MIL-DTL-81714 Series II Connectors Market is expected to reach US$ 73,295.13 Thousand by 2028

by Sameer Joshi or 28-May-2021

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According to the new research report titled “MIL-DTL-81714 Series II Connectors Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 73,295.13 thousand by 2028, registering a CAGR of 9.4% from 2021 to 2028.

Unmanned ground vehicle (UGVs) are being used in regions which are unreachable or has harsh weather. The use of unmanned ground vehicles (UGVs) assists plant operators in guaranteeing safe operations at diverse plant locations by preventing any injury to human workers. These vehicles are used to undertake Intelligence, Surveillance, and Reconnaissance (ISR) activities in conflict zones, reducing the number of human losses. UGVs are also used in disaster search and rescue efforts to assess damage and find people. During the COVID-19 pandemic, the UGV and UAV are being used for a variety of activities. For example, in March 2020, Tunisian authorities employed UGV to monitor streets during a lockdown in the city of Tunis. Furthermore, Abu Dhabi Airports stated its plans for the deployment of UGVs for airport disinfection in May 2020. The airport would buy UGVs from Marakeb Technologies, a subsidiary of the UAE's Tawazun Strategic Development Fund. As a result, the increased use of UGVs in military and commercial applications is creating lucrative opprotunities for MIL-DTL-81714 Series II connectors market participants to expand their business.

The increase in government spending across the world on procurement of transport aircraft fleet, as well combat aircraft fleet for securing respective nation’s borders is paving the adoption of MIL-DTL-81714 Series II connectors. Countries such as the US, China, India, Russia, and Saudi Arabia are significantly increasing their year-on-year air defense budgets with an objective to modernize the aircraft fleet. A fair percentage of military budgets is focused on procuring advanced aircraft and robust combatting technologies on aircraft. For instance, in 2020, Japan received its approval to purchase of 105 F-35 combat aircraft worth US$ 35 billion from the US government. Similarly, India announced a contract with Dassault Aviation for 36 Rafael multi-role fighter jets with a contractual valuation of US$ 9.0 billion, of which five were delivered in July 2020.

The COVID-19 outbreak is adversely affecting the world and is continuing to shatter several countries. The automotive original equipment manufacturers (OEMs) and players operating in the electronic industry are experiencing the hardest hit due to the pandemic. The outbreak is likely to pose a lasting impact on military spending as it has led to dramatic change in the consumer behaviors, macroeconomic environment, and regulations. The MIL-DTL-81714 Series II connectors market witnessed a downfall in the beginning of the pandemic. However, with the increasing recovery of patients and decreasing numbers of COVID-19 confirmed cases, the market is improving and witnessing an uptrend in case of the electronics industry.

Key Findings of Study:
The MIL-DTL-81714 Series II connectors market is segmented on the basis of application, end users, and geography. By geography, the market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South & Central America (SCAM).  North America held the largest share of the market in 2020, followed by Europe and Asia Pacific. Further, the market in Europe is projected to witness the highest growth rate during the forecast period owing to the increase in military expenditure and significant steps to support soldiers by adopting UAV and UGV in the field.

Based on application, the MIL-DTL-81714 Series II connectors market is segmented into aircraft lighting, unmanned aerial vehicle, unmanned ground vehicle, and combat systems & weaponry. The aircraft lighting segment represented the largest share of the overall market in 2020 owing to the continuous development in improving the overall form and functional factor of interior and exterior lighting system for military aircraft.

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