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
PORTLAND, Oregon, Feb. 12, 2020 /PRNewswire/ -- 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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