Press release
Pin and Sleeve Device Market to Reach $160.11 Bn, Globally, By 2026 at 11.1% CAGR, Says Allied Market Research
"Growth in installation of plugs and sockets in the U.S. residential sector, surge in demand for dustproof and splash-proof plugs & sockets, and increase in adoption of electric applications in various industrial verticals drive the growth of the global pin and sleeve device market"Allied Market Research recently published a report, titled, "Pin and Sleeve Device Market by Product Type (Plug, Connector, Receptacle, and Inlet), and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2019-2026″. According to the report, the global pin and sleeve device market was pegged at $68.10 billion in 2018 and is expected to reach $160.11 billion by 2026, growing at a CAGR of 11.1% from 2019 to 2026.
Chief Reasons for Market Fluctuations
Growth in installation of plugs and sockets in the U.S. residential sector, surge in demand for dustproof and splash-proof plugs & sockets, and increase in adoption of electric applications in various industrial verticals have boosted the growth of the global pin and sleeve device market. Moreover, high investments in the military and submarine sector supplemented the market growth. However, the surge in the adoption of wireless communication devices hampers the market growth. On the contrary, shift toward the adoption of smart plugs and sockets and rise in number of data centers are expected to create lucrative opportunities in the near future.
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The Plugs Segment to Manifest the Fastest Growth
The plus segment is expected to register the fastest CAGR of 14.6% during the forecast period, owing to rise in demand for electronic appliances. However, the inlet segment held the largest share in 2018, contributing to nearly one-third of the global pin and sleeve device market, due to advancements in charging infrastructure.
The Residential Segment Dominated the Market
The residential segment held the largest share in 2018, accounting for nearly two-fifths of the global pin and sleeve device market, owing to increasing demand for electronic appliances in the residential sector. However, the industrial segment is projected to manifest the fastest CAGR of 13.0% during the forecast period, due to increasing demand for dust & splash-proof plugs and sockets.
Asia-Pacific Held the Largest Share, Followed By North America
The market across the Asia-Pacific region held the largest share in 2018, contributing to more than one-third of the market. Moreover, the region is expected to portray the fastest CAGR of 13.0% during the forecast period, due to surge in demand for Internet connectivity and rise in penetration of connectivity technologies such as optical fiber cable. The global pin and sleeve device market across North America held the second-largest share in 2018.
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Major Market Players
3D Systems Corporation
Envisiontec GmbH
Arcam Group
Proto Labs, Inc.
Optomec Inc.
Stratasys Ltd.
SLM Solutions Group AG.
Voxeljet AG
The Exone Company
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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