Press Fit Connector Market to Grow at a CAGR of 4.7% to reach US$ 11,069.9 Million from 2020 to 2028

Growing Requirement of Press Fit Connectors in Aerospace & Defense Sector to Provide Growth Opportunities for Press Fit Connector Market During 2021-2028

According to our latest market study on "Press Fit Connector Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application," the market was valued at US$ 8,045.0 million in 2021 and is projected to reach US$ 11,069.9 million by 2028; it is expected to grow at a CAGR of 4.7% from 2021 to 2028.

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The List of Companies - Press Fit Connector Market

Positronic
TE Connectivity Corporation
Amphenol ICC
Dietze Group
Autosplice
Fujitsu Limited
SAMTEC, Inc.
Molex, LLC (Koch Industries, Inc.)
Aptiv PLC
Diehl Stiftung & Co. KG
Sumitomo Electric Industries, Ltd.
AVX Corporation
PROVERTHA Connectors, Cables and Solutions GmbH
Mill-Max Mfg. Corp.

Communication has the utmost importance in the aerospace & defense sector to ensure the seamless integration of systems on a plane as well as on the ground. The connectors are developed to meet standards such as VITA and VPX protocols to ensure connectivity even in critical situations and harsh environments. Advancements in the aerospace industry in the form of lightweight aircraft, long-range connecting devices, and unmanned aerial vehicles (UAVs) are pushing the boundaries of connectivity techniques and creating the demand for advanced connector systems. Digitalization, remote control, and other advanced technologies are taking control over maneuvers operations, which is creating the demand for high-speed data transfer solutions. Companies providing press fit connectors are also developing new products for ensuring overall compliance with the aerospace & defense industry standards. For instance, Samtec company offers a wide range of interconnect products for the military & aerospace industry. Therefore, with the growing need for connectors for communication systems, the demand for press fit connectors will also increase.

The press fit connector market has been segmented based on type, application, and geography. Based on type, the market is segmented into cold press-in and compliant press-in. In 2020, the compliant press-in segment led the press fit connector market and accounted for a larger market share. In terms of application, the market is segmented into automotive, telecommunications, military & aerospace, medical, and others. In 2020, the automotive segment led the press fit connector segment, accounting for the largest share in the market. Geographically, the press fit connector market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America). In 2020, APAC accounted for the highest market share, and it is also the fastest-growing region.

Impact of COVID-19 Pandemic on Press Fit Connector Market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent. The outbreak has led to disruptions in primary industries including electronics, semiconductor, and automotive. A sharp decline in the growth of mentioned industries is limiting the press fit connector market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted the working of many commercial and corporate buildings across the world.

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This release was published on openPR.