Global Terminal Block Market Size, Share & Industry Trends Analysis Report By Industry, By Type (Sectional, PCB Mount, Power Terminal, Barriers or Barrier Strips and Others), By Regional Outlook and Forecast, 2022 - 2028
Get in-depth analysis of the COVID-19 impact on the Terminal Block Market
Market Report Description
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.
A terminal block is known as a modular block with an insulated frame, which is used to connect two or more wires together. It is also known as a connecting terminal or terminal connector. It is made up of a conducting strip and a clamping element. A terminal block's insulating body contains a current carrying component that is called a metal strip or terminal bar. Additionally, it offers a basis for the clamping element.
The body has a mounting configuration that makes it simple to mount or demount the block from a PCB or a mounting rail. Most terminal blocks are typically installed on DIN rail and are modular. As a result, the number of terminals to address the requirements can be increased. Terminal blocks keep wires neatly organized and connections much more secure. Although they may analyze signals and provide outputs, electronic circuits nearly always require connections to other parts, power sources, inputs, or outputs.
Connectors, which come in a wide variety of types, forms, sizes, and ratings, are used to make these connections. Understanding diverse connector types are crucial since selecting the incorrect connector for any design can result in a variety of problems, such as excessive product sizes or components that catch fire. Although there are several connector types available, like pin headers, sockets, DIN, and DB, terminal blocks are increasingly becoming popular because they are used in nearly every industry, from household wiring to industrial rack systems connecting to diverse I/O.
In car control panels and below vehicle dashboards, terminal blocks are frequently employed. Compared to other connector types, they often withstand larger power levels. A terminal block can be considered as a hub where ground and power are kept together. In electric vehicles, this kind of connector is not frequently utilized. Busbars, on the other hand, are used to transport high current loads, like those that might be present in applications involving EV battery packs.
COVID-19 Impact Analysis
During the pandemic, all the operations, such as industrial automation, were suspended. It caused a hindrance in the growth of the terminal block market. With the lifting of the lockdown restrictions in 2021, manufacturing companies reopened, which led to the restart of production facilities. As a result of COVID-19 compelling their clients to stay within their budgets or postpone IT/IoT spending, several IoT providers have witnessed a decline in sales. Moreover, the outbreak also had a catastrophic effect on a number of businesses, including telecommunications, IT, and the automotive sector. Due to the suspension of operations in these sectors, the business environment in the first half of 2020 was adversely affected. Although, the COVID-19 outbreak accelerated the transition to a work-from-home model, increasing demand for consumer electronics goods and electronic devices that require PCBs.
Market Growth Factors
Widespread Urbanization Across The World
The process of turning uninhabited or sparsely populated terrain into densely populated cities is known as urbanization. Urban areas can expand due to migration into urban regions or growth in the human population. Nowadays, a significant proportion of the world's population dwells in cities, many of which are growing in population density. One of the major factors that are propelling this shift is the increasing number of facilities that are being offered within urban areas along with the expanded digital divide all over the world.
Rising Deployment Of Hvac Systems
Climate change worries, rising energy costs, and carbon emissions all continue to drive up the use of HVAC systems in commercial buildings. The growing demand for these solutions that save energy is expected to benefit the terminal block market as well. Commercial building users are being encouraged to install and upgrade HVAC systems through rebates for energy-efficient systems, including air conditioning and HVAC. The technology used in the sector has witnessed significant development recently, partly as a result of consumers' demands to have complex microcontrollers integrated into their systems and an increase in demand for environmentally friendly refrigerants.
Market Restraining Factors
Challenges In The Deployment Of Terminal Blocks
In recent years, improvements in connection technologies have been observed. All varieties of terminal blocks previously used screw-type technology. Users have to take the time to ensure a strong connection in this form of connection. Screw terminals were difficult to install and carried the danger of causing wires to become loose over time. Many terminal blocks can be found in a single assembly, and most terminal blocks have approximately 8 to 10 poles on average. During installation or maintenance, it takes a lot of time for a user to unscrew and screw each connection. As a result, other connection technologies emerged, such as insulation-displacement connections and push-in connections (IDC).
On the basis of Type, the Terminal Block Market is segregated into Barriers or Barrier Strips, Sectional, PCB Mount, Power Terminal, and Others. In 2021, the sectional terminal blocks segment acquired the largest revenue share of the terminal block market. The high adoption of NEMA and IEC DIN Rail sectional blocks in a variety of applications, including construction, harsh environments, discrete manufacturing, amusement park ride controls, conveyance lines, specialized machines, academic campuses, office buildings, and building automation, is the result of these advancements.
