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Terminal Block Market Report 2024-2033 - Growth Analysis and Forecast
Terminal Block Market Report
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According to The Business Research Company's, The terminal block market size has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to industrial automation, electronics and electrical industry growth, infrastructure development, safety and reliability, electrical distribution networks.
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.
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Market Drivers and Trends:
The increasing adoption of industrial automation is expected to propel the growth of the terminal block market forward. Industrial automation refers to the use of autonomous systems, such as robotics and computer software, to control machinery and processes used in a variety of industries to increase accuracy and flexibility. A large part of industrial automation depends on complex control systems, which need accurate and dependable electrical connections. Terminal blocks are essential components of these systems because they offer a safe and well-organized means of connecting and distributing power and electrical signals. For instance, in December 2022, according to Gartner, Inc., a US-based management consulting company, the global market for low-code development technologies is expected to reach $26.9 billion in 2023, a 19.6% increase from 2022. Through 2026, the adoption of low-code technologies will be accelerated by an increase in business technologists, a rise in enterprise-wide hyper-automation, and an increase in composable business initiatives. Therefore, the increasing adoption of industrial automation is driving the growth of the terminal block market.
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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Major Key Players of the Market:
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
Terminal Block Market 2024 Key Insights:
• 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%.
• Terminal Blocks In High Demand As Smart Devices Revolutionize Connectivity
• Snacompact Terminal Blocks Redefine Compact Performance
• Asia-Pacific was the largest region in the terminal block market in 2023
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