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The global pin insertion machine market is estimated to grow from USD 222.8 million in 2019 to USD 255.9 million by 2025, growing at a CAGR of 5.6% between 2020 and 2025.
The market has a promising growth potential due to several factors, including the increasing adoption of IoT-enabled connected devices, surging demand for data centers complemented by the outbreak of COVID-19, rising demand for flexible, cost-effective, and precise techniques for inserting connectors on PCBs, the emerging trend of miniaturization of electronic devices, and recent innovations in sophisticated automotive electronics.
COVID-19 sent both demand- and supply-side shocks across the global economy. Leading pin insertion machine provider TE Connectivity (Switzerland) has incurred significant losses owing to the pandemic. The company reported a decline of approximately 15% in its half-year revenue as compared to the previous year.