The global press fit connector market is expected to grow from US$ 8,045.0 million in 2021 to US$ 11,069.9 million by 2028; it is estimated to grow at a CAGR of 4.7% during 2021-2028.

Communication has the utmost importance in the aerospace & defense sector to ensure the seamless integration of systems on a plane as well as on the ground. The connectors are developed to meet standards such as VITA and VPX protocols to ensure connectivity even in critical situations and harsh environments. Advancements in the aerospace industry in the form of lightweight aircraft, long-range connecting devices, and unmanned aerial vehicles (UAVs) are pushing the boundaries of connectivity techniques and creating the demand for advanced connector systems. Digitalization, remote control, and other advanced technologies are taking control over maneuvers operations, which is creating the demand for high-speed data transfer solutions. Companies providing press fit connectors are also developing new products for ensuring overall compliance with the aerospace & defense industry standards. For instance, Samtec company offers a wide range of interconnect products for the military & aerospace industry. Therefore, with the growing need for connectors for communication systems, the demand for press fit connectors will also increase.

Based on type, the press fit connector market is segmented into compliant press-in and cold press-in. In 2020, the compliant press-in segment led the press fit connector market, accounting for a larger share in the market. Based on application, the press fit connector market can be segmented into automotive, telecommunications, military and aerospace, medical, and others. In 2020, the automotive segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, APAC accounted for a significant share in the global market.

Impact of COVID-19 Pandemic on Press Fit Connector Market

The COVID-19 pandemic hampered the economic growth of almost all countries. A severe impact on the manufacturing sector is witnessed due to business shutdowns and lockdowns. Sales of various industrial products such as automotive cars and electronics are declined. Office premises, public places, schools, transportation, and other spaces also remained closed, which declined the market growth. The semiconductor industry took a significant hit as the demand for electronic components was lowered from the industrial sector and end users. The revenue model for microelectronics has declined as no mass production was carried in the lockdown period. Post lockdown, the semiconductor industry started to regain the market share as production facilities restarted the operation by taking social distancing measures. Besides, work from home and remote monitoring strategies also helped increase the sale of advanced electronics products for better connectivity. The COVID-19 pandemic created a major impact on the semiconductor industry for the first half of 2020, while in the third quarter, according to The Semiconductor Industry Association (SIA), worldwide sales increased by around 11%. Companies in the press fit connector market are functioning at full capacity in countries where the pandemic has subsided. However, the Delta variant of the novel coronavirus is a matter of concern for the US, India, and other several countries.

The overall press fit connector market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the press fit connector market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the press fit connector market.

The key companies operating in the press fit connector market include 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.