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Terminal Block Market worth $5.2 billion by 2027 at a CAGR of 5.7%
(Publishing-NewsWire.com, July 29, 2022 ) The report "Terminal Block Market by Type (Barriers or Barrier Strips, Sectional Terminal Blocks, PCB Mount Terminal Blocks, Power Terminal Blocks), Industry (HVAC Systems, Industrial Controls, Process Control Instruments) - Global Forecast to 2027", size is estimated to be USD 3.9 billion in 2022 and is projected to reach USD 5.2 billion by 2027, at a CAGR of 5.7%. The increasing demand for PCB terminal blocks in various industries and rising execution of advanced terminal blocks in telecom sector are driving the demand for the terminal block market. Additionally, the installation of terminal blocks is increasing rapidly in electric vehicles is also responsible for the growth of the market.
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Sectional terminal blocks holds the largest market share in 2021
Sectional terminal block segment in the terminal block market was valued at USD 2.2 billion in 2022. The growth of the segment is attributed to the increasing adoption of sectional terminal blocks in various industries, such as industrial control, HVAC systems, and process control instruments. These blocks provide more terminations per linear foot, fulfilling industry demands for a maximum number of terminations in a control panel
Industrial control industry dominated the terminal block market in 2021
Terminal blocks are commonly used in industrial equipment such as switchgear, machine controls, distribution panels, and measuring devices. They are also used in industrial production, including supervisory control and data acquisition (SCADA) systems, distributed control systems, and other control configurations such as programmable logic controllers, thereby accelerating the growth of the terminal block market for industrial controls. Governments worldwide are focused on promoting the adoption of digital and automation technologies in manufacturing plants, which supports the growth of the terminal block market in the industrial controls segment.
The terminal block market in North America is the second-largest dominating region in 2021
The growth of the regional market can be attributed to the prominent presence of a large number of market players, such as Rockwell Automation, Inc. (US); Molex, LLC (US); Littelfuse, Inc. (Us); WECO Electrical Connectors Inc. (Canada) in the region. The US is one of the major contributors to regional market growth. Along with the presence of numerous established players in the terminal block market, several local or domestic players such as Transducer Techniques, LLC (US) and Thermocouple Technology, LLC (US) are also present in the country, which is expected to create immense market growth opportunities in the coming years.
Major companies operating in this terminal block market include WAGO Kontakttechnik GmbH & Co. KG (Germany), TE Connectivity (Switzerland), and Weidmüller Interface GmbH & Co. KG (Germany).
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