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.
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Terminal Blocks Market: Strategic Insights
Market Size Value in US$ 4,559.97 Million in 2022 Market Size Value by US$ 6,138.30 Million by 2028 Growth rate CAGR of 5.1% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Terminal Blocks Market: Strategic Insights
| Market Size Value in | US$ 4,559.97 Million in 2022 |
| Market Size Value by | US$ 6,138.30 Million by 2028 |
| Growth rate | CAGR of 5.1% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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
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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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Function Type, Connection Technologies, Industry, and Device Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US
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
- 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.KG
- Wieland Electric
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
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- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
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The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
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