The research report published by The Insight Partners predicts that the Aerospace and Defense Power Connector Market is will grow to US$ 1737.8 million by 2027 at a CAGR of 5.3% between 2020 and 2027. The report also mentions that currently, the global market is highly dominated by the North America and Europe due to the availability of technological capabilities, R&D, infrastructure support, and skilled professionals.
The commercial aircraft industry has witnessed exponential growth in the past few years. This growth is happening because various operators in the industry are developing, overhauling, manufacturing, and rebuilding helicopters, aircraft and airplanes engines, along with other components and subsystems for the commercial sector.
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Impact of COVID-19 Pandemic on Aerospace & Defense Power Connector Market
The recent COVID-19 outbreak has significantly affected the world, and it has continued to shatter several countries. Until the outbreak, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers. Moreover, the global aviation industry witnessed a significant rise in the number of passenger counts, an increase in aircraft procurement, as well as rise in MRO activities. Further, the aircraft production industry is heavily dependent on manual workforce despite robotic technology. In the wake of strong lockdown regulations imposed by several countries, the aircraft manufacturing industries in different countries are compelled to allow a significantly low number of labors in respective aircraft and component manufacturing facilities, which has hampered the production volumes.
The global aerospace & defense power connector market encompasses a substantial number of market players operating in it, resulting in a fragmented global market. However, the market does include a selected number of prominent market players such as TE Connectivity, ITT Inc., Molex LLC, Amphenol Aerospace, Fischer Connectors SA, Collis Aerospace, Eaton, and Arrow Electronics, Inc., with the considerable customer base and strong market position. Currently, the global market is predominantly dominated by the developed regions, such as North America and Europe, accounting for >50% of the global market collectively. Factors such as availability of technological capabilities, infrastructure support, research & development, and technical professional have contributed to the significant market share consolidation of the companies in North America and Europe. However, the aerospace & defense power connector market in Asia-Pacific is anticipated to gain significant traction and expected to witness the most attractive growth rate during the forecast period.
The increasing air travel in developing markets, infrastructure developments are the main factors that are raising the demands for commercial aircrafts. Considering these demands, the biggest giants in the aerospace industry including Boeing and Airbus are seen highly indulged in manufacturing commercial aircrafts. The growing production creates huge demand for equipment such as avionics systems, engine control, and monitoring systems, that operate at peak efficiency. In equipment, power connectors play a vital role as they are used to connect the engine control units with cables of commercial aircraft electrical system, where they ensure consistent transmission of the electric signals and power. The military ground vehicle manufacturers are also seen buying large quantities of power connectors for their number of vehicles.
The power connectors are considered as essential components on aircraft, naval ships, military ground vehicles, and body-worn equipment. But research states that the aerospace segment dominates the power connectors market, followed by military ground vehicles. The reason behind this is the fact that power connectors are applied more in aerospace industry. Thus, the aircraft OEMs are procuring rising volumes of parts and components.
The companies operating in the aerospace and defense power connector market are offering products with different current ratings according to the customers’ demands. On the basis of the current ratings, power connectors avail with 5–40 Amp, >40–80 Amp, >80–150 Amp, >150–300 Amp, >300–600 Amp, and >600–900 Amp. Analyst predict that the power connectors with 5–40 Amp will hold the largest share of the market between 2020 and 2027. They also expect that connectors with >80–150 Amp will register the highest CAGR during the mentioned period.
For business expansion, major companies in the aerospace and defense power connector market are performing strategic activities such as mergers & acquisitions, new product launches, partnerships & collaborations, etc. Currently, companies including Ametek. Inc., Amphenol Corporation, Arrow Electronics, Inc., Collins Aerospace (Raytheon Technologies Corporation), and Eaton Corporation plc, etc. are active in the market.
On the other side, industry experts predict that the aerospace and defense power connector market in Asia-Pacific will gain significant traction and witness remarkable growth rate during this period.
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