[FURL=https://www.industryarc.com/Research/Pin-Insertion-Machine-Market-Research-505406?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Pin Insertion Machine market[/FURL] size is projected to reach US$ 270 Million by 2026, and it is estimated to grow at around CAGR 5.6% during 2021-2026.Increasing penetration of digitization, electronic mobility leveraging IoT enabled connected portable devices including high end smartphones, smart wears and the rising demand for miniaturization of electronic products are the major factors driving the demand for pin insertion machines to facilitate efficient and seamless electronic component assembly.Key Takeaways
Consumer electronics is estimated to account for the largest market share by 2026 due to rising penetration of connected devices including high end smartphones and smart wears.
APAC is estimated to dominate the market during 2021-2026 owing to rising investments in semiconductor manufacturing facilities.
Increasing Penetration of connected cars and evolving trend of miniaturization of electronic devices are analyzed to stimulate the market during forecast period 2021-2026.
High deployment cost is one of the challenges impeding the Pin Insertion Machine Market growth.
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Pin Insertion Machine Market Segment Analysis- By Geography
By Geography, Pin Insertion Machine Market has been segmented under North America, Europe, APAC, South America and RoW. APAC dominated the market in 2020 owing to rapid penetration of connected devices and rising investments in semiconductor manufacturing sector. The huge demand for consumer electronics in this region is set to drive the market. South Korean government announced to invest nearly USD 1.3 billion in the next decade for the next-generation Intelligent Semiconductor Technology Development Project developing innovative technologies and establishing manufacturing hubs for the development of next-generation chips, thereby creating new opportunities for pin insertion machine manufacturers. There has been a high adoption of electric vehicles in APAC region.
Pin Insertion Machine Market Drivers
Increasing demand for miniaturization of electronic devices
Rising adoption of connected vehicles
Pin Insertion Machine Market Landscape
Product innovations, Acquisitions,Collaboration, and R&D activities are key strategies adopted by players in the Pin Insertion Machine market.In 2020, the market of Pin Insertion Machine industry outlook has been fragmented by several companies. Pin Insertion Machine top 10 companies include Advanced Mechatronics Solutions, CMS Electronics GmbH, HARMONTRONICS, TE Connectivity Ltd., Assembly & Automation Technology Inc., Eberhard, AutospliceInc, UMG Technologies, Spirol International Corporation, Lazipurand others.
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