According to a new report, published by KBV research, The Global Terminal Block Market size is expected to reach $5.4 billion by 2028, rising at a market growth of 5.7% CAGR during the forecast period.
The Process Control Instruments segment is leading the Global Terminal Block Market by Industry in 2021 thereby, achieving a market value of $1.4 billion by 2028. The driving forces for the growth of this segment are accelerated industrialization and a rise in the use of automation and instrumentation instruments in process facilities. Rapid industrialization and increased deployment of terminal blocks across process monitoring as well as control instruments that are used in process industries like oil, gas, and chemicals drive the terminal block market's growth.
The Power Terminal segment has shown the growth rate of 6.1% during (2022 - 2028). The rapidly increasing growth of the segment is attributed to the ease of use of this type of power terminal block. In their most basic form, terminal blocks are made up of multiple separate terminals placed in a long strip and are used to secure and terminate wires. When it comes to electrical power, terminals are useful for connecting electrical outlets and switches to the mains or for connecting cables to the ground.
The Asia Pacific market dominated the Global Terminal Block Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.0 billion by 2028.The Europe market is exhibiting a CAGR of 5.3% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 5.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/terminal-block-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of TE Connectivity Ltd., Omron Corporation, Eaton Corporation PLC, Rockwell Automation, Inc., Molex, LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Wieland Electric GmbH, Ningbo Degson Electrical Co., Ltd., and Phoenix Contact GmbH & Co. KG.
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