The global pin insertion machine market is estimated to be USD 195 million in 2020 and is projected to reach 255 million by 2025, growing at a CAGR of 5.6% during the forecast period. The factors attributing to the growth of this market include emerging trend of miniaturization of electronic devices, growing deployment of pin installation machines in surgical instrument assembly, rising demand for flexible, cost-effective, and precise techniques for inserting connectors on PCBs. Moreover, growing demand for smartphones and laptops owing to the increasing focus towards e-learning amid COVID-19 is expected to drive the pin insertion machine market.
The pin insertion machine market has promising growth potential due to several factors, including the growing adoption of MEMS devices in the automotive industry, increasing governmental support for the deployment of smart grids to enable optimization of renewable energy sources, and the growing application of optoelectronics and components of smaller sizes in the latest generation of electronic devices. The need for high-accuracy product miniaturization complemented by the improved speed and flexibility requirements during PCB assembly played a vital role in the growth of the pin insertion machine market. Moreover, the increasing number of integrated device manufacturers and IC manufacturing firms in Taiwan, technological developments in automotive manufacturing capabilities in Japan, and innovations and advancements in semiconductor manufacturing in South Korea are expected to contribute towards the growth of pin insertion machine market in APAC.
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Even, countries in America, Europe, Middle East and Africa are taking several initiatives to aid the growth of pin insertion machine market. For instance, the Government of Canada is promoting the use of electric vehicles. In 2019, the government invested USD 180 million to support the coast-to-coast EV charging network. Electric vehicles extensively use electric components such as LEDs and power devices.
The current trend of optical drilling mandates the use of high-accuracy PCB systems with LEDs as used for lighting applications in vehicles, which is contributing toward the demand for pin insertion machines.
Among method, the market for fully automatic pin insertion machines is expected to exhibit the highest growth during the forecast period. Fully automatic pin insertion machines are used for high-volume production, as they have features such as very high-speed insertion rate and insertion force sensing for real-time quality and the capability of applying reeled products for any manufacturer. With an increasing demand for consumer electronics such as smartphones and wearables, integrated device manufacturers need high-quality production of devices. Fully automatic pin insertion machines enable fast and accurate pin insertion with minimal human intervention.
The pin insertion machine market for press-fit technology is expected to grow at the highest CAGR during the forecast period. Press-fit technology for pin insertion have various benefits, such as higher reliability, possibility of double-sided mounting on PCBs, and faster assembly process. Connections made through press-fit technology are considered to be the most reliable ones. In line with this, the IEC1709 norm states that press-fit connections have a failure rate of 0.005, which is 10 times less than conventional processes. Also, the press-fit process eliminates the use of expensive high-temperature plastics, generally used for other lead-free operations. Thus, minimizing the overall operational cost during electronic assemblies.
APAC is estimated to be the fastest growing market for pin insertion machines. The region has emerged as a central point for investments and business expansion of key players in the pin insertion machine market. Favorable economic conditions and cheap labor costs in the region are the key factors strengthening the growth momentum of the market. Moreover, expansion in the semiconductor equipment manufacturing capabilities in Asian economies such as China, Japan, South Korea, and Taiwan drives the pin insertion machine market in the region.
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