Press Fit Connector Market Size ($11.07 Billion by 2028) Growth Forecast at 4.7% CAGR During 2021 to 2028 COVID Impact and Global Analysis by The Insight Partners

PUNE, India, Oct. 13, 2021 /PRNewswire/ -- According to The Insight Partners study on "Press Fit Connector Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application," the market was valued at US$ 8,045.0 million in 2021 and is projected to reach US$ 11,069.9 million by 2028; it is expected to grow at a CAGR of 4.7% from 2021 to 2028.  The press fit connection is formed when a pin is pressed into a fitted, plated-through hole in a printed circuit board (PCB). Press fit technology allows manufacturers to avoid soldering when assembling PCBs. There are several kinds of press fit connectors, including those with solid pins (which do not contort during insertion) and compliant pins (which compress or comply during insertion).

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Factors such as rising telecommunication sector and growing electronics and infotainment systems in the automotive sector are influencing the market growth. However, the high cost of connectors and technical challenges is restraining the press fit connector market growth. Moreover, increasing need for press fit connectors in the aerospace & defense industry and rising development of smart cities are among other factors contributing toward the market growth.

Europe is one of the leading markets for manufacturing on the back of several leading automotive and aerospace manufacturing countries such as Germany, the UK, France, and Italy. The automotive sector supports the growth of the economy by assisting the supply chain that results in the creation of a diversified array of business opportunities and services. The European region is projected to grow at a considerable rate during the forecast period, owing to the increasing demand for high-speed connectivity solutions. Further, the region has a strong dominance of semiconductor manufacturing industries. The market players in the region are looking at cloud computing and connected cars as a new opportunity for the press fit connector market growth. New technology development projects and collaborations of market players are creating a strong growth opportunity for the market. Thus, the press fit connector market is expected to grow exponentially in the region.

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Development of Smart Cities

Various governments are taking initiatives to propel the development of smart cities in their respective economies. TE Connectivity launched a 56-position VPX footprint-compatible connector designed for rugged, high-speed applications. Press fit stacking connectors address the need for 10 Gbps digital signals in high-density packaging. The company is engaged in providing intelligent traffic analysis and route planning services in large cities. Further, the Smart Cities Mission of the Indian government focuses on promoting the development of sustainable and inclusive cities that offer essential infrastructure for ensuring a decent quality of life, coupled with a sustainable and clean environment with the deployment of smart solutions. The initiative of the Indian government toward green and smart cities is providing impetus to the companies offering products enabled with the press fit technology, encouraging the development of energy-efficient and economical press fit connector systems. The government efforts are gathering significant focus of the press fit connector market players to the Indian market, thereby making India a global hub for the press fit connector manufacturing. Thus, the development of smart cities is becoming a significant trend in the press fit connector market, thereby contributing to its growth.

Press Fit Connector market: Application Overview

In terms of application, the market is segmented into automotive, telecommunications, military & aerospace, medical, and others. In 2020, the automotive segment led the press fit connector segment, accounting for the largest share of the market.

Press Fit Connector Market: Competitive Landscape and Key Developments

Positronic; TE Connectivity Corporation; Amphenol ICC; Dietze Group; Autosplice; Fujitsu Limited; SAMTEC, Inc.; Molex, LLC (Koch Industries, Inc.); Aptiv PLC; Diehl Stiftung & Co. KG; Sumitomo Electric Industries, Ltd.; AVX Corporation; PROVERTHA Connectors, Cables and Solutions GmbH; and Mill-Max Mfg. Corp are among the key players operating in the market. Several other market players have been analyzed to understand the press fit connector market.

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In June 2021, Sumitomo Electric Industries, Ltd. launched AirEB. The AirEB is a multi-fiber connector with an expanded beam that has optical performance tolerance to the contamination on the connector mating faces, which contributes to cost reduction for massive fiber-optic network operators.

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