Press release
Pin and Sleeve Device Market Research, Size, Forecast To 2033
Pin and Sleeve Device Market
Pin and Sleeve Device Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $111.49 billion In 2028 At A CAGR Of 7.8%.
The pin and sleeve device market size has grown strongly in recent years. It will grow from $76.08 billion in 2023 to $82.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to industrial growth, stringent safety regulations, rise in construction activities, increase in power generation, focus on worker productivity, expansion of data centers.
The pin and sleeve device market size is expected to see strong growth in the next few years. It will grow to $111.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy integration, focus on energy efficiency, increasing industrial automation, evolving safety standards, electrification of transportation, expansion of telecommunication networks. Major trends in the forecast period include technological advances in connector design, product innovations, demand for corrosion-resistant materials, customization and modularity, integration of smart technologies.
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Pin and Sleeve Device Market Major Segments
The pin and sleeve device market covered in this report is segmented -
1) By Product: Plug, Connector, Receptacle, Inlet, Other Products
2) By Material: Metallic, Non-Metallic
3) By End Use: Residential, Commercial, Industrial
Key Driver - Rising Expansion Of Data Centers To Drive Market Growth
The expansion of data centers is expected to boost the growth of the pin and sleeve device market going forward. A data center refers to a facility that unifies a company's shared IT infrastructure and operations for data processing and storage. Pin and sleeve devices play a significant role in data center hardware designs, especially in open-standard applications where everyone can easily understand the value of these components due to their capacity to optimize power usage, lower the cost of data center servers per rack, and lower the cost per server. For instance, in February 2021, according to the Korea Data Center Council (KDCC), the overall capacity of colocation data centers information technology (IT) load reached 430 MW at the end of 2020, accounting for 11% of the total APAC IT load. Following Savills Korea projections, the total commercial data center IT load in Korea is expected to expand by 700 MW between 2021 and 2023, accounting for 15% of overall Asia-Pacific capacity. Therefore, the expansion of data centers is driving the growth of the pin-and-sleeve device market.
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Prominent Trend - Rise In Oil And Gas Industry To Drive Market Growth
The increasing expansion of oil and gas industry is expected to propel the growth of pin-and-sleeve device market going forward. The oil and gas industry refers to the global economic activities involved in the exploration, extraction, production, refining, transportation, and distribution of petroleum products, including crude oil and natural gas. Pin and sleeve devices are integral in the oil and gas industry, facilitating secure and reliable electrical connections for critical applications such as power distribution to drilling equipment, pumps, and machinery. These devices are selected for their durability, resilience in harsh environments, and adherence to stringent safety standards, ensuring efficient and safe electrical connectivity in the challenging conditions inherent to oil and gas operations. For instance, in June 2023, according to International Energy Agency, a France-based autonomous intergovernmental organization, global oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028, showing a cumulative increase of 6% from 2022. Therefore, the increasing expansion of oil and gas industry is driving the growth of pin-and-sleeve device market.
Pin and Sleeve Device Market Players
Major companies operating in the pin and sleeve device market report are Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Amphenol Corporation, Legrand Group, Molex LLC, Phoenix Contact, Hubbell Incorporated, Lapp Group, The Reynolds Technologies, Leviton Manufacturing Co. Inc., Wieland Electric GmbH, Gewiss S.p.A, R Stahl AG, Mennekes International, Bimed Teknik Aletler, Steute Technologies GmbH & Co. KG, HUMMEL AG, Cortem Group, Woertz AG, Marechal Electric Group, E2S Warning Signals, CMP Products, WALTHER-WERKE Ferdinand Walther GmbH, Palazzoli S.p.A, IDE Electric S.L., Bals Elektrotechnik GmbH & Co KG, I.L.M.E. S.p.A., METZ CONNECT GmbH
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Largest And Fastest Growing Region In The Market
North America was the largest region in the pin and sleeve device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pin and sleeve device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pin and Sleeve Device Market Report Structure
3. Pin and Sleeve Device Market Trends And Strategies
4. Pin and Sleeve Device Market - Macro Economic Scenario
5. Pin and Sleeve Device Market Size And Growth
…..
27. Pin and Sleeve Device Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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