Pin and Sleeve Device Global Market Report 2024

The pin and sleeve device market size has grown strongly in recent years. It will grow from $76.08 billion in 2023 to $82.68 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth observed in the historical period can be attributed to factors such as industrial growth, the implementation of stringent safety regulations, an increase in construction activities, growth in power generation, a focus on enhancing worker productivity, and the expansion of data centers.

The pin and sleeve device market size is expected to see strong growth in the next few years. It will grow to $111.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth in the forecast period can be attributed to factors such as the integration of renewable energy, a heightened focus on energy efficiency, the increasing trend of industrial automation, evolving safety standards, the electrification of transportation, and the expansion of telecommunication networks. Major trends expected in the forecast period encompass technological advances in connector design, ongoing product innovations, a growing demand for corrosion-resistant materials, a trend toward customization and modularity in connector solutions, and the integration of smart technologies within pin-and-sleeve devices.

The anticipated expansion of data centers is poised to fuel the growth of the pin-and-sleeve device market. Data centers, central to consolidating a company's shared IT infrastructure for data processing and storage, heavily rely on pin-and-sleeve devices in open-standard applications. These devices optimize power usage, reduce data center server costs per rack, and enhance overall server cost efficiency. For instance, in February 2021, the Korea Data Center Council (KDCC) reported that colocation data centers' overall capacity in Korea reached 430 MW by the end of 2020, constituting 11% of the total APAC IT load. Savills Korea projected a further expansion, estimating a 700 MW increase in total commercial data center IT load from 2021 to 2023, contributing to 15% of overall Asia-Pacific capacity. Thus, the growth of data centers acts as a driving force for the pin-and-sleeve device market.

The burgeoning expansion of the construction industry is expected to drive the growth of the pin-and-sleeve device market. Pin-and-sleeve devices find applications in the construction sector for temporary power distribution, connecting construction equipment, and powering tools and appliances. Their role ensures secure and standardized electrical connections on construction sites, aligning with safety standards and facilitating efficient power supply for various applications. In 2021, the U.S. Census Bureau reported a substantial increase in housing unit starts, with an estimated 1,595,100 units compared to 1,379,600 in 2020, showcasing a 15.6% rise in the U.S. Consequently, the upswing in construction activities propels the growth of the pin-and-sleeve device market.

The increasing expansion of the oil and gas industry is anticipated to contribute to the growth of the pin-and-sleeve device market. In the oil and gas sector, pin-and-sleeve devices play a crucial role in ensuring secure and reliable electrical connections for critical applications such as power distribution to drilling equipment, pumps, and machinery. Known for their durability and resilience in harsh environments, these devices adhere to stringent safety standards, ensuring efficient and safe electrical connectivity in challenging operational conditions. According to the International Energy Agency, global oil demand is projected to reach 105.7 million barrels per day (mb/d) by 2028, reflecting a cumulative increase of 6% from 2022. Thus, the expanding oil and gas industry drives the growth of the pin-and-sleeve device market.

Major players in the pin-and-sleeve device market are strategically developing new products, such as pin and sleeve connectors with auxiliary contacts, to gain a competitive advantage. Auxiliary contacts in these connectors provide secondary sets of contacts for control signal distribution, interlocking, or monitoring, offering additional functionality beyond the main switching action. For instance, Hubbell Wiring Device-Kellems introduced the Advantage Series Pin and Sleeve connectors in May 2022, featuring auxiliary contacts designed for control circuits. These connectors, rated as motor disconnects, enhance safety and communication with Variable Frequency Drives (VFDs) and other auxiliary equipment. The design includes an oversized ground contact for safety and ease of use in various industrial settings, catering to applications in food and beverage, water processing, dairy, manufacturing, agriculture, and fast-food industries.

In February 2022, GE Current acquired Hubbell's commercial and industrial (C&I) lighting business for an undisclosed amount. Through this acquisition, GE Current aimed to expand its offerings in lamps, fixtures, and controls tailored for the C&I, signage, roadway, horticulture, and transportation markets. Hubbell, a leading manufacturer and seller of pin-and-sleeve devices, became part of this strategic move.

Major companies operating in the pin and sleeve device market report are Schneider Electric SE, ABB Ltd., Eaton Corporation, Emerson Electric Co., Amphenol Corporation, Legrand Group, Molex LLC, Phoenix Contact, Hubbell Incorporated, Lapp Group, The Reynolds Technologies, Leviton Manufacturing Co. Inc., Wieland Electric GmbH, Gewiss S.p.A, R Stahl AG, Mennekes International, Bimed Teknik Aletler, Steute Technologies GmbH & Co. KG, HUMMEL AG, Cortem Group, Woertz AG, Marechal Electric Group, E2S Warning Signals, CMP Products, WALTHER-WERKE Ferdinand Walther GmbH, Palazzoli S.p.A, IDE Electric S.L., Bals Elektrotechnik GmbH & Co KG, I.L.M.E. S.p.A., METZ CONNECT GmbH.

North America was the largest region in the pin and sleeve device market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pin and sleeve device market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pin and sleeve device market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of pin and sleeve devices include plugs, connectors, receptacles, inlets, and others. Plugs, specifically, are a type of pin-and-sleeve device that features pin terminals and is connected to receptacles and connectors. These devices are crafted from both metallic and non-metallic materials, catering to various end-uses, including residential, commercial, and industrial applications.

The pin and sleeve device market research report is one of a series of new reports that provides pin and sleeve device market statistics, including pin and sleeve device industry global market size, regional shares, competitors with a pin and sleeve device market share, detailed pin and sleeve device market segments, market trends and opportunities, and any further data you may need to thrive in the pin and sleeve device industry. This pin and sleeve device market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pin and sleeve device market consists of sales of closure caps, tight adapters, and metallic interlocks. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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