By Industry, the Terminal Block Market is segmented into Business Equipment, HVAC Systems, Power Supplies, Industrial Controls, Process Control Instruments, Telecom Equipment, Transportation, and Others. In 2021, the industrial controls segment recorded a substantial revenue share of the terminal block market. In industrial machinery including machine controls, switchgear, distribution panels, as well as measuring instruments, terminal blocks are frequently employed. The terminal block market for industrial controls is expanding because they are also utilized in industrial production, encompassing distributed control systems, supervisory control and data acquisition systems, and other control configurations, like programmable logic controllers.
|Market size value in 2021||USD 3.7 Billion|
|Market size forecast in 2028||USD 5.4 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 5.7% from 2022 to 2028|
|Number of Pages||214|
|Number of Tables||333|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Industry, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-Wise, the Terminal Block Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia Pacific accounted for the largest revenue share of the terminal block market. The primary driver of the market's expansion is the increased industrialization of the region, especially in developing nations like China, India, and Indonesia. Additionally, it aids in fostering positive relationships with other nations, gaining market access, and avoiding non-compliance with stringent environmental rules in industrialized nations. The requirement for terminal blocks arises from the area automotive and consumer electronics firms' strong emphasis on using automation technologies to produce durable and high-quality products for a variety of applications.
Free Valuable Insights: Global Terminal Block Market size to reach USD 5.4 Billion by 2028
KBV Cardinal Matrix - Terminal Block Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; TE Connectivity Ltd., Eaton Corporation plc, Rockwell Automation, Inc. are the forerunners in the Terminal Block Market. Companies such as OMRON Corporation, WAGO Kontakttechnik GmbH & Co. KG, Molex, LLC (Koch Industries, Inc.) are some of the key innovators in Terminal Block Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Strategies deployed in Terminal Block Market
» Partnerships, Collaborations and Agreements:
- Apr-2022: Weidmuller partnered with Shelley Automation, a leading vendor of pneumatics, process control, and engineering services. Under this partnership, Shelley Automation would sell the entire portfolio of Weidmuller within the Ontario region.
- Dec-2020: Eaton collaborated with Enel X, a subsidiary of Enel Group. This collaboration aimed to focus on the development of microgrids in Puerto Rico. In addition, Initially, the companies would focus on battery storage and onsite solar generation solutions.
» Product Launches and Product Expansions:
- Jul-2022: TE launched the new SNACompact terminal blocks line from ENTRELEC. The new product range aimed to offer a compact build with robust performance in order to enhance the panel building process for installers.
- May-2022: OMRON released G9KB, a new high voltage DC relay. The new product comprises the ability to safely cut off the DC in household storage systems with increasing capacities.
- Dec-2021: Phoenix rolled out new PCB-to-Cable connectors. These connectors aimed to serve applications related signal, data, and power connection. Moreover, the size of tha latest connectors ranges from 2.5 mm to 20 mm pitch along with ratings up to 232A, 1000V.
- May-2020: WAGO introduced 2606 Series (8 AWG max), 2626 Series (8 AWG max), 2606 Series (8 AWG max), and 2616 Series (4 AWG max), new terminal blocks in its 2600 Series PCB Terminal Blocks for Power Electronics range. The new terminal blocks aimed to include Push-In CAGE CLAMP connection technology. Moreover, the build of these terminal blocks enables expanded pin spacing along with double pinning in order to expand capacities.
- Mar-2020: WAGO Kontakttechnik introduced the new TOP JOB S Rail-mount terminal blocks into its product portfolio. This product expansion aimed to feature levers along with a cross-section of 4 mm². In addition, the new product would also offer rail-mount terminal blocks with rated cross-sections from 2.5 mm2 to 16 mm2.
» Acquisitions and Mergers:
- Dec-2021: Molex completed its acquisition of Keyssa, a pioneer in high-speed contactless connectors. This acquisition would expedite the company's vision to expand and diversify its offerings of the micro connector with highly flexible and cable-free connectors.
- Sep-2021: TE took over ERNI Group, a leader in electronic connectivity for automotive and automation. This acquisition aimed to reinforce the broad connectivity product portfolio of the company. Moreover, this acquisition of ERNI would also propel the engineering and manufacturing capabilities and footprint within the board connectivity to expand TE's prevalence and customer base in several lucrative market segments.
- Sep-2021: Rockwell took over Plex Systems, a leader in cloud-native smart manufacturing platforms. With this acquisition, the company aimed to leverage the software capabilities of Plex in order to enhance its global market access, ability to turn real-time data into actionable insights, and complementary industry expertise. It would allow Rockwell to serve its customers with easy-to-deploy, use, and maintain cloud-native solutions.
- Jul-2021: Weidmuller acquired Emphatec, a solutions-based engineering company. This acquisition aimed to allow Weidmuller to increase the capacities of its PLC migration and Class 1 Division 2 solutions. Moreover, Emphatec would now operate as Klippon Engineering Canada to offer engineering and service expertise.
- Jul-2021: Wieland took over the Miller Company, distributor of copper-based alloy strip products. With this acquisition, the company aimed to meet the increasing demands for high-quality strips made up of copper, special alloys, and copper alloys across North America as well as the rest of the world via increased access to the leading manufacturing capabilities, excellent customer service, and reliable distribution network of Wieland.
Scope of the Study
Market Segments Covered in the Report:
- Process Control Instruments
- Power Supplies
- Telecom Equipment
- Business Equipment
- HVAC Systems
- Industrial Controls
- PCB Mount
- Power Terminal
- Barriers or Barrier Strips
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- Phoenix Contact GmbH & Co. KG
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