According to a new report published by Allied Market Research, titled, "U.S. Pin and Sleeve devices Market by Type, and End User: Opportunity Analysis and Industry Forecast, 2019-2026," the U.S. pin and sleeve devices market size was valued at $14,452.5 million in 2018, and is projected to reach at $30,549.2 million by 2026, growing at a CAGR of 9.6% from 2019 to 2026.
Pin and sleeve devices are used in various electronic appliances in the form of sockets, plugs, receptacles, and inlet to provide secured and high-quality electrical connection. These devices protect the connection from abuse environments such as dust, chemical, moisture, and others. Pin and sleeve devices are used in electronic equipment, which indulge in power supply. These include welders, conveyors, compressors, and portable tools, lighting, home appliances, and others. Moreover, pin and sleeve devices are used in manufacturing, automotive, marine, and other industries for electric charging, power connectivity, and other applications.
Increase in demand for splash proof and dustproof sockets & plugs find its application mainly in construction sites, restrooms, and various other places. These dust proof and splash proof plugs and sockets offer benefits of fault-free electric circuits safe for human handling, which promotes its application in residential sectors as well. This in turn, drives the growth of the U.S. pin and sleeve devices market. Moreover, rise in adoption of electrical appliances in residential, commercial, and industrial sector, has also increased demand for cost-effective power connectivity devices such as plugs and receptacles. Also, some applications in automotive, oil & gas, manufacturing, and other industries need smooth flow of current in corrosive environments, wherein such watertight connectors and other pin and sleeve devices provide better results. These devices witness significant rise in demand among the end user.
In addition, rise in residential construction activity is also contributes toward the market growth, as the advancement in construction methods such as prefabricated homes and others has pre-installed sockets for use of electronics. Thus, growth in installation in plugs and sockets in residential sector also fuels the market growth. Furthermore, increase in shift toward the adoption of smart plugs and sockets and increase in number of data centers are expected to provide lucrative growth opportunities to market players in the U.S. However, increase in investment in wireless communication infrastructure acts as a major restraint, which hampers the market growth.
In 2018, the connectors segment dominated the U.S. pin and sleeve devices industry in terms of revenue in 2019 and is expected to follow the same trend during the forecast period, owing to rise in development of computing technologies, consumer electronics, and communication (3C). Moreover, the increase in investment in the U.S. military and submarine sector for power connectors also drives the growth of the connectors market in the U.S. Among the end user, residential sector secured the highest U.S. pin and sleeve devices market share of about 39.9% in 2018. However, there is rapid change in the U.S. pin and sleeve devices market trends in the industrial sector. This segment is expected to grow at the highest CAGR of 10.4% from 2019 to 2026.
Key Findings of the U.S. Pin and Sleeve Devices Market :
- Based on type, the connectors segment is expected to generate the highest revenue in the U.S. pin and sleeve devices market during the forecast period.
- Based on end user, the residential segment generated the highest market revenue in 2018.
- The oil & gas industry in the U.S. is expected to be the fastest growing segment during the forecast period for U.S. Pin and Sleeve Devices Market.
The key U.S. pin and sleeve devices market leaders profiled in the report include ABB Ltd., Eaton corporation, Emerson Electric, Meltric Corporation, Schneider Electric, Walther Electric, Inc., Amphenol Corporation, LEGRAND SA, Hubbell Corporation, and Mennekes Electroteknik GmbH & Co. KG. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration, and business expansion to increase the market share during the forecast period.