Lucintel’s latest market report analyzed that industrial connector provides attractive opportunities in the factory automation and machinery, construction and civil engineering, and energy market. The industrial connector market is expected to reach $8.7 billion by 2028 with a CAGR of 6.8%. In this market, factory automation and machinery is the largest segment by end use. Green connectors to reduce greenhouse gas emissions provides strategic growth path in this market.
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Based on end use, the industrial connector market is segmented into the factory automation and machinery, construction and civil engineering, and energy. The factory automation and machinery segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to growing demand of smart factories and increasing trend of IOT and automation technologies in industries.
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The Industrial Connector Market is marked by the presence of several big and small players. Some of the prominent players offering industrial connector include Molex, TE Connectivity, Amphenol, Aptiv, JST Mfg, Hirose Electric, Rosenberger, Harting Technology, Foxconn.
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