MIL-DTL-81714 Series II Connectors Market Size, Growth, Statistics And Forecast 2028
According to the new research report published by The Insight Partners, titled “MIL-DTL-81714 Series II Connectors Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and End User,” the market was valued at US$ 38,991.02 thousand in 2021 and it is projected to reach US$ 73,295.13 thousand by 2028; it is expected to grow at a CAGR of 9.4% from 2021 to 2028.
The MIL-DTL-81714 Series II connectors market is experiencing significant growth owing to increasing year-on-year government budgets for national security. Governments across the world are significantly investing in the procurement of new advanced state-of-the-art combat aircrafts. To cater to the dynamic challenges of the defense industry, market players are heavily investing in the development of robust and innovative electronic components. Additionally, the heavy adoption of military unmanned aerial vehicles across the world is fueling the growth of the market. Meanwhile, one of the recent trends observed is the increasing deployment of military unmanned ground vehicles in battlefield, which is propelling the growth of market. However, the disruption in the supply chain of military electronics component such as MIL-DTL-81714 Series II Connectors owing to the COVID-19 outbreak has marginally impacted the adoption MIL-DTL-81714 Series II connectors.
Governments across the world are spending significantly for the procurement of advanced ariel fleet as well as the advanced UAVs. This has also triggered the amounts spent on maintenance, repair, and overhaul (MRO) operations for military aircraft. For instance, in November 2020, SupplyCore and Noble Supply & Logistics jointly received a contract worth of US$ 90 million from the US Department of Defense for MRO services of Air Force, Marine Corps, U.S. Army, Navy, and Coast Guard air fleet. In November 2020, Saudi Arabia government awarded Boeing an MRO contract of worth US$ 9.8 billion for the army’s F-15 fleet. In September 2020, RUAG received an MRO contract for US Navy’s F/A-18 Hornet fleet. The MRO operations consist of periodic inspection, defect rectification, overhaul, and replacement along with the embodiment of modification of aircraft for ensuring a continuous airworthiness of aircraft units and their parts. The MIL-DTL-81714 Series II Connectors are periodically serviced as well as replaced in military aircraft for optimal functioning of various electronics controls. Thus, with the increasing MRO spending for military aircraft is subsequently driving the adoption on MIL-DTL-81714 Series II connectors.
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North America is known for the highest adoption rate of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting the performance of industries in the region hinders its economic growth. Currently, the US is the world’s worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country to control the spread of infection. Therefore, the production volume of aircraft is decreasing drastically amid pandemic, which is declining the adoption rate of MIL-DTL-81714 Series II connectors. Thus, the aircraft manufacturers and aircraft MRO service providers are witnessing significant loss during the pandemic. However, the governments of the US and Canada have maintained their defense spending levels. The continued investments by government organizations in military and defense is expected to have a neutral impact on the growth of the MIL-DTL-81714 Series II connections market in the coming quarters.
Amphenol Pcd, DME INTERCONNECT, Daniels Manufacturing Corporation, TE Connectivity, SOURIAU SAS ,are among the major companies operating in the MIL-DTL-81714 Series II connectors market.
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