PORTLAND, Oregon, Aug. 12, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "U.S. Pin and Sleeve Devices Market by Product Type (Receptacle, Connector, Plugs, and Inlet) and End User (Residential, Commercial, and Industrial): Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the U.S. pin and sleeve devices market generated $14.45 billion in 2018 and is estimated to garner $30.55 billion by 2026, growing at a CAGR of 9.6% from 2019 to 2026. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
Growing adoption of electric appliances in various industrial verticals and heavy investment in military & submarine sector are the two major factors that drive the growth of the U.S. pin and sleeve devices market. Furthermore, growth in installation of plugs and sockets in U.S. residential sector and rise in demand for dust proof & splash proof plugs & sockets supplement the market growth. On the other hand, surge in adoption of wireless communication devices hampers the U.S. pin and sleeve devices market growth. However, growing shift towards adoption of smart plugs and sockets and growing number of data centers provide lucrative opportunities in the U.S. pin and sleeve devices market forecast.
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The connector segment to maintain its leadership status by 2026
On the basis of the products, the segment is divided into plug, connector, receptacle, and inlet. The connector segment accounted for five-sixths of the total market share in 2018 and is expected to maintain its dominance by 2026. This is due to the increase in demand for water resistant power connectivity solutions in sub marines and other industries. However, the receptacle segment is estimated to project the fastest CAGR of 14.1% from 2019 to 2026, owing to the growth in construction activity and increase in usage of electronic appliances.
The residential segment to maintain its dominance throughout the forecast period
On the basis of end-user, the segment is divided into residential, commercial, and industrial. The residential segment held more than one-third of the total market share in 2018 and will maintain its dominance throughout the forecast period. This is due to rapid advancements in traditional construction methods such as prefabricated home and others, followed by growth in residential construction activity. However, the industrial segment is estimated to register the highest CAGR of 10.4% from 2019 to 2026, owing to the surge in usage of automated and advanced solutions, generating the need for power connectivity.
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Frontrunners of the industry
Leading market players analyzed in the research include Emerson Electric, Walther Electric, Inc., ABB Ltd., Amphenol Corporation, Eaton Corporation, Schneider Electric, Meltric Corporation, Mennekes Electrotecnik GmbH & Co. KG, Hubbell Corporation, and Legrand SA. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the industry.
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