Panel Rack Mount Power Connector Global Market Report 2024

The panel rack mount power connector market size has grown strongly in recent years. It will grow from $3.29 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to growth of automation in manufacturing, increased computing power, expansion of telecommunications infrastructure, growth in renewable energy installations and rise of high-performance computing.

The panel rack mount power connector market size is expected to see strong growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The expansion anticipated in the forecast period is driven by heightened industrial operations, augmented urban development and infrastructure expansion, the proliferation of data centers, the rising adoption of sophisticated medical equipment, and the continuous growth of urbanization and infrastructure projects. Key trends expected during this period encompass progress in smart grid technology, a heightened focus on energy conservation and sustainability initiatives, the incorporation of advanced materials, the expansion of IoT and IIoT applications, and the integration of technology and smart connector solutions.

The increasing embrace of electric vehicles is poised to drive the expansion of the panel rack mount power connector market in the foreseeable future. Electric vehicles (EVs) are automobiles powered either entirely or partially by electricity, utilizing electric motors and batteries as opposed to traditional internal combustion engines fueled by gasoline or diesel. The surge in electric vehicle adoption is fueled by environmental consciousness, advancements in battery technology, government incentives, reduced operational expenses, and the proliferation of charging infrastructure. Panel rack mount power connectors play a crucial role in electric vehicles by furnishing dependable and efficient power links for EV charging stations, ensuring secure and steady power transmission to the vehicle's battery systems. For instance, in October 2023, as reported by the European Environment Agency, electric vehicle adoption in the EU experienced significant growth in 2022, with electric cars accounting for 21.6% of new registrations and nearly two million electric cars registered, marking an increase from 1.74 million in 2021. Hence, the escalating adoption of electric vehicles is steering the expansion of the panel rack mount power connector market.

Major players in the panel rack mount power connector sector are innovating tool-less mounting solutions to streamline installation processes, decrease assembly duration, and enhance overall system efficiency. Tool-less mounting solutions entail inventive designs and mechanisms that facilitate component installation and removal without the necessity of conventional tools. For instance, in April 2022, TE Connectivity, a consumer electronics company based in Switzerland, introduced a rapid and uncomplicated tool-less mounting solution featuring the 369 series sealed panel mount connector. The 369 series connectors offer a spectrum of attributes including high reliability, lightweight construction, compact size, and cost-effectiveness. Specifically engineered for aerospace and aviation applications, this connector boasts features such as straightforward push-in mounting, a secure button latching mechanism, and compatibility with existing 369 connectors.

In January 2021, Hermetic Solutions Group, a US company specializing in the design and production of specialized hermetic packaging enclosures, acquired Cristek Interconnects, Inc. for an undisclosed sum. This acquisition was intended to bolster Hermetic Solutions Group's presence in the specialty interconnect market, particularly within the defense and aerospace sectors. Cristek Interconnects Inc., also based in the US, is known for providing essential components such as subminiature push-on (SMP) flexible cables and SMA (SubMiniature version A) straight plugs, which are crucial for power connections in rack mount panels.

Major companies operating in the panel rack mount power connector market are TE Connectivity Ltd., Delta Electronics Inc., Amphenol Corporation, Molex LLC, Phoenix Contact GmbH & Co. KG, Lapp Group, Hirose Electric Co. Ltd., Samtec Inc., Smiths Interconnect, HARTING Technology Group, Bel Fuse Inc., LEMO, Glenair Inc., Souriau, ODU GmbH & Co.KG, ITT Inc., Fischer Connectors, Positronic, Schurter Holding AG, Bulgin Limited, Anderson Power Products, Neutrik, Switchcraft and Conxall, CUI Inc., Kycon Inc.

North America was the largest region in the panel rack mount power connector market in 2023. Asia-Pacific is expected to be the fastest expansion region in the forecast period. The regions covered in the panel rack mount power connector market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the panel rack mount power connector market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Panel rack mount power connectors are custom connectors engineered for simple and secure attachment to panels or racks for power supply connections. These connectors are crucial for dependable power distribution and management, boasting sturdy construction, high current-handling capabilities, and suitability for standard rack mounting setups, thereby constituting vital elements in power distribution networks.

The primary categories of panel rack mount power connectors comprise alternating current (AC) and direct current (DC) variants. AC power connectors facilitate the transmission of AC power from a power source to diverse devices, equipment, and systems. These connectors find utility across multiple sectors including information technology (IT) and telecommunications, consumer electronics, industrial automation, automotive, aerospace and defense, healthcare, among others, for applications such as server racks and data centers.

The panel rack mount power connector market research report is one of a series of new reports that provides panel rack mount power connector market statistics, including the panel rack mount power connector industry global market size, regional shares, competitors with panel rack mount power connector market share, detailed panel rack mount power connector market segments, market trends, and opportunities, and any further data you may need to thrive in the panel rack mount power connector industry. These panel rack mount power connector market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The panel rack mount power connector market consists of sales of power entry modules, panel mount power connectors, power distribution panels, rack-mounted power distribution units, and accessories and mounting hardware. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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