Pin and Sleeve Device Market Expected to Reach $160.11 Billion By 2026

A new report published by 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.

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 high 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 though receptacle (socket) to 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 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 drives the market growth to a certain extent is expected to boost the demand for pin and sleeve devices. 

Furthermore, increase in demand for dust proof and splash proof plugs & sockets also contribute to the market growth, owing to shift in consumer preference toward 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 for workers. Rise in R&D activities in the military & defense sector has a huge impact on the market growth, due to surge in consumption of advanced electronic appliances such as large batteries and power sources that require power connection. Thus, governments of developing ad 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 process, and increase in investments in wireless connectivity to the appliances such as wireless chargers and others is expected to limit the growth of the Pin and Sleeve device industry.

Furthermore, increase in demand for dust proof and splash proof plugs & sockets also contribute to the market growth, owing to shift in consumer preference toward 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 for workers. 

Rise in R&D activities in the military & defense sector has a huge impact on the market growth, due to surge in consumption of advanced electronic appliances such as large batteries and power sources that require power connection. Thus, governments of developing ad 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 process, and increase in investments in wireless connectivity to the appliances such as wireless chargers and others is 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 rest of Asia-Pacific. Asia-Pacific dominates the market, owing to 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.

Increase in demand for internet in developing countries such as India, China, and Taiwan, rise in industrialization, and surge in awareness associated with benefits of technology drive the growth of the market in this region. In addition, technological enhancements and increase in penetration of FTTX (Fiber to the X) propels the growth of the Pin and Sleeve device market in this region.

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.

The report provides a comprehensive analysis of the major market players such as ABB Ltd., Eaton Corporation, Emerson Electric, Meltric Corporation, Schneider Electric, Walther Electric, Inc., Amphenol Corporation, Mennekes Electrotecnik GmbH & Co. KG, Hubbell Corporation, and Legrand SA.