Portland, June 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pin and sleeve devices market generated $68.10 billion in 2018, and is estimated to reach $160.11 billion by 2026, registering a CAGR of 11.1% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Rise in demand for splash proof and dust proof plugs & sockets and heavy investment in aerospace and defense sector from government of developing economies drive the growth of the global pin and sleeve devices market. However, growing adoption of wireless communication devices across the globe hinder the market growth. Furthermore, growing trend of adopting smart sockets and plugs creates new opportunities for market players in the coming years.
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Covid-19 scenario:
- Several major market players have halted the production of pin and sleeve devices amidst the lockdown.
- The growth of industrial segment is likely decline during Covid-19 pandemic as most of industrial activities has been stopped amid lockdown, due to which, the demand for electric appliances from various industrial verticals has been reduced. This has led to reduced installation of plugs and sockets.
- The revenue generated from the residential segment is likely to decrease during the Covid-19 pandemic due to a halt on construction activities across the globe. This has led to lowered installation of plugs and sockets.
The report offers a detailed segmentation of the global pin and sleeve devices market based on product type, end-user, and region.
Based on product type, the inlet segment contributed to the largest share in 2018, accounting for nearly one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the plugs segment is estimated to portray the highest CAGR of 14.6% during the forecast period.
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Based on end-user, the residential segment accounted for the largest share in 2018, holding nearly two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, industrial segment is expected to register the highest CAGR of 13.0% from 2019 to 2026.
Based on region, Asia-Pacific region contributed the highest share, accounting for more than one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period. In addition, it is also expected to grow at the highest CAGR of 13.0% from 2019 to 2026. The report also analyzes regions including Europe, North America, and LAMEA.
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Leading market players analyzed in the research include Amphenol Corporation, ABB Ltd., Emerson Electric Co., Eaton Corporation plc, Legrand SA, Hubbell Incorporation, MENNEKES Electrotecnik GmbH & Co.KG, Meltric Corporation, Walther Electric Corporation, and Schneider Electric SE.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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