Growing Demand For 5G, Government Initiatives And Increasing Investments on Smart Grids Set To Boost The Demand Of Connectors For Factory Automation Is Anticipated To Boost Connectors For Factory Automation Market During The Forecast Period 2021-2026. Connectors for Factory Automation Market Size is forecast to reach $87.4 billion by 2026, at a CAGR of 8.5% during 2021-2026. Implementation of smart grid technology in power industry has been transforming the energy market as electrical networks and grids are upgraded and getting automated. Energy supply and demand are linked together and have been using more efficiently in smart grids than in conventional grids by means of big data and control algorithms. This has been significantly increasing the demand for connectors in high power applications such as smart grids and others. In addition, Smart grid technologies introduce automation that can increase reliability, and efficiency of the power grid. Utility companies are building integrated systems comprised of smart meters, data management platforms, wireless and wire-line communication systems which will significantly increase the demand for connectors for factory automation in the forecast period 2021-2026.
The semiconductor and electronics vertical have witnessed rapid evolution with the implementation of automation technology in semiconductor and electronics industry to incorporate progressive levels of factory control software components, automated material handling systems, and real-time process tool control to meet the growing and changing needs of semiconductors and electronics. In semiconductor and electronics industry, connectors are used in applications such as drives, relays and switches, cable assembly sets, fabrication and packaging, test sockets, printed circuit boards (PCBs) and others. Chinese Government had planned to launch backed investment firm of $47 billion as semiconductor fund in the recent years. Increasing investments and funds for semiconductors has been providing opportunities for adoption of automation technology which further set to drive the demand of connectors in semiconductor industry.
Connectors for Factory Automation Market in Europe region held significant market share of 36% in 2020. U.K is gaining pace in manufacturing and factory automation and also companies are investing more in the automation of their process. France has a varied industrial infrastructure with major industries being machinery, chemicals, automobiles, electronics and more. Their industrial policies are focused on automation of industrial process to cut costs and increase productivity. France also has a high use of robots in its automotive sector. Investment in robotics and automation such as the acquisition of PRISMA by Eisvogel Group AG. Thus, investments in electric vehicles and robotics are likely to influence the growth of connector market as well.
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Connectors for Factory Automation Market Growth Drivers:
Rapid growth of the Pharmaceutical industry due to the outbreak of COVID-19 pandemic:
In the recent years rapid growth of pharmaceutical industry is noticed owing to the rising demand for medicines and sanitizers due to the COVID-19 pandemic. As the use of the robotics in the pharmaceutical industry has been increasing rapidly due the requirement of high precision and accuracy measurement of drugs during applications such as filling, inspection, packaging and personalized medicines, there has been growing demand for connectors which set to propel the demand of the market. Many pharmaceutical manufacturers are investing in automation technology to improve their operations and services. As of 2019 statistics, about 50% of pharmaceutical and medical device companies have implemented automation technology for overall equipment effectiveness (OEE) which set to create ample opportunities for connectors in factory automation. Many companies have been raising funds for the implementation of new technologies. For instance, in 2019, Fusion Pharmaceuticals had raised $105 million in series B financing by investors Varian and OrbiMed. Increase in funding activating in pharma sector set to drives the connectors for the factory automation market.
The Major Players in this Market Include
Major players in Connectors for Factory Automation include TE Connectivity Ltd., Amphenol Corporation, Prysmain Group, Fujitsu Ltd., Siemens AG, Mitsubishi Electric Corporation, Molex Inc., Nexans S.A., Huawei Technologies Co., Ltd., Volex Plc among others. In 2019, Volex plc completed the acquisition of GTK (Holdco) Limited, a UK-based manufacturer of customized electronic solutions including cable assemblies, displays and connectors, for a total consideration of approximately $17.34 million.
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