MoatScopeMoatScope

Electronic Components & Instruments

Passive components, connectors, circuit boards, contract manufacturing, test & measurement.

Companies
66
With a moat
48%
Average quality
39
0 wide moat · 32 narrow moat · 34 no moat · Open in screener →
Updated 19 Oct 2026

Electronic Components & Instruments covers connectors, sensors, specialty glass, passive components, circuit boards, test and measurement instruments and contract manufacturing. MoatScope covers 66 companies here. None has a wide moat; 32 have a narrow moat and 34 none.

How the industry makes money

Component makers earn when their parts are designed into a customer's product and then ride that product's production run for years. Instrument makers earn on equipment and software used in labs and factories. Contract manufacturers build products for other companies on thin margins.

Where the moats are

Switching costs appear in 30 of the 32 moat-rated companies: once a connector or sensor is qualified into a design, changing it means re-engineering and requalifying. Intangible assets appear in 21.

The narrow-moat group includes Amphenol, TE Connectivity, Corning, Keysight, Ametek, Coherent and Flex. Companies without a moat include Celestica, Vishay and Benchmark Electronics.

What wears moats down

Demand follows autos, industrial equipment and electronics through their cycles, customer concentration gives large buyers leverage, and commodity components face constant price pressure.

What to watch

  • Data-center and automotive demand.
  • New design wins.
  • Inventory levels at customers and distributors.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Electronic Components & Instruments into 3 markets. Each table ranks the businesses in one market by revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Contract electronics manufacturing

Build electronics and circuit boards for other companies.

Global market · $845.0B total revenue in 2025 · source: Elisa IndustriQ / CalcuQuote · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Contract manufacturing including ODMs, scaled up from the 20 largest.

#BusinessMarket shareRevenue
1Hon Hai Precision (Foxconn)
Listed outside the US (TWSE) · StatementDog
30.8%$259.9B
2Quanta Computer (ODM)
Listed outside the US (TWSE) · Commercial Times
8.0%$68.0B
3Pegatron
Listed outside the US (TWSE) · Commercial Times
4.3%$35.9B
4JBL · JABIL INC3.5%$29.8B
5FLEX · FLEX LTD.3.3%$27.9B
6Compal Electronics (ODM)
Listed outside the US (TWSE) · Commercial Times
2.9%$24.3B
7Inventec (ODM)
Listed outside the US (TWSE) · Commercial Times
2.6%$22.2B
8CLS · CELESTICA INC1.5%$12.4B
9ASX · ASE Technology Holding Co., Ltd.
EMS · filed under Semiconductors
1.1%$9.0B
10SANM · SANMINA CORP1.0%$8.1B
All other companies39.7%$335.8B

Connectors, components & displays

Connectors, cables, passive components, power supplies, glass and displays.

Global market · $213.5B total revenue in 2025 · source: Bishop & Associates · rough estimate. Shares are of the whole market, including companies MoatScope doesn't cover; company revenue is for the fiscal year closest to 2025. Connectors plus display panels, a partial total.

#BusinessMarket shareRevenue
1APH · AMPHENOL CORP /DE/10.8%$23.1B
2Samsung Display
Part of a larger group · Display Daily
9.9%$21.0B
3LPL · LG Display Co., Ltd.9.2%$19.7B
4TEL · TE Connectivity plc8.1%$17.3B
5GLW · CORNING INC /NY7.3%$15.6B
6VSH · VISHAY INTERTECHNOLOGY INC1.4%$3.1B
7AEIS · ADVANCED ENERGY INDUSTRIES INC0.8%$1.8B
8MEI · METHODE ELECTRONICS INC0.5%$1.0B
9BELFB · BEL FUSE INC /NJ0.3%$675M
10CTS · CTS CORP0.3%$541M
All other companies50.8%$108.5B

Instruments, sensors & industrial tech

Test and measurement, sensors, machine vision, barcode and positioning equipment, and meters.

22 businesses MoatScope covers, ranked by revenue. No reliable figure for this market's total yet, so shares aren't shown.

#BusinessRevenue
1AME · AMETEK INC/$7.4B
2VLTO · Veralto Corp$5.5B
3ZBRA · ZEBRA TECHNOLOGIES CORP$5.4B
4KEYS · Keysight Technologies, Inc.$5.4B
5TDY · TELEDYNE TECHNOLOGIES INC$5.1B
6ST · Sensata Technologies Holding plc$3.7B
7TRMB · TRIMBLE INC.$3.6B
8VNT · Vontier Corp$3.1B
9FTV · Fortive Corp$2.9B
10ITRI · ITRON, INC.$2.4B

