growth during the forecast period.
Based on the application landscape, the industry is bifurcated into naval ships, body-worn equipment, military ground vehicle and aerospace.
From the regional point of view, aerospace & defense power connector industry is categorized into regions namely, South America, Middle East & Africa, North America, Europe and Asia-Pacific. North America accounted for a considerable market share in the year 2019 and is reckoned to record momentous growth throughout the study period.
Arrow Electronics Inc., Radiall, Collins Aerospace, AMETEK Inc., Fischer Connectors SA, ITT Inc., MOLEX LLC, TE Connectivity, Eaton Corp. Plc. and Amphenol Corp. are the major contenders in global aerospace & defense power connector industry.