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Panel Rack Mount Power Connector Market Expands: Comprehensive Analysis Shows Market Segments, Growth Outlook, Demand Surge, and Competitive Insights Driving Future Growth
Panel Rack Mount Power Connector Market
As per the report, the panel rack mount power connector market size has grown strongly in recent years. It will grow from $3.29 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The panel rack mount power connector market size is expected to see strong growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
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Rising EV Adoption Drives Panel Rack Mount Power Connector Market Growth
The rising adoption of electric vehicles is expected to propel the growth of the panel rack mount power connector market going forward. Electric vehicles (EVs) are vehicles powered entirely or partially by electricity, utilizing electric motors and batteries instead of internal combustion engines that run on gasoline or diesel. The adoption of electric vehicles is rising due to environmental concerns, better battery technology, government incentives, lower operating costs, and more charging infrastructure. Panel rack mount power connectors are useful for electric vehicles as they provide reliable and efficient power connections for EV charging stations, ensuring safe and stable power delivery to the vehicle's battery systems. For instance, in October 2023, according to the European Environment Agency, a Denmark-based government agency, in 2022, the EU saw significant growth in electric vehicle adoption, with electric cars making up 21.6% of new registrations and nearly two million electric cars registered, up from 1.74 million in 2021. Therefore, the rising adoption of electric vehicles is driving the growth of the panel rack mount power connector market.
Mounting Solutions To Simplify Installation
Major companies operating in the panel rack mount power connector are developing tool-less mounting solutions to simplify installation, reduce assembly time, and improve overall system efficiency. Tool-less mounting solutions refer to innovative designs and mechanisms that enable the installation and removal of components without the need for traditional tools. For instance, in April 2022, TE Connectivity, a Switzerland-based consumer electronics company, launched fast and easy tool-less mounting solution with 369 series sealed panel mount connector. The 369 series connectors provide a range of high reliability, lightweight, compact, and cost. This connector is designed for aerospace and aviation applications, offering features like simple push-in mounting, a positive button latching mechanism, and compatibility with existing 369 connectors.
The panel rack mount power connector market covered in this report is segmented -
1) By Type: Alternating Current (AC) Power Connectors, Direct Current (DC) Power Connectors
2) By Application: Server Racks, Data Centers, Other Applications
3) By End-Use Industry: Information Technology (IT) And Telecommunication, Consumer Electronics, Industrial Automation, Automotive, Aerospace And Defense, Healthcare, Other End-Use Industries
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Major companies operating in the panel rack mount power connector market are TE Connectivity Ltd., Delta Electronics Inc., Amphenol Corporation, Molex LLC, Phoenix Contact GmbH & Co. KG, Lapp Group, Hirose Electric Co. Ltd., Samtec Inc., Smiths Interconnect, HARTING Technology Group, Bel Fuse Inc., LEMO, Glenair Inc., Souriau, ODU GmbH & Co.KG, ITT Inc., Fischer Connectors, Positronic, Schurter Holding AG, Bulgin Limited, Anderson Power Products, Neutrik, Switchcraft and Conxall, CUI Inc. , Kycon Inc.
Contents of the report:
1. Executive Summary
2. Panel Rack Mount Power Connector Market Report Structure
3. Panel Rack Mount Power Connector Market Trends And Strategies
4. Panel Rack Mount Power Connector Market - Macro Economic Scenario
5. Panel Rack Mount Power Connector Market Size And Growth
…..
27. Panel Rack Mount Power Connector Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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