Terminal Block Global Market Report 2024

The global terminal block market has grown strongly in recent years. It will grow from $4.19 billion in 2023 to $4.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth observed in the historical period can be attributed to several factors, including the advancement of industrial automation, growth in the electronics and electrical industry, infrastructure development initiatives, a focus on safety and reliability within electrical systems, and the expansion of electrical distribution networks. These factors collectively contributed to the growth of terminal blocks and related industries during that period.

The global terminal block market is expected to see strong growth in the next few years. It will grow to $5.67 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. Anticipated growth in the forecast period is expected to be driven by several factors, including the integration of Industry 4.0 technologies, initiatives promoting electrification, trends towards miniaturization and compact designs, rapid urbanization, and the expanding electric vehicle market. These elements are poised to influence the growth of terminal blocks and associated industries. Major trends anticipated in the forecast period encompass increased collaborations and innovations within the industry, integration of renewable energy sources, development of urban infrastructure to support electrical systems, and a heightened focus on compliance with safety standards to ensure reliable and secure operations within the electrical sector.

The terminal block market is poised for growth due to an increasing demand for smart devices. Smart devices, characterized by their context-aware capabilities and wireless connectivity, are becoming ubiquitous in households. According to Mediapost, 69% of U.S. households have at least one smart device, with an estimated 15% of global households anticipated to have a smart home device by 2023. Terminal blocks play a crucial role in ensuring the secure and organized connection of electrical systems, making them essential components in the expanding smart device landscape.

The terminal block market is set to experience significant expansion, driven by the rising adoption of industrial automation. Industrial automation involves the use of autonomous systems, such as robotics and computer software, to control various processes across industries. Complex control systems integral to industrial automation rely on precise electrical connections, and terminal blocks provide a safe and organized solution for power and signal distribution. Notably, Gartner, Inc. predicts a 19.6% increase in the global market for low-code development technologies, reaching $26.9 billion in 2023. This surge is attributed to factors like an increase in business technologists, the growth of enterprise-wide hyper-automation, and the rise of composable business initiatives.

A notable trend shaping the terminal block market is the emphasis on product innovations. Key market players are actively developing advanced products to maintain their competitive edge. For instance, TE Connectivity, a prominent U.S.-based manufacturer of connectors and sensors, introduced the SNACompact Terminal Blocks in November 2021. This innovative product offers a compact solution without compromising performance, catering particularly to mid-sized businesses seeking affordability and productivity in constrained spaces. The introduction of such products addresses the industry demand for enhanced performance while adapting to the challenges of miniaturization in the panel-building process.

Leading players in the terminal block market are strategically investing in cutting-edge technologies, including the development of screwless terminal blocks, to fortify their market standing. Screwless terminal blocks serve as an alternative method for securing wiring without the need for traditional screws. This design not only improves signal transmission quality but also significantly streamlines the wiring process, reducing time and effort. In August 2022, Phoenix Contact, a Germany-based industrial automation and interconnection solutions manufacturer, introduced the XTV series of push-in terminal blocks. A notable feature of this series is its spring-loaded design, akin to a mousetrap, ensuring the closure of the terminal cage even with a slight touch from a small-gauge wire.

In a strategic move in July 2021, Weidmülle, a Germany-based terminal block company, completed the acquisition of Emphatec, a Canada-based player in the same industry, for an undisclosed amount. Following this acquisition, Weidmüller underwent a rebranding to Klippon Engineering, providing customers access to an expanded range of connectivity solutions. This business development highlights the industry's focus on enhancing capabilities and broadening product offerings through strategic acquisitions.

Major companies operating in the terminal block market report are TE Connectivity Ltd., Omron Corporation, Eaton Corporation PLC, Rockwell Automation Inc., Molex LLC, Weidmüller Interface GmbH & Co. KG, WAGO Kontakttechnik GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Wieland Electric GmbH, ABB Ltd., Vicor Corporation, Crane Aerospace and Electronics, Weco Electrical Connectors Inc., Modular Devices Inc., Ningbo Degson Electrical Co.Ltd., Metz Connect GmbH, Stark Industries, Metro Hydraulic Jac Co., Dinkle Group, Hotel Reservation Service, K.A. Schmersal GmbH & Co. KG, Altech Corporation, Amphenol Corporation, Bourns Inc., CUI Devices Inc., Curtis Industries LLC, EBY Electro Inc., E-T-A Elektrotechnische Apparate GmbH, FCI Connectors Ltd., Keystone Electronics Corp., Lumberg Automation Components GmbH & Co., Regal Rexnord Corporation, Groupe Carbone Lorraine SA, OMEGA Engineering Inc., Panduit Corp., RIA Connect Inc., Sprecher + Schuh Inc., Struthers-Dunn LLC, Weiland Electric Inc., Würth Elektronik GmbH & Co. KG

Asia-Pacific was the largest region in the terminal block market in 2023. The regions covered in the terminal block market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the terminal block market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of terminal blocks include barriers, barrier strips, sectional terminal blocks, PCB mount terminal blocks, power terminal blocks, and various other configurations. Barriers or barrier strips are interfaces composed of a metal strip and connectors or screws to secure wires. These blocks perform various functions such as single-level feed-through connections, dual-level and three-level blocks, ground circuit terminals, fuse terminal blocks, among others. Terminal blocks find applications across multiple industries including business equipment, HVAC (heating, ventilation, and air conditioning) systems, power supplies, industrial controls, process control instruments, telecommunications equipment, transportation, and more for facilitating electrical connections.

This report provides terminal block market statistics, including terminal block industry global market size, regional shares, competitors with a terminal block market share, detailed terminal block market segments, market trends and opportunities, and any further data you may need to thrive in the terminal block industry. This terminal block market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The terminal block market consists of sales of modular terminal blocks, strip accessories, tubular-type blocks, pluggable terminal blocks, and push-fit terminal blocks. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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