Press release
Panel Rack Mount Power Connector Market Growth Accelerates: Strategic Forecast Predicts $4.68 Billion by 2029
Panel Rack Mount Power Connector Market
What Will the Panel Rack Mount Power Connector Industry Market Size Be by 2025?
The market size for panel rack mount power connectors has seen a significant increase of late. The anticipated growth is from $3.49 billion in 2024 to $3.71 billion in 2025, with a compound annual growth rate (CAGR) of 6.2%. The historic expansion of this market can be linked to factors such as the rise in computing capacity, the growing embrace of automation in production, the broadening of the telecommunications ecosystem, the advent of high-performance computing, and the increase in renewable energy setup.
What's the Long-Term Growth Forecast for the Panel Rack Mount Power Connector Market Size Through 2029?
In the ensuing years, the panel rack mount power connector market is projected to experience robust growth, anticipated to reach $4.68 billion by 2029 with a 6.0% compound annual growth rate (CAGR). This imminent growth during the prediction period is primarily due to heightened industrial activities, escalation in urbanization and infrastructure and burgeoning data centers. Furthermore, the intensified usage of advanced medical devices as well as the strengthening urbanization and infrastructure development also contribute to this growth. Key trends that are expected to shape the market during the forecast period encompass advancements in smart grid technology, an emphasis on energy efficiency and sustainability, the incorporation of advanced materials, the progression of IoT and IIOT, and the integration of technology and smart connectors.
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What Are the Key Growth Drivers Fueling the Panel Rack Mount Power Connector Market Expansion?
The growth of the panel rack mount power connector market is anticipated to skyrocket, driven by the increasing use of electric vehicles. Electric vehicles (EVs), which rely on batteries and electric motors instead of traditional gasoline or diesel-powered engines, are growing in popularity due to environmental awareness, improved battery technology, governmental incentives, lower operating costs, and the expansion of charging infrastructure. Panel rack mount power connectors are crucial for EVs as they offer dependable power connections for EV charging stations, guaranteeing secure and consistent power supply to the vehicle's battery systems. For example, Kelley Blue Book, a Cox Automotive firm based in the US, reported in January 2024 that in 2023, a staggering 1.2 million automobile purchasers in the US opted for electric vehicles, representing 7.6% of the entire US vehicle market, a significant increase from 5.9% in 2022. Thus, the growing use of electric vehicles is fuelling the expansion of the panel rack mount power connector market.
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What Are the Key Trends Driving Panel Rack Mount Power Connector Market Growth?
Key companies in the panel rack mount power connector market are focusing on the development of tool-less mounting solutions to streamline installation, reduce assembly time, and enhance the overall efficiency of the system. These tool-less mounting solutions incorporate innovative designs and systems that allow installation and removal of components without the requirement of conventional tools. For example, TE Connectivity, a consumer electronics firm based in Switzerland, introduced a fast, efficient, and tool-less mounting solution equipped with a 369 series sealed panel mount connector in April 2022. These 369 series connectors offer a variety of advantages such as high reliability, lightweight design, compact size, and affordability. These connectors are specifically engineered for use in aerospace and aviation applications and provide benefits like easy push-in mounting, a secure button latching mechanism, and compatibility with the existing 369 connectors.
How Is the Panel Rack Mount Power Connector Market Segmented?
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
Subsegments:
1) By Alternating Current (AC) Power Connectors: AC Panel Mount Connectors, AC Power Inlets, AC Power Outlets
2) By Direct Current (DC) Power Connectors: DC Panel Mount Connectors, DC Power Inlets, DC Power Outlets
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Which Companies Are Leading the Charge in Panel Rack Mount Power Connector Market Innovation?
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.
Which Regions Are Leading the Global Panel Rack Mount Power Connector Market in Revenue?
North America was the largest region in the panel rack mount power connector market in 2024. Asia-Pacific is expected to be the fastest expansion region in the forecast period. The regions covered in the panel rack mount power connector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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