Growing Industrial & Commercial Projectsis is Fueling the Market Growth
As per the latest market study on “US Pin and Sleeve Device MarketForecast to 2027 –by Product Type (Receptacle, Connector, Inlet, Plug); End User (Residential, Commercial, Industrial) –COVID-19 Impact and US Analysis,”the USpin and sleeve device market was valued at US$ 14,784.0 million in 2019 and is projected to reach US$ 27,902.0 million by 2027; it is expected to grow at a CAGR of 8.6% from 2020 to 2027.
The US is a highly developed country having a mixed economy. The country is the largest economy by nominal GDP & net wealth across the world and second-largest in purchasing power parity (PPP). Rising purchasing power of individuals is increasing the demand for consumer electronics, such as smart plugs & sockets and LED lights. This would play a key role in influencing the market growth. Besides, the trend of home automation would continue to prevail the demand for smart plugs & sockets in the US. Increase in the installation of smart plugs and sockets among residential buildings in the US is projected to promote the adoption of pin and sleeve devices.
The growth of manufacturing, oil & gas, and other industries is growing backed by favourable government policies Increase in construction projects is likely to positively impact the installation of different types of protection solutions in industries and high abuse environments. The commercial building industry in the US is significantly growing with the rise in investments toward modernized and technologically advanced building infrastructure. Moreover, the country is also witnessing surge in commercial building infrastructure construction on the back of continuous growth in the economy. The US is constantly witnessing an increase in the number of businesses with greater investments that allow them to build high-end infrastructures, which is catalyzing the demand for advanced watertight solutions. In addition to new constructions, a rise in the number of remodelling or renovation projects is also driving the market in the country. Moreover, the presence of a large number of product manufacturers in the US, using different materials in manufacturing, is allowing end users to choose from a variety of products.
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. Based on end user, the market is segmented into residential, commercial, and industrial.
Key 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.In addition to these players, several other important players were studied and analyzed during the course of this market research study.
The report segments the USpin and sleeve device marketas follows:
By Product Type
- Receptacle
- Connector
- Inlet
- Plug
By End User
- Residential
- Commercial
- Industrial
Company Profiles
- ABB Ltd.
- Amphenol Corporation
- Eaton Corporation Plc
- Emerson Electric
- F. Walther Electric Corporation
- Hubbell Inc.
- Legrand SA
- Meltric Corporation
- Mennekes
- Leviton Manufacturing Company, Inc.