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

  • Report ID: 5624
  • Published Date: Feb 07, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

Pin & Socket Connectors Market size is projected to surpass USD 170 billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of pin & socket connectors was USD 80 billion. The growth of the market revenue is set to be dominated by growing demand for consumer electronics such as smartphones. Currently, there are greater than 6 billion cellphones in use worldwide, and this figure is expected to rise in the years to come. When it comes to any type of consumer electronics products the need to charge or operate the components also arrives which is why the market demand for pin & socket market is set to rise. 

Furthermore, there has been rise in rapid industrialization all across the globe owing to the rising demand for manufacturing activities. Additionally, electrification of industries is also surging in order to increase the speed of manufacturing. Conventionally, industries relied on fossil fuel-based boilers, which currently is replaced by electricity in order to minimize the effect of fossil fuel on environment. Therefore, this factor is also estimated to boost the growth of the pin & socket connectors market. 


Pin & Sockets Connectors Market
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Pin & Socket Connectors Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~8%

Base Year Market Size (2023)

~ USD 80 Billion

Forecast Year Market Size (2036)

~ USD 170 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Pin & Socket Connectors Sector: Growth Drivers and Challenges

Market-Growth-Drivers

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.


Pin & Socket Connectors Segmentation

Application (Residential Use, Commercial Use, Industrial Use)

The commercial use segment in the pin & socket connectors marketis poised to gather the highest share over 50% during the forecast period. The major element to boost the segment share is rise in number of commercial infrastructures such as offices. In the world, there are thought to be 94,000 office buildings in 2022. Additionally, the digital transformation of corporations and technical advancements are bringing about a change in the commercial real estate industry. The development in e-commerce, cloud computing, and flexible work schedules has had a significant impact on the need for commercial spaces. The need for flexible, cutting-edge office spaces and fulfilment centers has increased as companies embrace digital initiatives and place a higher value on flexible work schedules. Commercial real estate developers are implementing smart technologies, sustainability features, and enhanced connectivity into their developments to tackle these issues. Hence, this segment growth is also estimated to influence the market growth.

Type (Two-Pin Type, Three-Pin Type)

The three-pin type segment in the pin & socket connectors market is projected to capture the largest revenue share of 60% in the coming years. Microwaves, refrigerators, and other metal-bodied class III electrical appliances have been designed to run on three-pin. It must be done to earth or ground each of these appliances in order to remove the possibility of electrocution in the event that an electrical leak reaches the metal body. It provides additional protection against insulation problems. Hence, further with the growing demand for microwaves, and refrigerators the segment is estimated to boots.

Our in-depth analysis of the global pin & socket connectors market includes the following segments:

          Type

  • Two-Pin Type
  • Three-Pin Type

          Application

  • Residential Use
  • Commercial Use
  • Industrial Use

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Pin & Socket Connectors Industry - Regional Synopsis

APAC Market Forecast

Asia Pacific pin & socket connectors market is estimated to gather the highest share of close to 30% over the coming years. This growth of the market in this region is set to be dominated by rising demand for electric vehicle. In terms of yearly sales, the Asia-Pacific (APAC) region leads the worldwide EV market, followed by the Americas and Europe. With about 5 million electric vehicles delivered, China led the Asia-Pacific region in sales of electric vehicles in 2022. As more individuals switch from conventional combustion engine vehicles to low-carbon alternatives, the global transportation sector has become more electrified, which is a contributing factor to the sector's strong growth. Furthermore, various advancements have been estimated to be made to accelerate the speed of charging. However, most EV charging now occurs at home. Owners typically recharge their batteries as they sleep at night, waking up the following morning to a fully charged battery that nearly always provides more than adequate EV range for the majority of people's daily travel needs. Hence, the market demand on account of this factor is also expected to experience an upsurge. 

North American Market Analysis

Pin & socket connectors market in North America is also estimated to flourish with notable growth over the coming years. This growth could be owing to the growing popularity of robotics and automation. Robotic connectors require to be simple to disconnect to change out tools or perform maintenance as robotic work cells become more multifunctional. Ruggedized industrial connectors are required for standard interface protocols such USB, Ethernet, and so on for the human-machine interface (HMI), which may include a wand, tablet, touchscreen, or something similar. These connectors are in addition to the ones that route signals and power around the industrial machine or robot itself. Additionally, huge investment has been made by various manufacturing companies on the robotics which is also estimated to increase demand for pin & socket connectors.

Research Nester
Pin & Sockets Connectors Market size
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Top Featured Companies Dominating the Pin & Socket Connectors Landscape

top-features-companies
    • TE Connectivity  
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Amphenol Communications Solutions
    • Molex
    • Harting Technology Group
    • Phoenix Contact
    • ITT Inc.
    • LEMO
    • Lattice Semiconductor
    • Samtec, Inc.
    • Conextivity Group SA

In-the-news

In The News

  • The PicoMQS miniaturized automotive connector system was created by TE Connectivity (TE), a global leader in connectivity and sensors, to meet this need. The PicoMQS connection system is specially made for tough, high-vibration environments. It was created for space-constrained signal interfaces that demand automotive-grade resilience, optimized performance, minimized packaging, and ease of production.
  • Amphenol Communications Solutions announces the launch of its PCIe Gen 6 Mini Cool Edge IO GH01 Series today. These high-speed, small-form-factor, 0.6mm pitch connectors, co-developed with the PCI-SIG association, are perfect for powering big data applications like artificial intelligence and machine learning in servers, data centers, storage, workstations, and networking equipment. They fully meet Gen 6 SI performance at 85 ohm impedance.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5624
  • Published Date: Feb 07, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are the growing adoption of Internet of Things (IoT), rising smart cities initiatives, and surge in the shift towards renewable sources of energy.

The market size of pin & socket connectors is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2024-2036.

The major players in the market are TE Connectivity, Amphenol Communications Solutions, Molex, Harting Technology Group, and others.

The commercial use segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Pin and Socket Connectors Market Report Scope
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