Terminal Blocks Market to hit $6,138.30 million, Globally, by 2028 at 5.1% CAGR: The Insight Partners

According to our latest market study on "Terminal Blocks Market Forecast to 2028 -Global Analysis - by Type, Function Type, Connection Technologies, Industry, and Device Type," the market is expected to grow from US$ 4,559.97 million in 2022 to reach US$ 6,138.30 million by 2028; it is anticipated to grow at a CAGR of 5.1% from 2022 to 2028.

The PCB terminal blocks and connectors are fundamental components of all electronic devices. The demand for PCBs is growing with the increasing need for energy-efficient electronics, implementation of advanced manufacturing strategies, rising demand for smart devices, and growing adoption of modern and enhanced technologies in consumer electronics. Growing investments in the electronics industry are further fueling the demand for PCBs. For example, in December 2021, the Indian government approved an incentive plan of US$ 10 billion to establish chip and display industries in the country as a part of its roadmap to becoming an electronics manufacturing hub. In January 2022, Intel announced its plan to invest more than US$ 20 billion to build two new factories and establish a new epicenter for advanced chipmaking in the Midwest. Such initiatives by countries and companies for augmenting their production capacities are driving the terminal blocks market size. Thus, such growth prospects in the electronics industry are surging the demand for PCB's, thereby driving the adoption of the terminal block.

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The Europe region holds a large portion of the market share in the terminal blocks market, primarily attributed to the rapid pace of industrialization and the increasing adoption of electronic components in IoT, artificial intelligence, and machine learning-based products. In the past decade, the region experienced a rapid rise in automation across major industries, such as manufacturing, automotive, and telecommunications. Additionally, governments of European countries are continuously promoting R&Dactivities, especially focused on automated technologies, propelling the adoption of electronics equipment and components across the region. For instance, Germany, Sweden, the Netherlands, Denmark, and Belgium mark a high penetration of robots, with a robotic density per 10,000 employees. Thus, advancements in manufacturing technologies and a rise in the production of electronics components fuel the terminal blocks market growth in Europe.

The terminal blocks market growth in Asia Pacific is primarily attributed to a rise in investments in the electronics and semiconductors sector. In addition, rapidly growing manufacturing sectors across countries such as China and India favor the adoption of automated solutions. According to data published by the International Federation of Robotics (IFR), Asia experienced a rise of 4% in the deployment of new industrial robots in 2020 compared to 2019. With a 20% rise in adoption, China was the largest consumer of robotic solutions in 2020, followed by Japan. Thus, the rising adoption of industrial automation solutions boosts the growth of the Asia Pacific terminal blocks market. Asia Pacific is also considered to be the manufacturing hub of smartphones, laptops, sound systems, televisions, and many other household devices. Government initiatives and policies promoting foreign direct investment (FDIs), subsidies, tax rebates, and other fund allocations to boost manufacturing outcomes and attract global players to set up their manufacturing facilities in their respective countries are bolstering the growth of the manufacturing sector across countries such as China and India. Thus, a rise in electronic manufacturing, coupled with a surge in investments to adopt automated solutions, is further contributing to the highest APAC terminal blocks market share.

The terminal blocks market analysis is segmented into type, function type, connection technology, industry, and device type. Based on type, the market is segmented into barriers, sectional terminal blocks, PCB mount terminal blocks, power blocks, and others. The terminal blocks market, by function type, is segmented into single-level feed-through terminal blocks, dual-level terminal blocks, three-level blocks, ground circuit terminals, fuse terminal blocks, and others. The terminal blocks market, by connection technology, is further segmented into spring clamp terminal blocks, screw-type terminal blocks, insulation displacement connections, push-in type terminal blocks, and special connections. The market, by industry, is segmented into business equipment, HVAC, power supplies, industry controls, instruments, telecom equipment, transportation, and others. The terminal blocks market, by device type, is segmented into the ground circuit, fuse terminal blocks, and others.

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Market Insights - Terminal Blocks Market

The global terminal blocks market analysis based on geography is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

In terms of terminal blocks market share, the market held the largest share in 2020 and is also expected to dominate the market during the forecast period. The adoption of 5G and companies' investments in 5G infrastructure contribute to the region's terminal blocks market growth. Ericsson invested more than US$ 100 million in their 5G smart factory in Texas and shipped the first 5G radios built there in May 2020. In April 2021, SaskTel announced a US$ 55 million investment in Saskatchewan, Canada, to launch 5G in 2021 and 2022. They started deploying their network in December 2021, laying the groundwork for the province's future connectivity. These investments by the telecom companies are further accelerating the North America terminal blocks market growth. Further, the food & beverages industry across the region has been flourishing over the last decade with the rapid rise in the adoption of robotics. For instance, Utz Brands Inc. announced its production plant automation plans to reduce overall operational costs in 2021. Various other brands, including Hormel Foods, Tyson Foods, and ITC, are also raising their investments in adopting robotics across their production plants, especially for redundant operations such as packaging and assembling. Thus, a rise in the adoption of robotics in the flourishing industrial sector is contributing to the growth of the terminal blocks market in North America.

These factors are further boosting the growth of the terminal blocks market size across North America.

In terms of terminal blocks market share, the European market held the second-largest share in 2020. The European Commission raised the European renewables target for 2030 from 40% to 45%. The REPowerEU Plan would help achieve this target. By 2030, the REPowerEU Plan would increase total renewable energy generation capacity to 1,236 Giga Watt (GW), from the previous target of 1,067 GW. The EU Solar Energy Strategy, a part of the REPowerEU plan, aims to establish over 320 GW of newly installed solar photovoltaics by 2025 and 600 GW by 2030. In addition, the European Commission raised the target of achieving renewable energy from 9% to 13% by 2030. Thus, to achieve the target, European Commission is investing in an innovation fund of US$ 3.22 billion. These green energy initiatives are further increasing the demand for terminal blocks across the region, thereby contributing to the growth of the regional terminal blocks market.

The List of Companies - Terminal Blocks Market

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.KG, Wieland Electric are among the key terminal blocks market players profiled during this study. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global terminal blocks market growth 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 Oct-2021, Phoenix Contact expanded its offering with PCB terminal blocks for PROFINET-compliant data transfer.

In May-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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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