Panel Rack Mount Power Connector
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How Large Will the Panel Rack Mount Power Connector Market Size By 2025?
The market size for panel rack mount power connectors has been experiencing a consistent expansion over the last few years. It’s projected to see an increase from $3.49 billion in 2024 to $3.64 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.5%. The expansion witnessed in the preceding period can be traced back to enhanced computing capacities, progression of automated manufacturing, broader telecommunications infrastructure, the advent of high-performance computing, and the rise in implementation of renewable energy sources.
How Big Is the Panel Rack Mount Power Connector Market Size Expected to Grow by 2029?
The market size for the panel rack mount power connector is forecasted to witness considerable expansion in the coming years, with a projected value of $4.48 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.3%. This anticipated growth during the forecast period can be linked to rising industrial activities, urbanization and infrastructure expansion, data center development, increased utilization of sophisticated medical equipment, and the surge of urbanization and infrastructure enhancement. Key trends for the forecast period include the adoption of smart grid technology, concentration on energy efficiency and sustainability, incorporation of innovative materials, expansion of IoT and IIOT, and the merging of technology and intelligent connectors.
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Which Key Market Drivers Powering Panel Rack Mount Power Connector Market Expansion and Growth?
The growth of the panel rack mount power connector market is likely to surge in line with increasing usage of electric vehicles (EVs). Electric vehicles, which are powered either wholly or in part by electricity, leverage electric batteries and motors, heralding a departure from traditional gasoline or diesel-operated internal combustion engines. The acceleration of EV adoption is attributed to environmental sustainability, improved battery technology, encouraging government policies, cost-efficient operations, and the proliferation of charging facilities. Panel rack mount power connectors play a critical role in EVs by providing reliable and efficient power links for EV charging units, thereby ensuring secure and uninterrupted power supply to the vehicle’s battery systems. For instance, a report issued by Kelley Blue Book, a U.S. subsidiary of Cox Automotive, in January 2024 revealed that a landmark 1.2 million car purchasers in the U.S. opted for electric vehicles in 2023. This represents a 7.6% share of the total U.S. vehicle market, a jump from the previous year’s 5.9%. This surge in EV adoption is therefore a driving factor behind the panel rack mount power connector market’s expansion.
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What Trends Will Shape the Panel Rack Mount Power Connector Market Through 2029 and Beyond?
Leading firms in the panel rack mount power connector market are introducing tool-less mounting solutions to streamline installation, minimize assembly duration, and enhance the efficiency of the entire system. These solutions use cutting-edge designs and technologies that allow for the installation and removal of components without requiring conventional tools. For example, TE Connectivity, a consumer electronics firm from Switzerland, launched a swift and straightforward tool-less mounting solution accompanied by the 369 series sealed panel mount connector in April 2022. These 369 series connectors come with superior reliability, lightweight, compactness, and affordability. The connector is specifically engineered for use in aerospace and aviation applications, providing features such as easy push-in mounting, secure button latching mechanism, and compatibility with pre-existing 369 connectors.
What Are the Emerging Segments in the Panel Rack Mount Power Connector Market?
The panel rack mount power connector market covered in this report is segmented –
1) By Type: Alternating Current (AC) Power Connectors, Direct Current (DC) Power Connectors
2) By Application: Server Racks, Data Centers, Other Applications
3) By End-Use Industry: Information Technology (IT) And Telecommunication, Consumer Electronics, Industrial Automation, Automotive, Aerospace And Defense, Healthcare, Other End-Use Industries
Subsegments:
1) By Alternating Current (AC) Power Connectors: AC Panel Mount Connectors, AC Power Inlets, AC Power Outlets
2) By Direct Current (DC) Power Connectors: DC Panel Mount Connectors, DC Power Inlets, DC Power Outlets
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Who Are the Global Leaders in the Panel Rack Mount Power Connector Market?
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.
Which are the Top Profitable Regional Markets for the Panel Rack Mount Power Connector Industry?
North America was the largest region in the panel rack mount power connector market in 2024. 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.
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