Global Cables and Connectors Market is likely to garner revenue of $125.3 billion by 2022

A new report published by Allied Market Research titled, "Cables and Connectors Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", projects that the cables and connectors market is likely to garner revenue of $125.3 billion by 2022, with a CAGR of 11.1% from 2016 to 2022. In the year 2015, Asia-Pacific dominated the cable and connectors market owing to the huge investment in infrastructure, energy, and technology development. Moreover, Asia-Pacific is expected to exhibit the highest growth over the forecast period.

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Increasing investments by government to improve connectivity within regions, rising demand for higher bandwidth, heavy investments in military and submarine sectors are expected to drive the growth in globalcables and connectors market. Large number of developments have been undertaken by numerous government organizations of various countries including India, China, and Brazil to improve the network infrastructure of their regions. Such initiatives are increasing the demand for high speed data transmission cables and connectors. Further, growing number of data centers and government investments to increase rural connectivity are anticipated to provide potentially huge market for cables and connectors. However, complex fault detection and troubleshooting process and diversion of investments in wireless communication infrastructure are expected to limit the market growth.

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External cables and connectors segment accounted for about 70% of the overall cables and connectors market revenue in 2015, owing to their higher adoption in electronic devices. These cables and connectors include USB cables and connectors, headphone jack, fibre optic cables, VGA cables, Ethernet cables, and data cables which are used to connect internal cables and connectors. This segment is anticipated to grow at the CAGR 10.4% during the forecast period. Based on regions, Asia-Pacific market dominated the external cables and connectors market in 2015 and is expected to continue its dominance throughout the forecast period, exhibiting the highest CAGR 12.1%. This is due to increasing adoption of external cables and connectors in data centers huge investments in infrastructure, energy and technology development in Asia-Pacific region.

CAT5/CAT6 segment of cables and connectors based on product type, is expected to maintain its lead in revenue generation during the forecast period. This segment accounted for the maximum revenue share in 2015 and is expected to grow at a CAGR 10.9% during 2016-2022. This boost in the CAT5/CAT6 segment is due to changing customer preferences, increasing data production rate and higher adoption of CAT6 wires in data transfer. However, USB segment is anticipated to grow at the fastest CAGR 13.3% during the forecast period, owing to increased demand for digital data storage, constant enhancement in memory capacity and emergence of USB 3.0 & 3.1 standards for high speed data transfer.

Among the different industry verticals, commercial industry which includes sectors such as IT & telecom, electronics, and healthcare industries consumes a major share of this market. This segment contributed around 38% of total revenue in 2015 and is expected to dominate the market throughout the forecast period at a CAGR 10.6%. The market is driven by the growth of IT and increased dependence of businesses and institutions on high-performing transmission systems. With the increasing penetration of technologies such as cloud and Internet of Things (IoT), the demand for reliable, high performance and secure data connectivity and transmission has increased. From a growth perspective, oil & gas vertical is expected to grow at the highest CAGR during the forecast period. Theoil & gas industry is a sensitive market and decreasing oil and gas reserves have propelled the demand for oil & gas exploration in newer geographies.

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This release was published on openPR.