Terminal Block Market Size, Share & Global Research by 2028

Terminal Blocks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Barriers, Sectional Terminal Blocks, PCB Mount Terminal Blocks, Power Blocks, and Others), Function Type (Single-feed Through, Dual-level Terminal Block, and Three-level Terminal Blocks), Connection Technologies (Spring Clamp Terminal Blocks, Screw-type Terminal Blocks, Insulation Displacement Connection, Push-in Type Terminal Blocks, and Barriers), Industry (Business Equipment, HVAC, Power Supplies, Industry Controls, Instruments, Telecom Equipment, Transportation, and Others), and Device Type (Ground Circuit Terminal, Fuse Terminal Blocks, and Others)

Publication Month: Jun 2022 | Report Code: TIPRE00012057 | No. of Pages: No. of Pages235 | Category: Electronics and Semiconductor | Status: Published

The terminal blocks market is projected to reach US$ 6,138.30 million by 2028 from US$ 4,559.97 million in 2022; it is expected to grow at a CAGR of 5.1% from 2022 to 2028.

A terminal block, consisting of an insulating frame and a clamping system, is an insulated connection that fastens two or more wires together. In a screw category terminal block, wires are clamped down to a metal part (mostly metal) by the screw. This gives the benefit of connecting more than one circuit to other circuits. There are various terminal blocks, including barrier strips, modular terminal blocks, PCB terminal blocks, and power distribution blocks.

The 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 are the prominent factors driving the demand for PCBs, eventually propelling the requirement for terminals blocks. However, stringent regulatory standards such as Underwriters Laboratories (UL), Canadian Standards Association (CSA), and European Union’s (EU) CE restrict the growth of the terminal blocks market size.

Strategic Insights

Report CoverageDetails
Market Size Value inUS$ 4,559.97 Million in 2022
Market Size Value byUS$ 6,138.30 Million by 2028
Growth rateCAGR of 5.1% from 2022 to 2028
Forecast Period2022-2028
Base Year2022
No. of Pages235
No. of Tables142
No. of Charts & Figures107
Historical data availableYes
Segments coveredType, Function Type, Connection Technologies, Industry, and Device Type
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available
- Terminal Blocks Market

Impact of COVID-19 Pandemic on North America Terminal Blocks Market Growth

 

North America has the highest acceptance and development rate of emerging technologies worldwide due to favorable government policies to boost innovation and reinforce infrastructure capabilities. Therefore, any negative impact on industries hinders the region's economic development. Notably, the US is one of the world's worst-affected countries due to the COVID-19 pandemic. The crisis led to a cascading impact on multiple industries, including IT, automotive, and telecommunication. The operations in these industries were put on hold, which hampered the business dynamics in the first half of 2020.

The COVID-19 pandemic hastened the shift to a work-from-home model, which increased the demand for consumer electronics products and electronic gadgets wherein PCBs are used. In the post-pandemic scenario, the IoT adoption for sustainability, shift to cloud platforms, growing industrial automation adoption, and secured remote access are key factors propelling the demand for PCBs, strengthening the market expansion.

Lucrative Regions for Terminal Blocks Market

Lucrative Regions for Terminal Blocks Market

Get more information on this report :

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.

Connection-Based Insights

Based on connection, the terminal blocks market is segmented into spring clamp terminal blocks, screw-type terminal blocks, insulation displacement connection, push-in type terminal blocks, and others.  The screw-type terminal blocks segment accounted for the largest market share in 2021. The spring clamp terminal blocks offer screwless termination technology, which offers a fast and practical solution for secure and durable connections. The spring-clamp terminal blocks reduce wiring time, minimize troubleshooting, and perform in severe conditions. It secures contact under extreme conditions, such as vibration-type applications. The growth prospects in the electronics industry are driving the demand for electronics components which is further boosting the demand for spring clamp terminal blocks. Growing investment in the electronics industry is augmenting the demand for spring clamp terminal blocks segment, further fueling the market outlook. 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. By geography, the terminal blocks market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.

TE Connectivity, Phoenix Contact, Weidmuller, ABB Ltd, Wago, and Weco are among the prominent terminal blocks market players. The market is highly fragmented, with several players localized in a specific region to cater to domestic demand.

The terminal blocks market players operating are mainly focused on the development of advanced and efficient products.

  • 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.

Frequently Asked Questions

The global terminal blocks market is primarily driven by increasing demand for PCB terminal block. advancements in connection technologies for terminal blocks are the major factors supporting the growth of the terminal blocks market.
Industrial automation is perceived to improve the productivity and quality of plants by mitigating errors and wastage, increasing safety, and adding flexibility to the manufacturing process. Thus, such growth prospects in the industrial sector are likely to accelerate the adoption of PCBs, eventually augmenting the demand for terminal blocks in the coming years.
The ground circuit segment dominated the terminal blocks market with a market share of more than 45.0% in 2021.
North America dominated the terminal blocks market in 2021 with a share of around 43%, and would continue to dominate the market during the forecast period. Europe is the second-largest contributor to the global terminal blocks market, followed by Asia Pacific.
TE Connectivity, Phoenix Contact, Weidmuller, ABB Ltd, Wago, and Weco are amongst the major players existing in the terminal block market.
The PCB mount terminal blocks segment led the terminal blocks market with a market share of approximately 32% in 2021 and will continue to dominate the market by accounting for nearby 35.0% of the total market in 2028.

The List of Companies - Terminal Blocks Market

  1. ABB Ltd.
  2. Eaton Corporation PLC
  3. Metz Connect USA Inc.
  4. Molex LLC
  5. Phoenix Contact
  6. Rockwell Automation, Inc.
  7. Wago Kontakttechnik GmbH & Co.KG
  8. Weco Electrical Connectors Inc.
  9. Weidmüller Interface GmbH & Co.KG
  10. Wieland Electric
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global terminal blocks market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global terminal blocks market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TIPRE00012057
Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Get the Latest COVID-19 Analysis on this market




Have a question?

Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Speak To Analyst
Pricing
  • $3000
  • $4550
  • $6550
  • $8550

Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis.

    Inquire for Discount