Terminal Block Market Trends, Share, and Growth (2021-2031)
The terminal blocks market size is projected to reach US$ 7.12 billion by 2031 from US$ 4.78 billion in 2023. The market is expected to register a CAGR of 5.1% during 2023–2031. The growing adoption of smart power distribution blocks is likely to remain a key trends in the market.
Terminal Blocks Market Analysis
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 terminal blocks.
Terminal Blocks Market Overview
Terminal Block is a modular connector designed to provide a dependable connection by connecting two or more wires and managing complicated electrical circuits. They are also used to attach wires to ground or earth connections. The outside bodies of Terminal Blocks are typically constructed of melamine or polyamide material. Terminal Blocks primarily employ a copper alloy to achieve extremely low contact resistance. The wires are firmly linked to current bars using clamps, which might be screw clamps, spring clamps, nuts and bolts, or studs. There are several varieties of lugs or ferrules available for attaching wires to Terminal Blocks, including pin-type, tubular, hook-type, fork-type, and ring-type lugs, depending on the region of application, current, and voltage ratings.
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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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Speak to AnalystTerminal Blocks Market Drivers and Opportunities
Rising Demand for Smart Devices to Favor Market
The rising demand for smart gadgets is projected to propel the terminal block industry ahead. A smart device is an electronic gadget that can communicate with other devices wirelessly or by cable. Terminal blocks are used to keep electrical systems linked, organized, and secure. According to Mediapost, a US-based media firm, around 22 million houses have smart devices; of these, 69% of households in the United States have at least one smart device, and 15% of households globally are predicted to have a smart home device installed by 2023. As a result, increased demand for smart devices drives the terminal block market.
Increased Industrial Automation
The terminal block market is likely to grow faster as industrial automation becomes more widely adopted. Industrial automation is the use of autonomous systems, such as robots and computer software, to control machinery and processes in a variety of industries, enhancing precision and flexibility. A significant amount of industrial automation is based on complex control systems that require accurate and reliable electrical connections. Terminal blocks are critical components of these systems because they provide a safe and structured means to connect and distribute power and electrical signals.
Terminal Blocks Market Report Segmentation Analysis
Key segments that contributed to the derivation of the terminal blocks market analysis are type, function type, connection technologies, industry and device type.
- Based on type, the market is segmented by barriers, sectional terminal blocks, PCB mount terminal blocks, power blocks, and others. The sectional terminal blocks segment held a significant market share in 2023.
- Based on function type, the market is segmented into single-feed through, dual-level terminal block, and three-level terminal blocks. The single-feed through segment held a larger market share in 2023.
- Based on connection technologies, the market is segmented into spring clamp terminal blocks, screw-type terminal blocks, insulation displacement connections, push-in type terminal blocks, and barriers. The spring clamp terminal blocks segment held a larger market share in 2023.
- Based on industry, the market is segmented into business equipment, HVAC, power supplies, industry controls, instruments, telecom equipment, transportation, and others. The HVAC segment held the largest share of the market in 2023.
- Based on device type, the market is segmented into ground circuit terminal, fuse terminal blocks, and others. The ground circuit terminal segment held the largest share of the market in 2023.
Terminal Blocks Market Share Analysis by Geography
The geographic scope of the terminal blocks market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific dominated the terminal blocks market in 2023. The need for PCBs is expanding because of the growing need for energy-efficient electronics, the deployment of sophisticated production processes, the rising demand for smart gadgets, and the increasing acceptance of current and upgraded technology in consumer electronics. Growing investments in the electronics sector are driving up the need for PCBs. For instance, in December 2021, the Indian government authorized a US$ 10 billion incentive plan to create semiconductor and display factories in the nation as part of its strategy to become an electronics manufacturing powerhouse. In January 2022, Intel announced its proposal to invest more than US$ 20 billion to develop two new plants and establish a new hub for advanced chip manufacturing in the Midwest.
Terminal Blocks Market Report Scope
Terminal Blocks Market News and Recent Developments
The terminal blocks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the terminal blocks market are listed below:
- TE Connectivity Launched SNACompact Terminal Blocks. The SNACompact terminal block range allows for a high level of productivity in smaller spaces while also being an option for mid-size companies looking for an economical solution in a high-pressure market. (Source: TE Connectivity, Press Release, November 2021)
- ABB launched a new range of PI-Spring terminal blocks for photovoltaic installations that make connections faster and simpler. ABB’s patented connection mechanism is up to 50 percent faster than terminal blocks with screw clamp or busbar connections. (Source: ABB, Press Release, February 2019)
Terminal Blocks Market Report Coverage and Deliverables
The “Terminal Blocks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Terminal Blocks market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Terminal Blocks market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Terminal Blocks market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Terminal Blocks market
- Detailed company profiles
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
Asia Pacific dominated the terminal blocks market in 2023.
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 terminal blocks.
The growing adoption of smart power distribution blocks is likely to remain a key trends in the market.
TE Connectivity, Phoenix Contact, Weidmuller, ABB Ltd, Wago, and Weco are among the leading terminal blocks market.
The estimated value of the terminal blocks market is expected to reach US$ 7.12 billion by 2031.
The market is expected to grow at a CAGR of 5.1% over the forecast period.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
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.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 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:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
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.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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