Technological advances in the cable connectors and adapters market pivot increasingly on the demand for various types of high-performance instrumentation in various industry verticals. In particular, the information and communication technologies are making continuous strides, which is bolstering demand for cable connectors and adapters. Rise in digital devices among consumers and enterprises has spurred the demand for high-end cable connectors and adapters. Rising penetration of internet technologies in various developing countries is boosting prospects for manufacturers of cable connectors and adapters. Growing popularity of cloud computing technologies among enterprises in developed nations is also boosting the market. Further, rapid advances made in e-commerce industries are expected to open new avenues in the cable connectors and adapters market.
Rapid uptake of consumer electronics in emerging economies has been imparting a robust impetus to the expansion of the cable connectors and adapters market. Growing use of data-centers by businesses in numerous industries has spurred the demand for cable connectors and adapters. Growing numbers of data transmission system applications are also bolstering the prospects in the cable connectors and adapters market. Ever-growing demand for internet bandwidth and networking capabilities in numerous countries across the world has positively impacted the sales of cable connectors and adapters over the years. In recent years, manufacturers have increasingly focused on improving the mechanical characteristics. Of particular significance is efforts to develop new designs to meet a wider customer base. Growing spending of governments of several countries on strengthening information and communication technologies will likely boost the market.
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Internet Accessibility Creates Demand for Cable Connectors and Adapters
As the Internet becomes an integral part of establishing communication, building connectivity, and the medium to access information, it is translating into an essential element in all industrial verticals. The penetration of the Internet in the farthest corners of the world has led to a swell in the number of internet subscribers and users of smartphones, PDAs, and tablets. These factors have jointly created massive demand for cable connectors and adapters, without which effective networking between IT components cannot be established, states Transparency Market Research.
In view of these factors, the opportunity in the global cable connectors and adapters market will touch US$85.75 bn by 2024 rising from US$47.78 bn in 2014. Between 2015 and 2024, the market will rise at a CAGR of 7.8%. The increasing expenditure on IT and telecom infrastructure is also expected to have a positive influence on the usage of cable connectors and adapters. The increasing adoption of new-age technologies such as cloud computing, rise of e-commerce, and demand for high-speed Internet will cumulatively lead to a flourishing global cable connectors and adapters market.
Players to Pursue Growth Opportunities in Asia Pacific
On the other hand, Asia Pacific will achieve the status of the fastest-growing market for cable connectors and adapters due to rampant digitalization in countries of China and India. Increasing consumption of consumer goods such as set-top boxes, smartphone devices, entertainment systems, HDTVs, and mobile computing in Asia Pacific will also be undercurrents for progress of this market. The rising number of datacenters across China, Indonesia, India, and Australia are have also created several growth opportunities for the market. By 2024, Asia Pacific is expected to acquire a 40% share in the global market.
The North America cable connectors and adapters market is expected to exhibit growth in both demand and revenue as governments in the U.S. and Canada are expected to introduce new specifications and standards. Advancements in technology that deliver high-speed data transmission would also increase the sales of these products. Joint efforts of the U.S. and Canada governments to improve broadband network quality will also prove to be beneficial to the overall market in the forecast period. The growth of this regional market will further be spurred by the burgeoning number of connected homes, IPTV subscribers, and robust sales of advanced mobile devices.
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External Cable Connectors and Adaptors Segment Darts Ahead
The external cable connectors and adaptors segment will be the dominant segment of the market. USBs or universal serial bus connectors will be the maximum sold and consumed items in the cable connectors and adapters market. These are widely used for sharing data and for charging devices. USB connectors are also used for transmitting video and audio signals. Type C USB cable connectors are gaining popularity in the consumer electronics industry due to burgeoning shipments of smartphones and other mobile devices. Between 2014 and 2024, the external cable connectors and adapters segment is expected to expand at a CAGR of 6.6%.
The key players operating in the global cable connectors and adapters market are General Cable, TE Connectivity Ltd, L-Com Global Connectivity, and Amphenol Corp. The competitive landscape is quite consolidated as market players are focusing on improving their geographical reach by making meaningful mergers and acquisitions. Catering to the need of the IT industry through miniaturization of components will prove to be an effective strategy for the players in the market.
