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Pin and Sleeve Device Market
Pin and Sleeve Device market Expected to Reach $160.11 Billion By 2026
Growth in the installation of plugs and sockets in the US residential sector and the rise in demand for dust-proof and splashproof plugs & sockets drive the growth of the Pin and Sleeve Device Market.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, December 9, 2024 /EINPresswire / -- Allied Market Research, titled, "Pin and Sleeve Device Market by Product Type, and End User: Global Opportunity Analysis and
industry Forecast, 2019–2026," projects that the global Pin and Sleeve device market size was valued at $68.10 billion in 2019, and is expected to reach $160.11 billion by 2026, growing at a CAGR of 11.10% from 2019 to 2026. In 2019, Asia-Pacific dominated the market, contributing more than a 40% share of the overall revenue, followed by North America.
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Pin and sleeve devices are high-current power sources that help insulate power from chemicals, dirt, moisture, and grime. These devices are made up of high-quality components such as RFI filters, battery holders, LED lighting connectors, solid brass, and pins. These highly secured devices protect electrical connections in abusive environments.
Pin and sleeve devices are used in various products, ranging from metal-housed to highly resistant plastic products. These devices are ideal for various applications for the reason that they act as a medium between electronic devices and current. They enable the flow of current through the receptacle (socket) to the device through plugs.
There is an increase in the installation of plugs and sockets in the residential sector as the growth in construction activities across the globe is generating the need for power-efficient connections to make home appliances work. In addition, advancements in construction methods of semiconductor wafers such as prefabricated homes with pre-installed sockets for use in electronics drive the market growth to a certain extent and are expected to boost the demand for pin and sleeve devices.
Furthermore, an increase in demand for dustproof and splashproof plugs & sockets also contributes to the market growth, owing to a shift in consumer preference toward the adoption of highly durable and water-resistant devices.
Moreover, secure plugs & sockets help monitor and control the flow of electricity, which can otherwise be harmful to workers. The rise in R&D activities in the military & defense sector has a huge impact on the market growth, due to the surge in consumption of advanced electronic appliances such as large batteries and power sources that require a power connection. Thus, governments of developing and developed nations are investing in wiring devices for better connectivity, which, in turn, fuels the growth of the global Pin and Sleeve device market.
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Competitive Analysis:
The Pin and Sleeve Device industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players in the global Pin and Sleeve Device Market include,
ABB Ltd.
Eaton Corporation plc
Hubbell Incorporation
Walther Electric Corporation
Amphenol Corporation
Emerson Electric Co.
Schneider Electric SE
Legrand SA
MENNEKES Electrotecnik GmbH & Co
Meltric Corporation
However, complex fault detection, troubleshooting processes, and an increase in investments in wireless connectivity to appliances such as wireless chargers and others are expected to limit the growth of the Pin and Sleeve device industry.
Furthermore, an increase in demand for dustproof and splashproof plugs & sockets also contributes to the market growth, owing to a shift in consumer preference toward the adoption of highly durable and water-resistant devices. Moreover, secure plugs & sockets help monitor and control the flow of electricity, which can otherwise be harmful to workers.
The rise in R&D activities in the military & defense sector has a huge impact on the market growth, due to the surge in consumption of advanced electronic appliances such as large batteries and power sources that require a power connection. Thus, governments of developing and developed nations are investing in wiring devices for better connectivity, which, in turn, fuels the growth of the global Pin and Sleeve device market.
However, complex fault detection, troubleshooting processes, and an increase in investments in wireless connectivity to appliances such as wireless chargers and others are expected to limit the growth of the Pin and Sleeve device market.
The Asia-Pacific Pin and Sleeve device market share is analyzed across countries such as China, Japan, India, South Korea, and the rest of Asia-Pacific. Asia-Pacific dominates the market, owing to an increase in penetration of connectivity technologies such as optical fiber cable in developing economies, primarily due to numerous upcoming projects, such as smart cities. In addition, Asia-Pacific offers tremendous opportunities for players in the Pin and Sleeve device market.
The increase in demand for the Internet in developing countries such as India, China, and Taiwan, the rise in industrialization, and the surge in awareness associated with the benefits of technology drive the growth of the market in this region. In addition, technological enhancements and an increase in penetration of FTTX (Fiber to the X) propels the growth of the Pin and Sleeve device market in this region.
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Key Findings of the Study:
- The connector segment accounted for the highest share of the market in 2018 with $21.82 Billion, growing at a CAGR of 7.80% from 2019 to 2026.
- The industrial generated the highest revenue, accounting for $25.07 Billion in 2018.
- Asia-Pacific is expected to dominate the market, garnering 12.70% of the share during the forecast period.
About Us:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports consider significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on analyzing high-tech and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
David Correa
Allied Market Research
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