Companies

CompanyMoatQualityMarket
GLW
CORNING INC /NY
Narrow54Connectors, components & displays7.3%$114.3B
APH
AMPHENOL CORP /DE/
Narrow73Connectors, components & displays10.8%$99.0B
TEL
TE Connectivity plc
Narrow61Connectors, components & displays8.1%$61.5B
KEYS
Keysight Technologies, Inc.
Narrow67Instruments, sensors & industrial tech—$57.2B
AME
AMETEK INC/
Narrow64Instruments, sensors & industrial tech—$56.7B
COHR
COHERENT CORP.
Narrow45Instruments, sensors & industrial tech
+ 1 other market
—$45.4B
CLS
CELESTICA INC
None43Contract electronics manufacturing1.5%$36.2B
FLEX
FLEX LTD.
Narrow46Contract electronics manufacturing3.3%$32.3B
JBL
JABIL INC
Narrow45Contract electronics manufacturing3.5%$29.6B
TDY
TELEDYNE TECHNOLOGIES INC
Narrow58Instruments, sensors & industrial tech
+ 1 other market
—$28.7B
VLTO
Veralto Corp
Narrow66Instruments, sensors & industrial tech—$24.5B
ZBRA
ZEBRA TECHNOLOGIES CORP
Narrow51Instruments, sensors & industrial tech—$17.8B
FTV
Fortive Corp
Narrow47Instruments, sensors & industrial tech
+ 1 other market
—$17.4B
TRMB
TRIMBLE INC.
Narrow47Instruments, sensors & industrial tech—$14.0B
TTMI
TTM TECHNOLOGIES INC
Narrow45Contract electronics manufacturing0.3%$10.4B
AEIS
ADVANCED ENERGY INDUSTRIES INC
Narrow52Connectors, components & displays0.8%$9.6B
SANM
SANMINA CORP
Narrow50Contract electronics manufacturing1.0%$9.5B
CGNX
COGNEX CORP
Narrow62Instruments, sensors & industrial tech—$9.3B
VICR
VICOR CORP
Narrow66Connectors, components & displays0.2%$8.8B
VIAV
VIAVI SOLUTIONS INC.
Narrow47Instruments, sensors & industrial tech—$8.6B
RAL
Ralliant Corp
Narrow36Instruments, sensors & industrial tech—$7.4B
PLXS
PLEXUS CORP
Narrow50Contract electronics manufacturing0.5%$6.3B
ST
Sensata Technologies Holding plc
Narrow46Instruments, sensors & industrial tech—$5.9B
VNT
Vontier Corp
Narrow55Instruments, sensors & industrial tech—$4.5B
VSH
VISHAY INTERTECHNOLOGY INC
None29Connectors, components & displays1.4%$4.4B
MIR
Mirion Technologies, Inc.
Narrow46Instruments, sensors & industrial tech—$3.7B
BMI
BADGER METER INC
Narrow70Instruments, sensors & industrial tech—$3.7B
ITRI
ITRON, INC.
Narrow52Instruments, sensors & industrial tech—$3.6B
BELFB
BEL FUSE INC /NJ
Narrow50Connectors, components & displays0.3%$3.1B
OSIS
OSI SYSTEMS INC
Narrow55Instruments, sensors & industrial tech—$3.1B
IPGP
IPG PHOTONICS CORP
Narrow44Instruments, sensors & industrial tech—$3.1B
LPL
LG Display Co., Ltd.
None8Connectors, components & displays9.2%$2.7B
BHE
BENCHMARK ELECTRONICS INC
None36Contract electronics manufacturing0.3%$2.6B
ALNT
ALLIENT INC
Narrow50Instruments, sensors & industrial tech—$1.6B
CTS
CTS CORP
Narrow61Connectors, components & displays0.3%$1.6B
VPG
Vishay Precision Group, Inc.
Narrow47Connectors, components & displays0.1%$745M
FEIM
FREQUENCY ELECTRONICS INC
None23Instruments, sensors & industrial tech—$734M
KE
Kimball Electronics, Inc.
None36Contract electronics manufacturing0.2%$628M
MEI
METHODE ELECTRONICS INC
None26Connectors, components & displays0.5%$499M
MASS
908 Devices Inc.
None31Instruments, sensors & industrial tech—$472M
MPTI
M-tron Industries, Inc.
None60Connectors, components & displays<0.1%$294M
OPTX
SYNTEC OPTICS HOLDINGS, INC.
None18Connectors, components & displays<0.1%$268M
HWKE
Hawkeye Systems, Inc.
None16Connectors, components & displays—$184M
ESP
ESPEY MFG & ELECTRONICS CORP
None48Connectors, components & displays<0.1%$162M
CODA
Coda Octopus Group, Inc.
None52Connectors, components & displays<0.1%$111M
LGL
LGL GROUP INC
None31Connectors, components & displays<0.1%$84M
KULR
KULR Technology Group, Inc.
None23Connectors, components & displays<0.1%$83M
RFIL
R F INDUSTRIES LTD
None26Connectors, components & displays<0.1%$77M
IEHC
IEH Corp
None20Connectors, components & displays<0.1%$74M
ELTK
ELTEK LTD
None27Connectors, components & displays<0.1%$70M
NEON
Neonode Inc.
None45Connectors, components & displays<0.1%$30M
MVIS
MICROVISION, INC.
None10Connectors, components & displays<0.1%$29M
NSYS
NORTECH SYSTEMS INC
None27Contract electronics manufacturing<0.1%$28M
ELSE
ELECTRO SENSORS INC
None45Connectors, components & displays<0.1%$27M
DAIO
DATA I/O CORP
None21Connectors, components & displays<0.1%$26M
KTCC
KEY TRONIC CORP
None17Contract electronics manufacturing<0.1%$24M
NIKI
Niki BioSolutions, Inc.
None5Connectors, components & displays—$15M
LCTC
Lifeloc Technologies, Inc
None22Connectors, components & displays<0.1%$11M
OST
Ostin Technology Group Co., Ltd.
None10Connectors, components & displays<0.1%$10M
ASTC
ASTROTECH Corp
None19Connectors, components & displays<0.1%$10M
MSAI
MultiSensor AI Holdings, Inc.
None10Connectors, components & displays<0.1%$9M
QURT
Quarta-Rad, Inc.
None12Connectors, components & displays<0.1%$6M
FCUV
FOCUS UNIVERSAL INC.
None7Connectors, components & displays<0.1%$3M
UCLE
US NUCLEAR CORP.
None14Connectors, components & displays<0.1%$1M
LNKS
Linkers Industries Ltd
None23Connectors, components & displays<0.1%$1M
POAS
PHAOS TECHNOLOGY HOLDINGS (CAYMAN) Ltd
None7Connectors, components & displays<0.1%—

66 companies.

Market share is a company's revenue in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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