Contactless Connector Market Share, Size, Future Demand, and Emerging Trends

NOIDA, India - April 4, 2024 - PRLog -- Market Overview

The global contactless connector market was valued at approximately USD 200.1 million in 2023 and is projected to grow to USD 598.3 million by 2030, with a compound annual growth rate (CAGR) of 17.1% from 2024 to 2030. The acceptance of wireless tech started with wireless data transfer. With wireless energy transmission in customer electronics, like laptops, computers, IoT devices, mobile phones, and audio devices, the need for contactless connectors is growing quickly.

The world is leaning toward IoT devices, which is a major propelling reason for the surge in the need for wireless connectors. They play a vital role in creating data exchange and communication between IoT devices, therefore easing the addition of sensors, controllers, and actuators without physical linkages.

The rising addition of IoT devices and appliances in financial services, smart cities, and homes is offering a platform for the utilization of progressive wireless connectivity technology. Furthermore, the customer electronics industry is experiencing a surge in the acceptance of NFC technology to offer secure and seamless communication.

By 2030, smart home industry revenue is projected to reach USD 196.5 billion, from USD 82 billion by 2021, therefore broadening the opportunity for contactless connectors. The smart home market utilizes connected appliances and devices to mechanize routines, to save energy, time, and money. Home automation systems with these connectors permit the addition of numerous appliances and devices controlled via a centralized unit.

Regional Outlook

• In 2023, the power transmission category accounted for 75% of the industry share because of the augmented acceptance of connected devices.
• Demand for enhanced charging solutions capable of running multiple devices concurrently is propelling the need for contactless connectors.
• Hybrid technology, transmitting both power and data, is expected to have the highest CAGR of around 17.5% from 2024 to 2030, offering unlimited mating cycles and robustness with low maintenance.
• In 2023, the Inductive couplers category, had a substantial industry share of 40%, using magnetic fields to distribute power between coils in short-distance applications.
• Extensively utilized in technologies such as data transfer, radiofrequency identification, and wireless charging, they provide durability and resistance to ecological conditions.
• Inductive couplers are perfect for applications like wireless EV charging, smartphones, and medical implants because of their robustness and environmental resilience.
• In 2023, the aerospace & defense category had a 35% industry share, propelled by augmented defense budgets and geopolitical tensions.
• Contactless couplers are widely utilized in arming manufacturing services because of heightened defense expenditure and geopolitical factors.
• In 2023, the North American region dominated the worldwide market share at 45%, propelled by quick development in industrial automation and aerospace/defense industries in the U.S.

Source: P&S Intelligence (https://www.psmarketresearch.com/)