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Powering Connectivity: High Voltage Wiring Connectors in Modern Applications
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According to The Business Research Company's, The high voltage wiring connectors market size has grown strongly in recent years. It will grow from $3.61 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to industrialization, growth in the energy sector, expansion of the manufacturing sector, increasing urbanization, rising demand for electricity.
The high voltage wiring connectors market size is expected to see strong growth in the next few years. It will grow to $4.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to integration of renewable energy sources, electrification of transportation systems, development of high-voltage direct current (hvdc) transmission, increased demand for electric vehicles, upgradation of aging power infrastructure. Major trends in the forecast period include adoption of superconducting materials in high-voltage wiring, growth of offshore wind power transmission, integration of digital technologies in high-voltage systems, development of lightweight and high-performance materials for wiring, implementation of smart sensing and monitoring in power transmission.
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the high-voltage wiring connectors market going forward. Electric vehicles (EVs) are vehicles that are powered by one or more electric motors, using electricity stored in batteries or fuel cells instead of internal combustion engines that run on fossil fuels. EVs require efficient power transmission and charging infrastructure, and high-voltage wiring connectors are crucial in ensuring the safe and reliable transfer of high-voltage power within vehicles. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the high-voltage wiring connectors market.
Product innovation is a key trend gaining popularity in the high-voltage wiring connectors market. Major companies operating in the high-voltage wiring connectors market are developing innovative products to sustain their position in the market. For instance, in June 2021, TE Connectivity, a Switzerland-based consumer electronics company, launched the IPT-HD power bolt high-voltage connector, a cutting-edge solution designed for electric vehicles (EVs) operating in challenging environments. The IPT-HD power bolt connector complies with ISO and LV standards, ensuring compatibility and reliability. It features a new shielding design that enhances electromagnetic compatibility (EMC) performance. The connector offers low-contact resistance and supports thicker conductor cross-sections, making it suitable for motor control units (MCUs), electrical axles, and motor applications in EVs. TE Connectivity's IPT-HD power bolt connector series is available in conductor cross-sections of 50 mm2 and 70 mm2, with a 95 mm2 option soon to be released. The series includes a separate, single-wiring harness, which enhances assembly flexibility. This connector offers superior EMC performance, improved assembly efficiency, and broader application possibilities in the rapidly evolving field of alternative-energy vehicles.
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Major Key Players of the Market:
Sumitomo Electric Industries Ltd., ABB Ltd., Eaton Corporation, TE Connectivity Ltd., BorgWarner Inc, Yazaki Corporation, Amphenol Corporation, Molex LLC, Nexans S.A., Phoenix Contact GmbH & Co. KG, Hubbell Incorporated, ITT Inc., Hirose Electric Co. Ltd., Stäubli International AG. , HARTING Technology Group, Huber+Suhner AG, Samtec Inc., Smiths Interconnect Inc., Lemo SA, Glenair Inc., Rosenberger Hochfrequenztechnik GmbH & Co. KG, Methode Electronics Inc., Fischer Connectors AG, Teledyne Defense electronics, Travis Pattern & Foundry Inc., J.S.T. Mfg. Co. Ltd., SCHLEICH GmbH, United Universal Industries Inc., Metway Electrical Industries Ltd, Power Dynamics Inc.
High Voltage Wiring Connectors Market 2024 Key Insights:
• The high voltage wiring connectors market size is expected to see strong growth in the next few years. It will grow to $4.96 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surging Electric Vehicle Demand Powers Growth In High-Voltage Wiring Connectors Market
• Innovative Solutions Drive High-Voltage Wiring Connectors Market
• Asia-Pacific was the largest region in the high-voltage wiring connectors market in 2023
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