Terminal Blocks Market to Garner US$ 6,138.30 Million, Globally, by 2028 at 5.1% CAGR: The Insight Partners

According to the new research report on "Terminal Blocks Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the terminal blocks market is expected to reach US$ 6,138.30 million by 2028, registering a CAGR of 5.1% from 2022 to 2028.

The European Union has taken many initiatives to provide affordable, secure, and sustainable energy to achieve green sustainability.  For instance, under the Paris Agreement, the European Union supports the European Commission's strategic vision of a climate-neutral Europe by 2050. Further, in May 2022, the European Union introduced REPowerEU, a US$ 322.10 billion plan whose primary goal is to make Europe independent from Russian fossil fuels before 2030 and accelerate the clean energy transition. Thus, the initiatives for green transition in Europe propel the demand for a terminal block in installing photovoltaic solar panels.

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Many renewable energy companies, and the German government, are investing a significant amount of capital in adopting renewable energy and related technologies to achieve net-zero emissions by 2045. These initiatives by the German government will accelerate the country's solar and wind installation adoption. Therefore, the increasing number of solar and wind power plants increases the demand for components such as backup power, solar power system inverter, and deep cycle battery storage with various electronic printed circuit boards. Thus, such an increase in renewable power generation is helping the demand for electrical and electronic components, further aiding the terminal blocks market growth.

The COVID-19 outbreak dramatically impacted the global economy and many industries during its peak in 2020. The crisis posed numerous challenges in running the business and developing remote work environments. Before the COVID-19 outbreak, the terminal blocks market was experiencing substantial growth owing to the surging demand for industrial automation, increasing demand for consumer electronics products, and rising demand for PCBs from automotive, telecom, manufacturing, and other industries. Before the COVID-19 pandemic, significant investment initiatives were in the pipeline for massive shifts in the manufacturing sector due to Industry 4.0 and the acceptance of IoT and industrial automation in various enterprises. The COVID-19 pandemic forced businesses to restructure their business models to implement strategies to achieve economic goals. Furthermore, the COVID-19 pandemic invoked a rising need for featured terminal block solutions in various applications across numerous industries. Thus, the market forecast during the pandemic period witnessed a slight downfall which significantly recovered in 2021 owing to a rise in investment in the semiconductor and electronics industry and the growing adoption of industrial automation, which is anticipated to drive the terminal blocks market growth.

Asia Pacific region is the fastest-growing region in the global market. Swift developments in technologies, initiatives from governments to enhance various industries, and a rise in disposable income of the middle-income class group are among the factors propelling the region's overall economic growth. Asia Pacific comprises various growing economies witnessing high growth in digitalization in several industries. In the region, the penetration of smartphones is rising, and consumers are constantly looking for advanced features in smartphones. In the Asia Pacific, China accounted for the largest market share owing to the increasing adoption of industry 4.0 to increase the production of manufacturing plants. Thus, adopting technologies such as the Internet of Things (IoT), artificial intelligence, machine learning, and cloud computing in the various industrial verticals increases the demand for printed circuit boards (PCBs) in smart manufacturing plants. Thus, the growing expansion of the PCBs market in Asia Pacific countries is increasing the demand for terminal blocks.

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The terminal blocks market analysis is segmented into type, function type, connection technology, industry, and device type. Based on type, the terminal blocks market is further 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 terminal blocks market, by industry, is segmented into business equipment, HVAC, power supplies, industrial controls, instruments, telecom equipment, transportation, and others. The terminal blocks market, by device type, is segmented into the ground circuits, fuse terminal blocks, and others. The segmental study of the terminal blocks market report helps manufacturers to strategize their production and technology as per the industrial applications.

Key Findings of Study:

The leading terminal blocks market share of Europe is attributed to the rapid pace of industrialization and increasing adoption of electronic components in IoT, artificial intelligence, and machine learning-based products. The rising adoption of industrial automation solutions and growing investment in the semiconductor and electronics industry are the key factors responsible for the growth of the Asia Pacific terminal blocks market. Asia Pacific is also considered the manufacturing hub of smartphones, laptops, sound systems, televisions, and many other household devices, aiding the market growth. The PCB terminal blocks and connectors are fundamental components of all electronic devices. PCBs are also used in automotive vehicles fully equipped with wired and wireless technologies to connect them to computing devices, such as smartphones. Thus, the growing demand for PCB's across the electronics industry is also fueling the demand for PCB's, which helps drive the market growth. Rising advancements in connection technologies ease out different types of connections in industrial controls, HVAC, telecom equipment, instruments, power supplies, automotive and transportation, and other applications. Further, In May 2022, Mouser Electronics, Inc. developed the Phoenix Contact LPTA6 PCB Terminal Block that offers tool-free lever connection technology, which is ideal for device connections in the field and on-site. Miniature and micro-terminal blocks support the trend of miniaturization in machine building, switchgear, and control cabinet manufacturing. Thus, the growing trend for reducing the size of the terminal block is accelerating the terminal blocks market size. The report provides detailed market insights, which helps the terminal blocks market key players to strategize the growth in the coming years.

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.

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.

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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 Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.

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