The global terminal block market size is expected to grow from USD 3.9 billion in 2022 to USD 5.2 billion by 2027, at a CAGR of 5.7%. The growth of the market is attributed to the rising implementation of advanced terminal blocks in telecom sector and ongoing advancements in connection technologies. However, difficulties in selecting right terminal block according to application is restraining the market growth.
The terminal block market has promising growth potential due to several factors, including the rising adoption of micro-miniature terminal blocks by various industries and rapidly growing industrialization and urbanization especially in the emerging economies, which is expected to boost the penetration of terminal blocks.
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Based on type, the market is segregated into barriers or barrier strips, sectional terminal blocks, PCB mount terminal blocks, power terminal blocks, and other terminal blocks. The sectional terminal blocks segment held the largest share of the market in 2021. These blocks are designed for electrical termination of wires where circuit flexibility is necessary. These blocks provide more termination of wire which helps in fulfilling the demand from industries for the maximum number of terminations in a control panel. This has increases its adoption across various industries. The market for these blocks is growing at a higher rate in the process control instruments, HVAC systems, and telecom equipment.
Based on industry, the market is segmented into business equipment, HVAC systems, power supplies, industrial control, process control instruments, telecom equipment, transportation, and other industries. The process control instruments is projected to be the largest growing industry segment of the terminal block market. The rising installation of terminal blocks in process industries such as chemicals and oil & gas attributes to the highest growth of this segment. These blocks provides reliable and safe process control systems for instrumentation in the process plants, as it protects instrumentation and control units from damages caused by short circuits or wiring faults in the field, which leads to the growth of the market.
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The terminal block market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2021, North America held the largest share of the terminal block market with only the US capturing more than 78% of the overall market. The high demand for terminal blocks in North America is mainly attributed to the rising adoption of advanced solutions in almost all industrial operations to improve the overall plant performance. Terminal blocks provide safe and reliable power connections and improve workplace performance and efficiency. Terminal block companies in the US are investing heavily in research and development activities to design customized and advanced terminal blocks, thereby driving the growth of the market in the country. These established players also focus on developing terminal blocks powered by push-in technology. On the other hand, the emerging economies in Asia Pacific would majorly contribute to the terminal block market in the forecast period. There is a high demand for premium cars, high-end electronic devices, and HVAC systems. This creates a strong demand for terminal blocks in the automotive, telecom, and HVAC systems industries, which fuels the growth of the terminal block market in the region.