Terminal Blocks Market is expected to reach US$ 6,138.30 Million by 2028

Rapid Industrialization in Developing Countries Provide Growth Opportunities for Terminal Blocks Market During 2022-2028

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.

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.

Terminal Blocks Market - by Geography, 2021

TE Connectivity, Phoenix Contact, Weidmuller, ABB Ltd, Wago, and Weco 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.

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 pandemic, significant investment initiatives were in the pipeline for massive shifts in the manufacturing sector due to Industry 4.0 and the IoT and industrial automation acceptance in various enterprises. However, the eruption of the COVID-19 pandemic slowed down the deployments and investments in IoT and industrial automation solutions and hampered the businesses in the terminal blocks market. During the initial days of the COVID-19 pandemic, all business deals, collaborations, and partnerships were restricted, which significantly shattered the terminal blocks market. The adoption of IoT platforms, cloud-based solutions, and industrialization started growing rapidly with ease in restrictions and reopening the business unit. From the first half of 2021, market players significantly invested in adopting advanced technologies leveraging the demand for PCB, which helped the terminal blocks market to expand. Therefore, although the global terminal blocks market plummeted initially due to the adverse impact of the COVID-19 pandemic and the related regulations, the market achieved a strong recovery from the COVID-19 pandemic and is expected to grow in the coming years owing to the rise in adoption of advanced technologies globally.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com