Pin & Socket Connectors Market Size & Share by Type (Two-Pin Type, Three-Pin Type); Application (Residential Use, Commercial Use, Industrial Use) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing Adoption of Internet of Things (IoT) - Over the past year, there has occurred a significant increase in the number of new physical objects that have access to the Internet, resulting in the creation of the Internet of Things (IoT). This has further second wave of the information industry, following the original growth of computers, mobile systems, and the internet. Additionally, IoT has been growing recently across all industry areas, such as transportation, healthcare, and agriculture. Furthermore, IoT hardware components have grown much more affordable over time, making them more accessible for both consumers and companies. Lower-cost sensors, microcontrollers, and other key components have made it possible to create an increasing number of Internet of Things devices. Increased adoption has resulted from this cost-effectiveness in several industries, including healthcare and agriculture. Hence, with this, the need for pins and sockets is also increasing.
• Rising Smart Cities Initiatives - Conventional cities are frequently dealing with problems including poor resource management, pollution, traffic congestion, and inadequate infrastructure. In order to address these issues, smart cities are utilizing connection, data analytics, and technology. Smart cities aim to create an urban environment that is more resilient, habitable, and resource-efficient by integrating a variety of systems and services. Hence, there has growing investment made in smart cities initiatives by various countries. For instance, Singapore aspires to set a new record for being the first nation to build a completely car-free eco-smart metropolis. The proposed forest city, which is to be built in Tengah, Western Singapore, will include five residential districts with a total of over 41,000 dwellings, along with bike and pedestrian safe zones.
• Surge in Shift Towards Renewable Source of Energy - The global landscape surrounding renewable energy is evolving, with more nations realizing the advantages and energy potential of renewables and increasing their involvement in the sector. As a result, there is a growing shift away from fossil fuels and towards renewable energy. By 2025, approximately 34% of the world's power will come from renewable sources. Hence, with the growing adoption of renewable energy the need for connectivity also increases further boosting the market growth. 

Challenges

• The Recurrent Nature of Industries - One major factor impeding the connection market's growth is the cyclical nature of some industries. Economic cycles are common in industries which largely rely on connectors, such as manufacturing, construction, and automobiles. These industries usually cut down on their investments in manufacturing, infrastructure, and technology—including connectors—during recessions or downturns in the economy. As a result, there is less of a need for connectors, which presents issues for connector makers in terms of revenue and expansion.
• Lack in Operation Efficiency
• The Existence of Grey Market - Low-cost, fake industrial plugs and sockets that mimic the real thing are produced by local producers. These fake industrial plugs and sockets are accurate replicas of the premium goods supplied by the top manufacturers.