Global Heavy-Duty Connector Market to Surpass USD 3.21 Mn by 2027 with Register CAGR of 4.85% from 2020 to 2027: Proficient Market
The “Global Heavy-Duty Connector Market by Product Type (Plastic, and Metal) and by End-Users/Application (Manufacturing, Power, Rail, Oil Gas, Construction, and Others) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027” report has been added to ProficientMarket.com’s offering.
In terms of revenue, global heavy-duty connector market in 2019 stood at USD 2,209.00 million and is expected to reach USD 3,217.95 million by 2027 growing at a CAGR of 4.85% from 2020 to 2027.
Some of the global major players operating in the heavy-duty connector market include: TE Connectivity Ltd., Amphenol Sine Systems, Weidmüller, PHOENIX CONTACT, Molex, HARTING Technology Group, and others.
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Drivers for the Global Heavy-Duty Connector Market: Heavy-duty connector equipment provides comfortable and flexible features which enhances their demand in market. Moreover, electric equipment manufacturer introduces some light compaction equipment which are manufactured by plastic. Hence, rising demand for light compaction electric equipment boost the market of heavy-duty connector market. Further, the railway industry is adopting various advanced changes for innovative products which is also responsible for the growth of market.
Opportunities for the Global Heavy-Duty Connector Market: Due to rapid industrialization in emerging countries, increasing disposable income, and high purchasing power are likely to impact growth of the many industries. In addition, SME and large enterprises gives preference to the innovative and flexible electric products. And also, demanding for the automation solution of electric equipment from manufacturers which is creating the huge market opportunity for the heavy-duty connector market.
Restrains for the Global Heavy-Duty Connector Market: The requirement for the heavy-duty connector in various industries is elastic as the consumers are sensitive towards the changes in products. Competition is thus increasing day by day. In addition, consumer’s mind continuously changes according to the offers, usage, cost, features of the products. rising market competition create some type of negative impact on the growth of the heavy-duty connector market. Further, shortage of metals is responsible for the negative growth rate of the market. It can majorly hamper heavy-duty market.
Region Wise, Global Heavy-Duty Connector Market Analysis: North America held maximum share in the market as regions like US has developed industrialization. Moreover, this region has relatively high purchasing power are likely to impact growth of the many industries. The Asia Pacific region is expected to show good growth opportunities on account of rapid industrialization and growing industrial automation major end-use industries. The European region is projected to hold a notable market share on account of the early adoption of technology and well-established infrastructure.
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Global Heavy-Duty Connector Market: Product analysis
On the basis of type, Metal accounted for largest share of total revenue generated. This is because, metal connectors are more durable than plastic-based connectors which further require less frequent replacements and are considered to be more sustainable by surviving under extreme conditions also.
Global Heavy-Duty Connector Market: Application analysis
The demand of Global Heavy-Duty Connector Market is highest from Manufacturing, due to growing adoption of automation solutions across numerous industry verticals which is also projected to surge the growth of the market throughout the forecast period. The railway is anticipated to grow at a notable rate due to the fact the growing investments in the railway infrastructure is boosting in the developing countries owing to the growing investments on account of rising passenger traffic.
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Global Heavy-Duty Connector Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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