Overview and Scope
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.
Sizing and Forecast
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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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the terminal block market in 2023. The regions covered in the terminal block market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The terminal block market report table of contents includes:
1. Executive Summary
2. Terminal Block Market Characteristics
3. Terminal Block Market Trends And Strategies
4. Terminal Block Market – Macro Economic Scenario
5. Global Terminal Block Market Size and Growth
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31. Global Terminal Block Market Competitive Benchmarking
32. Global Terminal Block Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Terminal Block Market
34. Terminal Block Market Future Outlook and Potential Analysis
35. Appendix
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