Press release
Pin and Sleeve Device Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Pin and Sleeve Device
How Large Will the Pin and Sleeve Device Market Size By 2025?
There's been a robust expansion in the pin and sleeve device market in the preceding years. The predictions showcase a swell from $82.06 billion in 2024 to $88.7 billion in 2025, marking a compound annual growth rate (CAGR) of 8.1%. Various factors such as industrial development, strict safety norms, escalation in construction work, hike in power production, emphasis on labor productivity, and proliferation of data centres have contributed to this growth during the historic period.
How Big Is the Pin and Sleeve Device Market Size Expected to Grow by 2029?
The market for pin and sleeve devices is poised for robust growth in the coming years, expected to reach a valuation of $121.37 billion by 2029, expanding at a compound annual growth rate (CAGR) of 8.2%. Factors such as the integration of renewable energy, increasing focus on energy efficiency, rise in industrial automation, changing safety standards, the surge in transport electrification, and growth in telecommunication networks are contributing to the projected growth during the forecast period. The market trends to watch in this period include advancements in connector design technology, product innovations, increased demand for materials resistant to corrosion, a shift towards customization and modularity, and the incorporation of smart technologies.
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Which Key Market Drivers Powering Pin and Sleeve Device Market Expansion and Growth?
The surge in the development of data centers is slated to fuel the expansion of the pin and sleeve device market. A data center is essentially a specialized facility that amalgamates a corporation's shared IT resources and procedures for data processing and storage. They are crucial elements in the design of data center hardware, particularly in open-standard applications where the value of these devices is easily appreciated due to their ability to improve power usage efficiency, reduce the expense of data center servers per rack, and decrease the cost per server. For instance, as per the data shared by Campfil Group, a US-based air filter firm, in January 2022, the count of data centers in the US stood at 2,751 in 2022. In addition to this, there were noted to be 484 data centers in Germany, 458 in the UK, 447 in China, and 324 in Canada. Hence, the rise in the number of data centers is propelling the growth of the pin-and-sleeve device market.
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Which Fast-Growing Trends Are Poised to Disrupt the Pin and Sleeve Device Market?
Major firms in the pin-and-sleeve device sector are innovating with products such as pin-and-sleeve connectors equipped with auxiliary contacts, aiming to gain a competitive advantage. Auxiliary contacts in switches or electrical connectors offer additional functions like control signal distribution or monitoring, acting as secondary contact sets beyond the main switch action. For instance, a US-based manufacturer of electrical equipment, Hubbell Wiring Device-Kellems, introduced their new Advantage Series Pin and Sleeve connectors in May 2022. These connectors, formulated with auxiliary contacts for control circuits, are motor disconnect rated and have the capability to interact with Variable Frequency Drives (VFDs) and other auxiliary machinery. With environmental ratings of UL Type 4X, 12, and IP69K, these versatile connectors cater to a broad range of applications like food and beverage, water processing, manufacturing, dairy, agriculture, and fast food industries. They come in 30A and 60A formats, with auxiliary contacts rated for 3A at 120VAC or 24V DC, enhancing flexibility in control signal distribution. The design takes into account safety and ease of use in varied industrial environments with an oversized ground contact.
What Are the Emerging Segments in the Pin and Sleeve Device Market?
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
Subsegments:
1) By Plug: Watertight Plugs, Splashproof Plugs, Dusttight Plugs
2) By Connector: Watertight Connectors, Splashproof Connectors, Dusttight Connectors
3) By Receptacle: Watertight Receptacles, Splashproof Receptacles, Dusttight Receptacles
4) By Inlet: Watertight Inlets, Splashproof Inlets, Dusttight Inlets
5) By Other Products: Mechanical Interlocks, Adapters, Cable Glands
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Who Are the Global Leaders in the Pin and Sleeve Device Market?
Major companies operating in the pin and sleeve device market include Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Amphenol Corporation, Legrand Group, Molex LLC, Phoenix Contact, Hubbell Incorporated, Lapp Group, Leviton Manufacturing Co. Inc., Wieland Electric GmbH, Gewiss S.p.A, R Stahl AG, Mennekes International, Steute Technologies GmbH & Co. KG, HUMMEL AG, Cortem Group, Woertz AG, Marechal Electric Group, 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
Which are the Top Profitable Regional Markets for the Pin and Sleeve Device Industry?
North America was the largest region in the pin and sleeve device market in 2024. 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.
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