Pin Insertion Machine Market worth $255 million by 2025 - Exclusive Report by MarketsandMarkets
CHICAGO, Nov. 27, 2020 /PRNewswire/ -- The report "Pin Insertion Machine Market with COVID-19 impact analysis by Method (Manual, Semi-automatic, and Fully Automatic), Technology (Press-fit, Through-hole, and Surface-mount), Insertion Platform, Application, and Geography - Global Forecast to 2025", published by MarketsandMarkets, is estimated to be USD 255 million by 2025 (forecast year) from USD 195 million in 2020 (estimated year), at a CAGR of 5.6% between 2020 to 2025. The growth of the pin insertion machine market is fueled by recent innovations in sophisticated automotive electronics, the emerging trend of miniaturization of electronic devices, and rising demand for flexible, cost-effective, and precise techniques for inserting connectors on PCBs. Moreover, factors such as surging demand for portable health monitoring devices amid the COVID-19 pandemic are expected to contribute significantly towards the growth of the market.
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Pin insertion machine market for semi-automatic method expected to hold the largest market share during the forecast period
Semi-automatic pin insertion machine is expected to hold the largest share of the market, by method. An increase in miniaturization, higher production speed, and continuous introduction of new products such as smartphones, wearables, and other consumer electronic products are driving the need for semi-automatic pin insertion machines. Moreover, the rise in the use of press-fit for solderless interconnect components to meet the automotive environment and performance requirements is driving the market for semi-automatic pin insertion machines for the automotive industry during the forecast period.
Plastic connector segment is estimated to be the fastest-growing market during the forecast period
Plastic connectors offer a reliable connector system suited for a wide array of applications, including medical equipment, industrial machinery, automotive, and aerospace and defense. Advancements in automotive safety technologies and networking capabilities have created an increasing demand for these connectors. Moreover, these connectors are increasingly deployed in aerospace and defense applications to address weight optimization challenges. The potential growth of electrical components in industries such as medical, automotive, and aerospace is driving the pin insertion machine market.