Global Microminiature Connector Market Size to reach $ 2.8 Bn by 2028
The Global Microminiature Connector Market Size was valued at US$ 2.3 Bn in 2021 and is projected to reach US$ 2.8 Bn by 2028, at a CAGR of 4.1%.
Microminiature connectors are created for interconnect applications that required small, light, and high-performance components. In terms of performance and quality, this smaller, lighter, high-density connector significantly exceeds expectations.
The global microminiature connector market is negatively impacted with the outbreak of COVID-19. The outbreak's consequences and impact are expected to intensify in the coming months as the virus spreads. Several governments of few countries are considering national-level lockdowns as a viable means of controlling viral transmission. The outbreak of Covid-19 has forced governments around the world to deploy severe rules such as lockdown, temporary shutdown, social distancing, caused disruption in production of raw materials and in turn increased costing of raw materials. Shipments of raw materials, as well as revenue produced have fallen. Furthermore, insufficient raw material supply will limit the rate of microminiature connector, influencing the management of the microminiature connector supply chain. The Airports Council International (ACI) has cautioned that the COVID-19 outbreak's protracted length will have a substantial impact on the region's airport connectivity and economic sustainability, limiting the region's ability to achieve previously estimated growth possibilities. This chain of occurrences is expected to have a negative influence on the growth of the microminiature circular connector market in the future years.
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High portability is becoming increasingly important in the defense and military industries. Connectivity is required for autonomous robotics, as well as dismounted soldiers, rescue, and recreation equipment. There is a demand for small electronic sensors, detectors, transmitters, and tough wiring that are specifically built to perform on the active battlefield with severe shock, vibration, and extreme environmental exposure to accomplish successful mobile troop technology. On the other hand, the rapid surge in the medical device industry is fueling the usage of microminiature connectors around the world. The rising demand for miniaturized connectors is also one of the major factors driving the microminiature circular connectors market worldwide. Hospitals, diagnostic laboratories & imaging centers, ambulatory surgery centers & clinics are major end-users in the medical device sector. Diagnostic imaging, patient monitoring, cardiology, electrosurgery, dental equipment, and other medical microminiature circular connectors are few applications of the microminiature connectors. Every year, the global prevalence of chronic diseases like cancer, arthritis, kidney disease, and cardiovascular disease rises, pushing demand for circular microminiature connectors.
The government initiative in some of the developed countries are supporting for the advancement to strengthen network infrastructure. As a result of these activities, the need for high-speed data transmission cable connectors is increasing. The Chinese government is strongly promoting 5G development plans and hopes to have the technology operational by 2020. This entails upgrading communication infrastructure, necessitating the installation of better cable connectors and other equipment.
The circular connector segment accounted largest market share in 2020 due to the growing demand for commercial applications and rugged military across the world. The circular connector has multiple benefits coupled with robustness, lightweight, high density, and shock resistance. The consumer electronics segment accounted largest market share in 2020 due to the growing demand for household and commercial applications among the population. Increasing smart devices and smart home is propelling the growth of the global microminiature connector market. Asia Pacific is expected to dominate the market share of global microminiature connector market owing to the increasing demand for the connectors from computers, communications, and consumer electronics applications, as well as for enhanced features and connectivity products. Furthermore, due to increased air passenger traffic, concerns about flight safety, and lower maintenance costs, the region is witnessing enormous expansion in the aviation sector, which has resulted in a demand for microminiature connectors. Increasing digitalization and huge population is creating the demand of microminiature connectors in the region.
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KEY INDUSTRY DEVELOPMENTS:
March 2022- TE Connectivity has introduced an innovative new hybrid inline connector solution that makes production easier, reduces the number of connections needed, simplifies supply chain complexity, and saves money. TTI, Inc., a leading specialty distributor of electronic components, has announced that it has signed a global distribution agreement with Amphenol Positronic. TTI will provide a broad range of world-class, high-reliability connector solutions for harsh environments, military, and aerospace applications.
September 2021- TE Connectivity acquired ERNI Group AG to expand the product portfolio by focusing on high-speed transmission and fine-pitch connectors for automotive, medical, factory automation, and other industrial applications.
May 2021- Omnetics Connector Corporation has introduced the Kilo 360, a line of custom-designed micro- and nano-miniature connectors for aerospace and defence applications.
April 2021- Winchester Interconnect has acquired Ulti-Mate Connector to focus on the expansion for the enhancement of growing portfolio of custom interconnect solutions for mission-critical applications and manufacturing capabilities.
February 2021- Amphenol RF has acquired Positronic, a global manufacturer of high reliability/harsh environment electronic connector products.
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