Heavy-Duty Connector Market Growth Prospects, Future Scenario and Key Vendors Molex, Phoenix Contact GmbH, Smiths Interconnect, Radiall VanSystem

According to the new research report published by The Insight Partners, titled "Heavy-Duty Connector Market-Global Analysis and Forecast to 2027", the global heavy-duty connector market was valued US$ 1.47 Bn in 2019 and is expected to reach US$ 2.41 Bn by 2027, with a CAGR growth rate of 6.4% in the forecast period from 2020 to 2027.

Europe is characterized by strong economic and manufacturing capabilities. The EU is the world's second-largest producer for products derived from petroleum and constitutes 16% of the total global oil refining capacity. Further, gas and coal have remained essential fuel sources for thermal electricity generation in Europe. In addition, shale gas and other hydrocarbon extractions are carried out in various European countries, and measures are being taken up by the regulatory bodies to ensure that the impacts on the environment are minimal during oil and gas extraction processes.

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Companies Profiled in this report includes
Amphenol Sine Systems
China Utility Electrical Co., Ltd
HARTING Technology Group
Molex, LLC
Phoenix Contact GmbH & Co. KG
Smiths Interconnect
Radiall VanSystem S.r.l.
TE Connectivity
Weidm?ller Interface GmbH & Co. KG
Wieland Electric GmbH

Further, the European countries are looking forward to entering into more synergies and investment in R&D activities to introduce future technologies. The country also endures in funding for Electronic Components and Systems for European Leadership (ECSEL) program to further develop electronic components and systems. The EU Commission, the European industry, and individual countries have pledged to invest nearly EUR5 billion on research activities. Further, Europe has a strong industrial sector, and major industries in Europe include manufacturing, construction, and automotive. The UK is one of the most significant industrial countries in Europe, and other countries include France, Germany, Italy, and Scotland. The European industrial sector has quickly adopted new technologies, which would, in turn, drive the demand for heavy-duty connectors in the industrial segment.

The government in the region is also taking initiatives to encourage the adoption of new technologies in the industrial sector. For instance, in April 2016, the launch of Digitising European Industry initiative (DEI) by the European Commission focused on unlocking the full potential of the fourth industrial revolution. Strong support from the government is expected to support the growth of advanced technologies, which, in turn, is anticipated to propel the growth of the heavy-duty connector market in the region.

In addition to this, the demand for heavy-duty connector is expected to grow in the Asia-Pacific and MEA region owing to the growing industrial sector. APAC experiences progressive economic outlook in comparison with other regions across the world. The region has enormous growth potential owing to the presence of fast-growing countries such as China, Japan, and India. Further, China focuses on adopting high-tech machinery and components in manufacturing hub, and other developing countries such as Malaysia, India, Indonesia and Vietnam are attracting several businesses by adopting advanced technologies in their manufacturing facilities.

Key findings of the study:
In 2018, the European region accounted for the largest market share due to the continuous focus of the government towards the adoption of new technologies across the industrial sector. Additionally, Europe has a strong industrial sector, and major industries in Europe include manufacturing, construction, and automotive.
In Asia-Pacific, China holds the largest market share owing to the presence of a strong manufacturing sector, and the government focuses on the adoption of advanced technologies to maintain the country's leading position in the market.

By material, the metal segment dominates the market. The major components of heavy-duty connectors such as inserts & contacts and hoods & housings are made of different metals. For instance, hoods & housings are made of aluminum die-cast and are coated with epoxy powder paint, which is corrosion resistant and provides protection from adverse conditions. Further, the contacts are manufactured with brass and are plated with three ?m silver. Also, there is a cable protection plate for a screw-type connection, which helps to prevent direct contact of the cable with the screw. Whereas, a stainless steel spring is used in quick and spring type contacts.

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This release was published on openPR.