What Has Been The Evolution of the Panel Rack Mount Power Connector Market in Recent Years?
The panel rack mount power connector market has seen considerable growth due to a variety of factors.
• The panel rack mount power connector market has experienced strong growth in recent years. It will grow from $3.49 billion in 2024 to $3.71 billion in 2025, at a compound annual growth rate (CAGR) of 6.2%.
This growth is driven by increased computing power, automation in manufacturing, expanding telecom infrastructure, and the rise of renewable energy projects.
How Will the Panel Rack Mount Power Connector Market?
The panel rack mount power connector market is expected to maintain its strong growth trajectory in upcoming years.
• The panel rack mount power connector market is expected to grow to $4.68 billion by 2029, at a CAGR of 6.0%.
Growth is driven by increased industrial activities, urbanization, growth in data centers, and the increasing use of advanced medical devices. Trends include advancements in smart grid technology, energy efficiency, the integration of advanced materials, IoT expansion, and the development of smart connectors.
Which Factors Are Boosting Growth In The Panel Rack Mount Power Connector Market?
The panel rack mount power connector market's growth is anticipated to be driven by an increased uptake of electric vehicles. These electric vehicles (EVs), which use electricity to operate either fully or partially, replace traditional combustion engines that burn gas or diesel with electric motors and batteries. Improved battery technology, environmental considerations, government incentives, reduced operation expenses, and an expanded charging infrastructure contribute to the increased acceptance of electric vehicles. Panel rack mount power connectors are critical for EVs, as they secure and optimize power connections for EV charging stations, ensuring the safe and steady delivery of power to the vehicle's battery systems. Kelley Blue Book, a US-based Cox Automotive company, published a report in January 2024 stating that a record 1.2 million American car purchasers opted for electric vehicles in 2023. This represents 7.6% of the total U.S. vehicle market, a significant increase from 5.9% in 2022. Consequently, the escalating demand for electric vehicles fuels the growth of the panel rack mount power connector market.
What Key Areas Define The Segmentation Of The Global 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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Which Emerging Market Trends Are Altering The Panel Rack Mount Power Connector Industry?
Leading firms in the panel rack mount power connector sector are introducing tool-less mounting solutions to make installation simpler, cut down on assembly time, and enhance overall system efficacy. Such solutions involve innovative designs and methodologies that let users install and take out components without needing traditional equipment. For instance, in April 2022, TE Connectivity, a Swiss consumer electronics business, rolled out an efficient and swift, tool-less mounting solution with their 369 series sealed panel mount connector. The 369 series connectors provide a range of lightweight, compact, and cost-effective, high-reliability connections. This connector is specifically crafted for use in aerospace and aviation applications, boasting features like effortless push-in mounting, a secure button latching mechanism, and compatibility with pre-existing 369 connectors.
Who Are the Key Players 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.
What Is The Most Dominant Region In The Panel Rack Mount Power Connector Market?
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.
