New York, June 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Terminal Blocks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Barriers, Sectional Terminal Blocks, PCB Mount Terminal Blocks, Power Blocks, and Others), Function Type (Single-feed Through, Dual-level Terminal Block, and Three-level Terminal Blocks), Connection Technologies (Spring Clamp Terminal Blocks, Screw-type Terminal Blocks, Insulation Displacement Connection, Push-in Type Terminal Blocks, and Barriers), Industry (Business Equipment, HVAC, Power Supplies, Industry Controls, Instruments, Telecom Equipment, Transportation, and Others), and Device Type (Ground Circuit Terminal, Fuse Terminal Blocks, and Others)”, the global terminal blocks market is projected to reach $6.13 billion by 2028 from $4.55 billion in 2022; it is expected to grow at a CAGR of 5.1% from 2022 to 2028.
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Terminal Blocks Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 4.55 Billion in 2022 |
| Market Size Value by | US$ 6.13 Billion by 2028 |
| Growth rate | CAGR of 5.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 235 |
| No. Tables | 142 |
| No. of Charts & Figures | 107 |
| Historical data available | Yes |
| Segments covered | Type, Function Type, Connection Technologies, Industry, and Device Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Terminal Blocks Market: Competitive Landscape and Key Developments
ABB Ltd.; Eaton Corporation PLC; Metz Connect USA Inc.; Molex LLC; Phoenix Contact; Rockwell Automation, Inc; Wago Kontakttechnik GmbH & Co. KG; Weco Electrical Connectors Inc.; WEIDMüLLER Interface GmbH & Co. K; and Wieland Electric are among the key players profiled in this terminal blocks market forecast report. In addition, several other essential terminal blocks market players were studied and analyzed to get a holistic view of the market and its ecosystem. The terminal blocks market report provides detailed market insights, which helps the key players to strategize the growth in the coming years.
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In 2021, Phoenix Contact expanded its offering with PCB terminal blocks for PROFINET-compliant data transfer. Thus, an increase in product offerings enable the company to leverage its product portfolio, which would help to strengthen its revenue
In 2018, Rockwell Automation announced a new range of terminal blocks designed to improve wiring efficiency and connection quality. The Allen-Bradley Bulletin 1492-P series push-in terminal blocks provide dependable connections, significant time savings, and reduced operator maintenance for a better wiring environment.
Terminal Blocks Market: Key Insights
The global terminal blocks market growth driven by increasing demand for PCB terminal block, advancements in connection technologies for terminal blocks. The ground circuit segment dominated the market with a market share of more than 45.0% in 2021. North America dominated the market in 2021 with a share of around 43%, and would continue to dominate during the forecast period. Europe is the second-largest contributor to the global market, followed by Asia Pacific. The PCB mount terminal blocks segment led the market with a market share of approximately 32% in 2021.
The terminal blocks market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. Europe dominated the terminal blocks market in 2021 and is expected to continue its dominance throughout the forecast period. The growth of the terminal blocks market in European countries is attributed to a significant jump in the industrial sector toward automated operations, which led to a major transition in the way companies manage their operations.
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Additionally, governments of European countries are continuously promoting R&D activities, especially focused on automated technologies, propelling the adoption of electronics equipment and components across the region. Also, the growth prospects in adopting renewable energy is aiding the demand for electrical and electronic components, which is assisting the market growth. Further, in September 2020, the French government invested US$ 35 billion in renewable energy to boost the economy. The Germany's Renewable Energy Act 2021 came into effect on 1 January 2021, focusing on installing solar and wind power, two of the most important electricity sources in the country, and 2050 greenhouse-gas neutrality in the power sector. Thus, such factors are augmenting the terminal blocks market size over the coming years.
In terms of terminal blocks market share, Asia Pacific accounted for the second-largest region across the globe. The expansion of the 5G infrastructure propels the demand for PCBs and substrates for mainboards and modules. The growing number of PCBs bolsters the demand for multipurpose, multifunctional, intelligent, and finger-safe terminal blocks. Furthermore, with the adoption of Industry 4.0 in the smart factories to increase production capacity, the demand for SCADA, PLC control panels, and other electronic devices is growing, which, in turn, fuels the need for terminal blocks in smart factories across Asia Pacific and thus penetrating the terminal blocks market. The favorable government policies and initiatives are boosting the demand for printed circuit board (PCBs), further strengthening the market outlook. For instance, with the launch of the “Digital Transformation Partnership Action Plan 2020,” China’s National Development and Reform Commission (NDRC) took a step forward in digital transformation. The plan is a five-year digital economy strategy to expand the country’s digital economy. In addition, the Make in India initiative attracted many foreign direct investments (FDI) to India's electronics industries. Thus, such supportive policies are augmenting the digital adoption at a faster pace wherein the demand for PCB’s is increasing, which is further propelling the Asia Pacific terminal blocks market growth.
The terminal blocks market in North America is growing due to the increasing deployment of 5G, machine learning, and artificial intelligence, which expanded the terminal block applications. The enhancement of cloud computing products and services in light of the increasing number of cyber threats and the rising adoption of AI and ML are contributing to the expansion of the terminal blocks market in the region. The US is a major contributor to the terminal blocks market because it is an early adopter of advanced technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing. Companies that buy domestic PCBs can also get tax breaks from the US government. It is about a 25% tax credit for buying PCBs made in the US. Thus, these tax breaks provided by the US government is boosting the demand for PCBs in industries such as industrial controls, HVAC, and telecom equipment, further bolstering the terminal blocks market growth.
The MEA is expected to witness significant growth in the terminal blocks market during the forecast period. The acceleration in per capita income, recovery in economic conditions, and government spending on infrastructure development of various industries in the region are among the factors driving the adoption of the terminal blocks. Smart Dubai and Smart Abu Dhabi are two digital initiatives launched by the UAE government. The initiatives make it easier for the private and public sectors to work together. Abu Dhabi's eGovernment initiatives and programs support major digital transformation plans and projects. Saudi Arabian government's National Transformation Program and other digital initiatives contribute to the digitization of the MEA. Therefore, the increasing number of smart cities in Saudi Arabia and the rising deployment of technologies, such as IoT, AI, and cloud computing, drive the growth of the terminal blocks market in the MEA.
In SAM, the telecommunications industry is growing significantly due to increasing industrialization. With the rise in urbanization, Brazil is considered to have great investment opportunities for terminal block vendors. Despite various economic challenges, favorable government initiatives propel the growth of the region's economy. In April 2021, the Brazilian Strategy for Artificial Intelligence (EBIA) was released to promote sustained investments in AI research and development, remove barriers to AI innovation, and encourage and promote an environment of cooperation between public and private entities. As per the International Trade Administration, the deployment of 5G in Brazil could have a US$ 1.2 trillion economic impact and a US$ 3 trillion increase in productivity by 2035. Thus, growing investment in enhancing the AI-based platform and growth prospects in the telecom industry in the coming years are the key factors propelling the growth of the terminal blocks market.
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Terminal Blocks Market: Industry Overview
The terminal blocks market analysis, based on industry, is segmented into business equipment, HVAC, power supplies, industry control, instruments, telecom equipment, transportation, and others. The power supplies segment accounted for the largest market share during the forecast period. The industry control segment is the fastest-growing segment in 2021 owing to increasing investment in the industrial control systems from the manufacturing plant companies to increase production output positively. In addition, increasing demand for industrial control for manufacturing industry modernization led to a growing application of software and hardware in industrial control devices, which is increasing the adoption of SCADA, DCS, and PLC systems in industrial environments driving the segment growth.
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