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The military connectors market share is expected to increase by USD 1.56 billion from 2021 to 2026, at a CAGR of 5.05%.
This military connectors market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers military connectors market segmentation by type (circular, rectangular, and fiber optic), application (army, airforce, and underwater), and geography (North America, APAC, Europe, South America, and MEA). The military connectors market report also offers information on several market vendors, including Amphenol Corp., Conesys, Eaton Corp. Plc, Fischer Connectors SA, Glenair Inc., ITT Inc., ODU GmbH and Co. KG, Smiths Group Plc, TE Connectivity Ltd., and Weald Electronics Ltd. among others.
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The increasing penetration of underwater mining activities is notably driving the military connectors market growth, although factors such as the increase in wage rates and competition may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the military connectors industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Military Connectors Market Driver
One of the key factors driving the global military connectors market growth is the increasing penetration of underwater mining. Several developed and developing countries are accelerating deep-sea mining and exploration projects to procure various endangered metals and minerals from underwater ridges, sediments, and seamounts. For instance, in February 2021, the Government of India announced an investment of around USD 540.4 million for deep-sea oceanography projects over the next five years. The new project will promote the country's deep-sea mining, exploration, and deep-sea biodiversity conservation. Other factors such as the increase in military expenditure will further support the growth of the market in focus during the forecast period.
Key Military Connectors Market Trend
Another key factor driving the global military connectors market growth is the increased upgrading and modernization of aircraft to better equip pilots for safe flying. In March 2018, GE Aviation received a contract from Lockheed Martin to upgrade the data transfer system of the F-16 multi-role fighter aircraft for the UAE Air Force. Furthermore, under the new avionics display upgrade program, UPS upgraded its Boeing 757s and 767s with Boeing's 787 style cockpit avionics in May 2017. According to the upgrade, large-screen displays were mostly expected to replace display and flight instruments with large 15.1-inch flat-panel display screens. Moreover, new displays are lighter than current CRTs. These new displays are further expected to reduce UPS's fuel use by 55,000 gallons per year while reducing emissions by 523 metric tons. Such factors are expected to positively impact the growth of the market in focus during the forecast period.
Key Military Connectors Market Challenge
One of the key challenges to the global military connectors market growth is the increase in wage rates and competition among the vendors. The price wars have led to a decline in profit margins, which has resulted in a significant decline in the investments in R&D by vendors. As the market is slowly moving toward consolidation, manufacturers are focusing on M&A to hold onto the top positions. Moreover, there is an intense competition taking place in the product segments, with companies seeking to adopt aggressive pricing strategies. As most original equipment manufacturers (OEMs) demand low-cost, reliable connectors, companies are shifting to new raw materials that are cheap and reliable. However, choosing such raw materials without conducting proper research on them (due to low investments in R&D) leads to inferior quality products that impact the brand reputation. Such factors are expected to negatively impact the growth of the market in focus during the forecast period.
This military connectors market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global military connectors market as a part of the global aerospace and defense market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the military connectors market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the military connectors market encompasses successful business strategies deployed by the key vendors. The military connectors market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The military connectors market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the military connectors market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global aerospace and defense market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by Type
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
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