August 01, 2022 13:00 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, Aug. 01, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global high power connectors is estimated at US$ 4.6 billion in 2022 and is expected to expand at an impressive CAGR of 6.1% during the forecast years of 2022-2032. The market is poised to grow due to the increased need for application-specific, customized power demand.
Electrical power sources can range in size from small batteries to large power grids. Power connectors are typically classified as light, medium, and heavy-duty connectors. High power connectors are capable of transporting high-level currents up to hundreds of kilovolts and are useful in large-scale power distribution applications as well as power management and protection systems due to the substantial load that they can support.
Utilisation of high power connectors has increased significantly in the operations of aerospace & defense, industrial & manufacturing, automotive, oil & gas, and various end-use sectors as a result of the ongoing electrification of applications to reduce carbon footprint.
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As the world continues to push for greener initiatives, market sectors are also undergoing changes in the direction of their energy supply. Manufacturers of electrical interconnects are under pressure of rapid. Owing to their widespread application use case, the market for high power connectors is expected to create an absolute dollar opportunity of US$ 4 billion by 2032.
Key Takeaways from Market Study
“Electric vehicle & semiconductor end uses are expected to reflect lucrative near-term opportunities for high power connectors sales,” says a Fact.MR analyst.
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Leading manufacturers have developed broad standard product portfolios that can cater to the dynamic demand from end-use industries and offer high power connectors suitable for a number of applications. Key market players are offering tailored solutions for complex requirements that can`t be solved with a standard product.
For instance, manufacturers are providing custom products to aerospace & military applications to transmit high currents with the smallest possible size as it requires compact power connectors to connect devices with power in small spaces. The design of the connectors and the choice of materials are based on application-specific requirements.
Furthermore, market players are taking efforts to increase their customer base by offering collaborating platforms, enabling customers to directly approach technical teams and R&D centres. Additionally, market leaders are focused on partnering with and acquiring small- and medium-sized businesses to broaden their portfolios and offer more expertise.
Prominent high power connectors manufacturers are ABB, Amphenol, Anderson Power Products, Aptiv, Foxconn, Harting, Harwin Hirose, Electric Co. Ltd., ITT Cannon, Japan Aviation Electronics, Japan Solderless Terminal, Luxshare ICT, Molex, Radiall, Renhotec, Rosenberger, Smiths Interconnect, Souriau Sunbank, TE Connectivity, Valentini, and Yazaki.
Segmentation of High Power Connectors Industry Research
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global high power connectors, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on pole (single pole connectors, multi pole connectors), mounting type (board mount, cable mount, panel mount), current rating (up to 100A, 100-200A, 200-300A, 300-400A, above 400A), and end-use application (aerospace & defence, automotive, construction & mining, electronics & electricals, energy & power, healthcare, industrial & manufacturing, IT & telecommunications, logistics & transportation, oil & gas, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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