Views: 3 Author: Site Editor Publish Time: 2018-12-13 Origin: Site
The cable connector market is expected to register a CAGR of 5.67%, during the forecast period (2018-2023).
Adoption of wireless technologies, such as Wi-Fi, RF, and Bluetooth, in future, will consume a considerable chunk of the cables and connectors, thus paving the way for this market to increase.
Increasing penetration of technologies, such as the Internet of Things (IoT), is expected to aid the increase in demand for high-performance and secure data connectivity and transmission, which in turn, may increase the demand for cable connectors.
According to the National Cable and Telecommunications Association, the number of connected devices is expected to reach 50.1 billion, by 2020.
Many developments have been undertaken by government organizations in developing countries, such as India, China, and Brazil, to improve network infrastructure. Such initiatives are increasing the demand for high-speed data transmission cables connectors.
For instance, the Chinese government proposed that the country should actively promote 5G development and launch the technology by 2020, which in turn, involves the development of communication infrastructure. This is expected to increase the need for better cable connectors and other equipment for its installation purpose.
However, issues related to volatile prices of raw materials are estimated to challenge growth in the cable connector market.
Oil & Gas Sector is Expected to Aid the Growth of the Cable Connector Market
The energy and utility segment is expected to expand significantly, over the forecast period, due to the increase in demand for electro-mechanical equipment in this industry.
Cable connectors used in this industry have to have a high-performance capability as most of the processes require efficient extraction of natural resources. Thus, the increasing demand for cable connectors, to achieve better control, monitoring, and instrumentation of processes in the oil and gas industry, is driving the use of cable connectors in this market.