|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 20.5 Billion||USD 30.5 Billion||8.9%||2022|
Terminal Block Market
The global terminal block market size was evaluated at $20.5 billion in 2022 and is slated to hit $30.5 billion by the end of 2030 with a CAGR of nearly 8.9% between 2023 and 2030. The terminal block market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The terminal block industry report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.
A terminal block is an insulated & modular block clamping two or more two wires together. Manufacturers are using terminal blocks for securing and terminating wires. Reportedly, terminal blocks comprise a large number of individual terminals that are arranged in a long strip. Moreover, these strips produce a bus bar for power distribution that is sent to the connected parts. Terminal blocks include a slew of fixed mount & pluggable cage clamps of European style along with wire-to-wire blocks, U.S.-styled screw clamps, and spring clamp-style wire-to-board blocks.
Rapid industrialization will boost the growth of the global market
Massive acceptance of terminal blocks in the telecom industry and huge demand for PCB terminal blocks in a spectrum of sectors will steer the global terminal block market growth across the globe. Furthermore, breakthroughs in connection technologies along with surging demand for micro-miniature terminal blocks owing to space constraints in many instruments will embellish the global market trends. Swift industrialization and urbanization can expedite global market expansion. A surge in demand for finger-safe, multi-functional, smart, and multipurpose terminal blocks in the telecom industry will enhance the scope of the terminal block market in the years ahead.
Furthermore, an increase in the deployment of HVAC systems in commercial structures will pave a way for the growth of the terminal block market globally. Massive demand for power-efficient systems with a key purpose of energy conservation will shape the growth of the market globally in the ensuing years. Integration of smart grids with the Internet of Things can embellish the global market expansion.
Growing difficulty in installing terminal blocks can impede the global industry expansion
Difficulty in choosing the right terminal block based on the application can hinder global industry expansion. Challenges in terminal block deployment can pose a huge threat to the path of growth of the global terminal block industry.
Rise in penetration of terminal blocks in HVAC systems & instrumentation to open new growth avenues for the global market
Breakthroughs in the myriad kinds of termination as well as connection technologies along with their use in HVAC systems, industrial controls, instrumentation, and data acquisition tools can open new opportunities for growth for the global terminal block market.
Difficulty in terminal block disposal creates a huge challenge in the industry growth path
Problems in disposing of terminal blocks can pose a huge challenge for the global terminal block industry in the upcoming years. It takes a massive time for the end-user in unscrewing and screwing each connection of terminal blocks during maintenance. This, in turn, can pose a big challenge for the global industry.
The global terminal block market is sectored into type, industry, and region.
In terms of type, the global terminal block market is divided into barriers, PCB mounts terminal blocks, sectional terminal blocks, and power terminal block segments. Furthermore, the sectional terminal blocks segment, which contributed more than 51% of the global market share in 2022, is projected to hold a huge share of the global market over 2023-2030. The segmental growth in the coming eight years can be a result of breakthroughs in sectional blocks of NEMA as well as IEC DIN rail types. Apart from this, large-scale use of the product in discrete production, construction activities, special machines, amusement park ride controls, building automation, education campuses, and commercial offices will spur the segmental surge.
Based on the industry, the global terminal block industry is bifurcated into process control instruments, HVAC systems, and PCB mount terminal block segments. Furthermore, the process control instruments segment, which contributed more than 37% of the global industry share in 2022, is slated to dominate the industry segment in the upcoming timeframe. Additionally, the growth of the segment over 2023-2030 can be due to swift urbanization along with an increase in acceptance of automation & instrumentation tools in process units. Apart from this, the use of terminal blocks in process monitoring as well as control equipment will boost the segmental growth. Additionally, the use of terminal blocks in process control monitoring activities will help them penetrate in oil & gas and chemical sectors.
|Report Attributes||Report Details|
|Report Name||Terminal Block Market Research Report|
|Market Size in 2022||USD 20.5 Billion|
|Market Forecast in 2030||USD 30.5 Billion|
|Growth Rate||CAGR of 8.9%|
|Number of Pages||212|
|Key Companies Covered||Weidmüller Interface GmbH & Co. KG, TE Connectivity Ltd., Ningbo Degson Electrical Co., Ltd., Omron Corporation, WAGO Kontakttechnik GmbH & Co. KG, Eaton Corporation PLC, Rockwell Automation, Inc., Molex, LLC, Wieland Electric GmbH, and Phoenix Contact GmbH & Co. KG.|
|Segments Covered||By Type, By Industry, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Asia-Pacific Terminal Block market to accrue huge rewards over 2023-2030
The Asia-Pacific, which accounted for more than 31% of the global terminal block market revenue in 2022, is predicted to lead the regional market surge over the forecast timeframe. The regional market expansion can be credited to the rise in industrialization and urbanization in the countries such as India, Japan, China, and Singapore. In addition to this, strict environmental law enforcement by regional governments has mandated firms in consumer electronics and automotive sectors to focus on the manufacture of green products. This will proliferate the size of the terminal block market in the Asia-Pacific zone.
On the other hand, the terminal block industry in Europe is predicted to register the fastest CAGR of 8.9% in the ensuing years. The regional market growth over the forecast period can be owing to the massive use of terminal blocks in the railways as well as the flourishing automotive industries in the countries such as Estonia, France, Germany, Russia, the UK, and Finland. Moreover, the presence of giant manufacturers in the continent will contribute substantially towards the regional industry earnings in the years to come.
The global terminal block market profiles key players such as:
Terminal Block is produced by pressing the nigella sativa seeds. Moreover, it is also likely to possess reparative and regenerative features. Furthermore, the product is utilized in a slew of therapeutic applications. A large number of clinical studies have demonstrated that black cumin seed oils possess healing features and have the ability to cure many skin conditions.
The global terminal block market is projected to expand over 2023-2030 due to massive demand for power-efficient systems with a key purpose of energy conservation
According to study, the global terminal block market size was $20.5 billion in 2022 and is projected to reach $30.5 billion by the end of 2030.
The global terminal block market is anticipated to record a CAGR of nearly 8.9% from 2023 to 2030.
The Asia-Pacific terminal block industry is set to dominate the regional industry during the forecasting period subject to the rise in industrialization and urbanization in the countries such as India, Japan, China, and Singapore. In addition to this, strict environmental law enforcement by regional governments has mandated firms in consumer electronics and automotive sectors to focus on the manufacture of green products. This will proliferate the size of the terminal block market in the Asia-Pacific zone.
The global terminal block market is led by industry players such as Weidmüller Interface GmbH & Co. KG, TE Connectivity Ltd., Ningbo Degson Electrical Co., Ltd., Omron Corporation, WAGO Kontakttechnik GmbH & Co. KG, Eaton Corporation PLC, Rockwell Automation, Inc., Molex, LLC, Wieland Electric GmbH, and Phoenix Contact GmbH & Co. KG.