According to the new research report on "Terminal Blocks Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the terminal blocks market is expected to reach US$ 6,138.30 million by 2028, registering a CAGR of 5.1% from 2022 to 2028.
The European Union is committed to promoting affordable, secure, and sustainable energy to achieve green sustainability. To achieve this goal, the European Union has taken several initiatives, including supporting the European Commission's strategic vision of a climate-neutral Europe by 2050 under the Paris Agreement. In May 2022, the European Union launched REPowerEU, a plan with a budget of US$ 322.10 billion, which aims to make Europe independent of Russian fossil fuels before 2030 and accelerate the transition to clean energy. As a result, the initiatives for green transition in Europe are driving the demand for terminal blocks for installing photovoltaic solar panels. Many renewable energy companies and the German government are investing heavily in adopting renewable energy and related technologies to achieve net-zero emissions by 2045. These initiatives by the German government are accelerating the adoption of solar and wind installations in the country. This increase in renewable power generation is increasing the demand for electrical and electronics components, including backup power, solar power system inverters, deep cycle battery storage with various electronic printed circuit boards, and terminal blocks. Therefore, the terminal blocks market is expected to grow as a result of the increasing demand for electrical and electronics components.
The global economy and many industries were significantly impacted by the COVID-19 outbreak during its peak in 2020. The crisis brought about several challenges in running businesses and implementing remote work environments. Prior to the COVID-19 outbreak, the terminal blocks market was experiencing significant growth due to the increasing demand for industrial automation, consumer electronics products, and PCBs from various industries such as automotive, telecom, and manufacturing. Additionally, significant investment initiatives were in the works for massive shifts in the manufacturing sector due to Industry 4.0 and the acceptance of IoT and industrial automation in different enterprises. However, the COVID-19 pandemic forced businesses to restructure their business models to achieve economic goals. Furthermore, the pandemic invoked a rising need for featured terminal block solutions in various applications across numerous industries. As a result, the market forecast during the pandemic period saw a slight decline, which significantly recovered in 2021 due to increased investment in the semiconductor and electronics industry and the growing adoption of industrial automation. These factors are expected to drive the growth of the terminal blocks market.
The Asia Pacific region is experiencing the fastest growth in the global market, primarily due to the rapid advancements in technology, government initiatives to boost various industries, and an increase in disposable income among the middle-income group. Many growing economies in Asia Pacific are witnessing high levels of digitalization in several industries. Additionally, the penetration of smartphones in the region is rising, and consumers are seeking advanced features in their smartphones. Among the countries in Asia Pacific, China has the largest market share, thanks to the adoption of industry 4.0 to enhance production in manufacturing plants. This adoption of technologies such as the Internet of Things (IoT), artificial intelligence, machine learning, and cloud computing in various industrial verticals is fueling the demand for printed circuit boards (PCBs) in smart manufacturing plants. The expansion of the PCBs market in Asia Pacific countries is driving the demand for terminal blocks.
The analysis of the terminal blocks market is categorized into various segments such as type, function type, connection technology, industry, and device type. The type segment includes barriers, sectional terminal blocks, PCB mount terminal blocks, power blocks, and others. The function type segment is further divided into single-level feed-through terminal blocks, dual-level terminal blocks, three-level blocks, ground circuit terminals, fuse terminal blocks, and others. The connection technology segment comprises spring clamp terminal blocks, screw-type terminal blocks, insulation displacement connections, push-in type terminal blocks, and special connections. The industry segment is categorized into business equipment, HVAC, power supplies, industry controls, instruments, telecom equipment, transportation, and others. The device type segment includes ground circuit, fuse terminal blocks, and others. The detailed segmental analysis of the terminal blocks market report assists manufacturers in devising production and technological strategies that align with industrial applications.
Key Findings of Study:
Europe dominates the terminal blocks market due to its fast-paced industrialization and increasing usage of electronic components in various technological products such as IoT, machine learning, and artificial intelligence. Meanwhile, the growth of the terminal blocks market in the Asia Pacific region is driven by the rising adoption of industrial automation and investments in the semiconductor and electronics industry. The region is also known as the manufacturing hub of household devices, such as smartphones, laptops, sound systems, and televisions, which further boosts the market growth. PCB terminal blocks and connectors are critical components of electronic devices, and they are widely used in automotive vehicles equipped with wired and wireless technologies to connect them to computing devices, including smartphones.
The demand for PCBs in the electronics industry is on the rise, which, in turn, is driving the growth of the terminal blocks market. Advancements in connection technologies have also made various types of connections easier in industrial controls, HVAC, telecom equipment, instruments, power supplies, automotive and transportation, and other applications. Additionally, Mouser Electronics, Inc. introduced the Phoenix Contact LPTA6 PCB Terminal Block in May 2022, which uses tool-free lever connection technology, making it ideal for on-site device connections. The trend towards miniaturization in machine building, switchgear, and control cabinet manufacturing is supported by miniature and micro-terminal blocks. Therefore, the increasing demand for smaller terminal blocks is boosting the terminal blocks market size. The terminal blocks market report provides detailed market insights, enabling terminal blocks market key players to devise growth strategies in the upcoming years.
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