IT Connector Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

IT Connector Market Analysis

The IT Connector Market is expected to register a CAGR of 6.3% over the forecast period. Factors, such as the need for high-speed connections, the automobile sector's expansion, and a significant increase in investment in underwater cables and military systems, are among the drivers expected to propel the IT connector market over the study period. 

The market for IT connectors is booming due to the global digital transition. Reliable connectivity, high performance, and efficiency are the major factors boosting the market's growth. High-performance networks are essential for business, manufacturing, security, and media. The growing demand for media and entertainment and the increasing internet penetration across emerging economies significantly multiplied the number of television and internet subscribers and users of smartphones, PDAs, and tablets. These factors created an immense demand for connector adapters.

Growing demand for connectivity and internet access is positively driving the market's growth. The growing need for higher internet speed and better connectivity eventually requires robust and efficient cable connectivity, fulfilled by fiber optic technology. The connectors are helpful in the protection of optic fiber, which drives the market's growth positively. In 2022, the ITU predicted that 5.3 billion people, or 66% of the world's population, will be utilizing the internet. This marks a 24% growth from 2019, with an expected 1.1 billion individuals joining the internet throughout that time. The rising number of fixed broadband connections has enabled the growth of the market studied. According to ITU, fixed-broadband subscriptions increased by around 9% annually in the last five years. According to ITU, in 2021, fixed broadband subscriptions reached 17 active subscriptions per 100 inhabitants of the world population. This increase in broadband connections is expected to provide an opportunity for the growth of the market studied, as installing such connections requires connectors.

The outbreak of COVID-19 led China to announce a lockdown and practice social isolation in the initial months of 2020. This factor halted manufacturing and the production of various equipment and machinery for several weeks. The IT connector industry was uniquely positioned to aid directly in the fight against COVID-19. Connectivity products are crucial for manufacturing electronics, such as computers, peripherals, and business equipment. Electronics companies have been considered essential businesses in several regions. Amid severe constraints, they provided OEMs with the parts necessary to manufacture the products required for protecting and offering care for people affected by COVID-19, while taking precautions to protect their employees.

IT Connector Industry Segments

Connectors are connectivity devices used to transmit data, signals, and power supply for electronic devices. Moreover, the connectors are electro-mechanical devices used for joining electrical terminations. Connectors are also referred to as input-output connectors and form the interface for linking electronic devices with cable help. The market is segmented based on type (PCB Connectors, IDC Connectors, IO Connectors, and Other Types (Circular/Rectangular)), end-user verticle (IT and Telecom, Consumer Electronics (Computer, Peripherals, and Business Equipment)), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). For each segment, the market sizing and forecasts have been provided on the basis of value (in USD million) and volume (in metric tons).

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IT Connector Market Trends

This section covers the major market trends shaping the IT Connector Market according to our research experts:

IT and Telecom is Expected to Hold Significant Share

• One of the main drivers propelling this business is the increased expenditure on installing 5G networks due to the shift in consumer preference toward smartphone handsets and next-generation technology.
• Other possible drivers of business expansion include an increase in smartphone subscribers, skyrocketing high-speed internet connection demand, and increased demand for value-added management services. For instance, in July 2022, according to the Secretary of the US Department of Agriculture (USDA), the Department spent USD 401 million, providing 31,000 rural people and businesses in 11 states access to high-speed broadband, thus boosting rural infrastructure.
• Increasing investments by major companies worldwide in telecommunication are expected to contribute to market growth over the forecast period. For instance, in August 2022, China Mobile, the biggest provider in the world by the number of customers, spent CNY 58.7 billion (around USD 8.5 Billion) in the 5G market in the first half of 2022. Additionally, China Mobile stated that it was still promoting the joint development and deployment of its 5G infrastructure, with China Broadcasting Network Corporation utilizing spectrum in the 700 MHz range.
• In April 2020, Cinch Connectivity Solutions, a provider of RF connectivity solutions, announced the release of 2.92 mm, 40 GHz cable assemblies, utilizing two Cinch brands, connectors from Johnson, and low-loss PTFE cables from Semflex. The latest 40 GHz Test Cable Assemblies uses 2.92 mm connectors from Johnson, coupled with Semflex HP160S cable with Vp (velocity of propagation) of 76%, offering high performance for test and measurement environments. These cable assemblies provide 40 GHz operating performance and a VSWR max of 1.25. Ideal applications align with the company’s 5G/mm-wave product development to support communications, telecom, and test & measurement industries.

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