The pin and sleeve device market was valued at US$ 136.4 million in 2019 and is projected to reach US$ 257.4 million by 2027; it is expected to grow at a CAGR of 8.6% from 2020 to 2027.
Pin and sleeve devices are utilized in several product ranges from metal-housed to high resistant plastic products.These are ideal for diverse applications and act as a medium between the current and electronic devices.
They enable the current flow to the device.Rising demand for these products in the high-abuse environments with critical requirements is driving the growth of the pin and sleeve device market.
Moreover, these devices provide high durability, ease of installation, and safety measures depending on the convenience of electrical connection.This is also contributing to the growth of the pin and sleeve devices market.
These highly secured devices protect the electrical connections in harsh environments.
The pin and sleeve device market is segmented into product type and end user.Based on product type, the market is segmented into receptacle, connector, inlet, and plug.
The connector segment held a dominant share of the pin and sleeve device market.A connector is a prime component of a pin and sleeve device.
As many connectors transmit power, few connectors are developed to give power connections to the devices.In terms of end user, the pin and sleeve device market is segmented into residential, commercial, and industrial.
The industrial segment is a crucial end user of pin and sleeve devices. These are widely used in various industries, such as manufacturing, laboratories, oil & gas, government & military, agriculture & dairy, and food preparation units. Pertaining to the rising penetration of electrical appliances among the industries, the pin and sleeve devices market would continue to grow during the forecast period.
Some of the major players operating in the pin and sleeve device market include ABB Ltd., Amphenol Corporation; Eaton Corporation Plc; Emerson Electric; F. Walther Electric Corporation; Hubbell Inc.; Legrand SA; Meltric Corporation; Mennekes; and Leviton Manufacturing Company, Inc.
The overall pin and sleeve device market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the pin and sleeve device market with regard to all the segments.Also, primary interviews were conducted with industry participants and commentators to validate data as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the pin and sleeve device market.
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