Terminal Block Market valued at US$ 5.4 billion in 2021 to be driven by rapid industrialization and miniaturization
The terminal block market was valued at US$5.357 billion in 2021.
NOIDA, UTTAR PRADESH, INDIA, August 23, 2023/EINPresswire.com/ — According to a new report published by Knowledge Sourcing Intelligence, forecasted between 2021 and 2028, the Terminal Block Market was valued at US$5.357 billion in 2021 and is anticipated to propel significantly over the forecast period.
The prime factors propelling of the terminal block market growth include their increasing application in renewable energy applications, growing demand from the automotive and electronics industries, rising demand for miniaturized terminal blocks, and technological advancements.
A terminal block, also known as a terminal strip or terminal connector, is a modular block or strip used in electrical wiring to connect multiple electrical wires. It provides a convenient way to organize, secure, and manage electrical connections in various applications, including industrial equipment, control panels, power distribution systems, and more.
Various collaborations and technological advancements are driving the terminal block market. For instance, TE Connectivity launched SNACompact Terminal Blocks in November 2021. It features a compact design that delivers powerful performance with installers which meets the demands of miniaturization. It is equipped with ENTRELEC screw clamps that make it durable even in harsh conditions.
Access sample report or view details: https://www.knowledge-sourcing.com/report/terminal-block-market
The terminal block market is segmented into Barriers or Barrier Strips, PCB Mount Terminal Blocks, Sectional Terminal Blocks, and Power Blocks depending on the type. With the increasing miniaturization and complexity of electronic devices, PCBs have become more intricate and densely populated. PCB mount terminal blocks are essential for providing secure and reliable connections within these compact designs. Product innovations are further accelerating segment growth. For instance, Phoenix Contact launched new PCB-to-Cable connectors for applications related to data, signal, and power connection in December 2021.
The market is segmented into energy and power, travel and transport, communication and technology, manufacturing, construction, and others based on the end user. The push toward renewable energy sources such as solar and wind power requires efficient power distribution systems. Terminal blocks are essential components in these systems for connecting and distributing power from renewable sources to the grid. Therefore, the energy and power segment is likely to grow significantly. For instance, according to the Australian Government, the use of renewable energy has quadrupled over the past ten years, accounting for 8% of Australia’s total energy consumption in the 2020–2021 timeframe.
According to geographical segmentation, Asia Pacific holds a sizable share of the terminal block market owing to the advancements in connection technology, rapid industrialization, increasing demand for power infrastructure, expanding automotive sector, and urbanization. For instance, China is the world’s largest vehicle market as per the ITA data. Additionally, according to information from the Ministry of Industry and Information Technology, approximately 26 million vehicles, including 21.48 million passenger cars, were sold in 2021, an increase of 7.1% from the previous year.
The research study includes coverage of Phoenix Contact, Weco Electrical Connectors, Molex, Metz Connect, Eaton Corporation, Rockwell Automation, Wieland Electric, and Weidmuller Interface among other significant players in the terminal block market.
The terminal block analytics report segments the market as below:
• By Type
o Barriers Or Barrier Strips
o PCB Mount Terminal Blocks
o Sectional Terminal Blocks
o Power Blocks
• By Industry Vertical
o Energy and Power
o Travel and Transport
o Communication and Technology
o Manufacturing
o Construction
o Others
• By Geography
o North America
• USA
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Others
o Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others
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Ankit Mishra
Knowledge Sourcing Intelligence
+1 850-250-1698
info@knowledge-sourcing.com
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