Latin America Low Voltage Electrical Connectors Market Outlook - 2027
The Latin America low voltage electrical connectors market size is expected to reach $1.62 billion by 2027 from $1.01 billion in 2019, growing at a CAGR of 6.88% from 2020 to 2027. Electrical connector is an electro-mechanical device used to join electrical circuits as an interface using a mechanical assembly. These connectors consist of plugs (male-ended) and sockets (female-ended) and are used in diverse industries such as oil & gas, defense & aerospace, manufacturing, automotive, and IT & telecommunication for reliable end to end connection. The major purpose of these wire connectors is to transmit electric signals and electromagnetic waves from one endpoint to another. Furthermore, connectors along with cable assemblies play a vital role in integration mechanism of different systems and subsystems. It is used to withstand harsh physical and chemical environment to operate in different atmospheric conditions.
Rise in demand for high bandwidth connectors, growth in adoption of connectors in the telecommunication sector, and high investments in the construction sector are the prominent factors that drive growth of the Latin America low voltage electrical connectors market. Construction industry offers several investment opportunities for companies, given the country’s ambitious scope for infrastructure modernization, developing smart cities, and improving logistics and transportation routes. The construction sector is growing at a tremendous pace, especially in developing countries such as Mexico and Brazil, with increase in participation from both public and private market players. Some of the major drivers of the construction sector are industrial corridors, smart cities projects, and increase in demand for commercial spaces such as hotels, offices, retail, and entertainment units.
Moreover, rise in initiatives to increase connectivity in rural areas is anticipated to provide lucrative opportunities for expansion of the Latin America low voltage electrical connectors industry during the forecast period. Rural communities have suffered gradual depopulation for years, as the opportunity gap between rural and urban areas widens. Digitalization and connectivity can help reverse this trend as it offers ample opportunities. Governments in developing nations of Latin America are investing heavily on connecting rural and remote areas to facilitate them with internet connection. In addition, lack of key broadband infrastructure connecting many homes in the country has resulted in increased connection challenges, which have been exacerbated by the COVID-19 crisis.
The Latin America low voltage electrical connectors market growth is segmented on the basis of type, application, and countries. On the basis of type, the market is classified into PCB connectors, TAB connectors, plug & socket connectors, terminal strip connectors, terminal blocks connectors, and others. The applications covered in the market include HVAC, electrical power, industrial, factory automation, fire & security, electronics & communication, automotive, public infrastructure, and others.
By Type
PCB Connectors segment is projected as one of the most lucrative segments.
Latin America low voltage electrical connectors market trends for Latin America are analyzed across Mexico, Colombia, Costa Rica, Chile, Panamá, Argentina, and rest of Latin America. Mexico accounted for the highest market share in 2019, owing to expansion of the electronics and telecommunication market.
By Application
Electronics and Communication segment is expected to secure leading position during forecast period.
Mexico is a developing country in Latin America, which has power & energy, oil & gas, telecommunication, automotive, and other industries that find demand for electrical connectors. The Latin America low voltage electrical connectors market witnessed a significant growth rate in the country, owing to high usage of wire connectors for energy transfer. High investments in the power & energy sector are expected to create lucrative opportunities for the Latin America low voltage electrical connectors market.
By Country
Colombia country would exhibit the highest CAGR of 7.93% during 2020-2027
Top Impacting Factors
The significant impacting factors of the Latin America low voltage electrical connectors market include rise in demand for high bandwidth connectors, growth in adoption of connectors in the telecommunication sector, and high investments in the construction sector. However, high installation costs restrains the market growth. Moreover, rise in initiatives to increase connectivity in rural areas are expected to create lucrative opportunities for expansion of the Latin America low voltage electrical connectors market share.
Competition Analysis
Competitive analysis and major players of Latin America low voltage electrical connectors market includes TE Connectivity, WAGO, Weidmuller, WECO Contact GmbH, and PHOENIX CONTACT GmbH & Co. KG., Panduit, Molex, LLC, Amphenol Corporation, and Dinkle International Co. Ltd are provided in this report.
Covid-19 Impact Analysis
The COVID-19 pandemic is disrupting supply chains, and affecting all businesses in virtually all market segments. Automotive, telecommunications, and other markets are mainly dependent on manufacturing capabilities, which are centered in this country. The end user industry of low voltage electrical connectors represented adverse trends during the COVID-19 pandemic. Industry verticals such as construction, manufacturing, industrial, and government utilities showed minimal demand. However, demand from private utilities remained unaffected. Moreover, quality check and maintenance of products, components, or structures is of utmost importance for every industry. As a result, the budget is most likely to reduce in the pandemic.
Key Benefits For Stakeholders
- This study comprises analytical depiction of the Latin America low voltage electrical connectors market outlook along with current trends and future estimations to depict imminent investment pockets.
- The overall Latin America low voltage electrical connectors market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and Latin America low voltage electrical connectors market opportunities with a detailed impact analysis.
- The current Latin America low voltage electrical connectors market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of buyers and share of key vendors in the Latin America low voltage electrical connectors market share.
Key Market Segments
By Type
- PCB Connectors
- TAB Connectors
- Plug and Socket Connectors
- Terminal Strip Connectors
- Terminal Blocks Connectors
- Others
By Application
- HVAC
- Electrical Power
- Industrial
- Factory Automation
- Fire and Security
- Electronics and Communication
- Automotive
- Public Infrastructure
- Other
By Region
- Latin America
- Mexico
- Colombia
- Costa Rica
- Chile
- Panamá
- Argentina
- Rest of Latin America
Key Players
- TE CONNECTIVITY LIMITED
- WAGO
- Weidmuller
- WECO Contact GmbH
- PHOENIX CONTACT GmbH & Co. KG
- Panduit
- Molex, LLC
- Amphenol Corporation
- Dinkle International Co. Ltd.
Latin America Low Voltage Electrical Connectors Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By COUNTRY |
|
 Key Market Players | WECO CONTACT GmbH, WEIDMULLER, AMPHENOL, .WAGO, PANDUIT, TE CONNECTIVITY LIMITED, .MOLEX, DINKLE INTERNATIONAL CO. LTD, PHOENIX CONTACT GmbH & CO. KG |
Analyst Review
According to CXOs of leading companies, rise in demand for high bandwidth connectors, growth in adoption of connectors in the telecommunication sector, and high investments in construction sector are expected to provide lucrative growth opportunities for the Latin America low voltage electrical connectors market growth.
Moreover, emerging countries in Latin America are projected to offer significant growth opportunities for the market during the forecast period. In addition, growth in the telecommunication industry and high adoption of Internet of Things is expected to create growth opportunities for the market. Telecommunication sector is still on top and is expected to continue to progress, which provides an opportunity window for the low voltage electrical connectors market.
In accordance with several interviews that were conducted with top level CXOs, adoption of connectors has increased in industrial networks as these industries are more prone to harsh physical and environmental conditions and require high quality connectors for communication. They require properly designed network to deliver productivity, efficiency, and reliability continuously.
Electrical connectors play an important role in delivering continuous connectivity and withstand harsh environments. Rise in demand for high bandwidth connectors, increase in adoption of connectors in the telecommunication sector, and high investments in the construction sector are the prominent factors that drive growth of the Latin America low voltage electrical connectors market.
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