June 26, 2020
According to a market research report on the title ‘Microminiature Circular Connectors Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Application available with Market Study Report LLC, global microminiature circular connectors market was valued at USD 1,809.6 million in 2019 and is expected to reach USD 2,476.5 million by 2027. The market is projected to grow at a CAGR of 4.1% during 2020 to 2027.
The rising demand for microminiature circular connectors worldwide is due to increasing sales of medical devices. The surging demand for miniaturized connectors is one of the major factors driving the industry expansion. Although, the inefficiency in the use panel space by these connectors may somewhat hamper the market growth.
Despite the limitations, the emerging economies offer plenty of new sales avenues for the global microminiature circular connectors market players over the forecast period.
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The government of China promotes 5G development plans and is willing to launch the technology by 2020. This involves development of upgraded communication infrastructure that would rise the need to install better cable connectors and other equipment, hence stimulating market share.
Based on regional overview, the market is categorized into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. In 2019, Asia Pacific held highest market share and is expected to continue its stance till 2027.
Depending on the type, the industry is divided into plastic shell and metal shell. The metal shell segment is projected to dominate the market during the forthcoming years.
In terms of the application spectrum, the market is segmented into aerospace and UAV, medical, military and defense, industrial application, and others. In 2019, the industrial market segment held a significant share of the market and is expected to continue the same during the forecast period.
The outbreak of pandemic COVID-19 led to adverse effects on various businesses and economies worldwide due to the imposition of lockdowns, travel bans, and offices shutdown. Furthermore, the closure of several sales representatives, retailers, and distributors also has reduced the availability of components. China and India are two majorly hit countries by the virus, negatively impacting the market growth across the Asia-Pacific region.
Leading players in global microminiature circular connectors market are, Franz Binder GmbH & Co., Ulti-Mate Connector, Inc., Amphenol Corporation, ITT Inc, HUBER+SUHNER, Glenair, Inc, Electrical Components KG, Omnetics Connector Corporation, Hirose Electric Co., Ltd., T E Connectivity, and Souriau SAS.