Press release
Terminal Block Global Market Exhibit a Remarkable CAGR of 6.2% and is expected to reach $5.67 Billion By 2028 | Molex LLC, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, RIA Connect Inc.
Terminal Block Global Market
The terminal block market size is expected to see strong growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to industry 4.0 integration, electrification initiatives, miniaturization and compact designs, rapid urbanization, electric vehicle market growth. Major trends in the forecast period include collaborations and innovations, renewable energy integration, urban infrastructure development,compliance with safety standards.
Market Overview -
Terminal block refers to a connection terminal consisting of a clamping component and a conducting strip with an insulated frame that secures two or more wires together. These connectors are useful for semi-permanent connections, which may require inspections, wire replacement, repair, and change.
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Terminal Blocks In High Demand As Smart Devices Revolutionize Connectivity
Rising demand for smart devices is expected to drive the terminal block market going forward. A smart device refers to a context-aware electronic device that can share data with other devices wirelessly or by connecting to them by cable. Terminal blocks are used wherever electrical systems need to stay safely connected, organized, and secure. According to Mediapost, a US-based media company, approximately 22 million homes have smart devices; among them, 69% of households in the U.S. have at least one smart device, and it is expected that 15% of households worldwide would have a smart home device installed by 2023. Therefore, rising demand for smart devices drives the growth terminal block market.
Competitive Landscape -
Major companies operating in the terminal block market report are TE Connectivity Ltd., Omron Corporation, Eaton Corporation plc, Rockwell Automation Inc., Molex LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Wieland Electric GmbH, ABB Ltd., Vicor Corporation, Crane Aerospace and Electronics, Weco Electrical Connectors Inc., Modular Devices Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Stark Industries, Metro Hydraulic Jac Co., Dinkle Group, Hotel Reservation Service, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, EBY Electro Inc., E-T-A Elektrotechnische Apparate GmbH, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., Regal Rexnord Corporation, Groupe Carbone Lorraine SA, OMEGA Engineering Inc., Panduit Corp., RIA Connect Inc., Sprecher + Schuh Inc., Struthers-Dunn LLC, Weiland Electric Inc., Würth Elektronik GmbH & Co. KG
Snacompact Terminal Blocks Redefine Compact Performance
Product innovations are a key trend gaining popularity in the terminal block market. Major companies operating in the terminal block market are developing advanced products to sustain their position in the market. For instance, in November 2021, TE Connectivity, a US-based manufacturer of connectors and sensors, introduced SNACompact Terminal Blocks, which offer a compact option without sacrificing performance. The SNACompact terminal block range offers mid-sized businesses an affordable option in a competitive market while enabling high levels of productivity in constrained spaces. The new product aims to improve the panel-building process for installers, who must meet the demands of miniaturization by delivering strong performance.
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Key Segments -
The terminal block market covered in this report is segmented -
1) By Type: Barriers Or Barrier Strips, Sectional Terminal Blocks, PCB Mount Terminal Blocks, Power Terminal Blocks, Other Types
2) By Function Type: Single-Level Feed-Through Terminal Blocks, Dual-Level Terminal Blocks, Three-Level Blocks, Ground Circuit Terminals, Fuse Terminal Blocks, Other Functions
3) By Industry: Business Equipment, HVAC Systems, Power Supplies, Industrial Controls, Process Control Instruments, Telecom Equipment, Transportation, Other Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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