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Terminal Blocks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Function Type, Connection Technologies, Industry, and Device Type
The Terminal Blocks Market is projected to reach US$ 6,138. 30 million by 2028 from US$ 4,559. 97 million in 2022; it is expected to grow at a CAGR of 5. 1% from 2022 to 2028. As per the World Bank data, East Asia and the Pacific is the world’s most rapidly urbanizing region, with an average annual urbanization rate of 3%.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Terminal Blocks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type, Function Type, Connection Technologies, Industry, and Device Type" - https://www.reportlinker.com/p06295710/?utm_source=GNW
Further, the Asian Development Bank (ADB) works to support the transformation of developing cities in Asia Pacific into safe, sustainable urban centers.
Further, in April 2022, the Government of India and the ADB signed a Project Readiness Financing (PRF) loan worth US$ 2 million to support an urban development project in Nagaland. As per the Industrial Development Report 2022, published by United Nations Industrial Development Organization, Asian manufacturing industries raising investments for their future growth.
The terminal blocks market has been primarily analyzed based on type, function type, connection technology, and industry.Based on type, the market is segmented into barriers, sectional terminal blocks, PCB mount terminal blocks, power blocks, and others.
The terminal blocks market, by function type, is segmented into single-level feed-through terminal blocks, dual-level terminal blocks, three-level blocks, ground circuit terminals, fuse terminal blocks, and others.The terminal blocks market, by connection technology, is further segmented into spring clamp terminal blocks, screw-type terminal blocks, insulation displacement connections, push-in type terminal blocks, and special connections.
The market, by industry, is segmented into business equipment, HVAC, power supplies, industry controls, instruments, telecom equipment, transportation, and others. By geography, the terminal blocks market is primarily segmented into North America, Europe, Asia Pacific (Asia Pacific), the Middle East & Africa (MEA), and South America.
In 2022, the industrial sector exhibited a significant jump toward automated operations, which led to a major transition in the way companies manage their operations.Such progress in industrial automation, along with the growing adoption of electronics components in industrial applications, is fueling the terminal blocks market growth.
A rise in the adoption of digitalization across all industries in South and Central America boosts the adoption of automated machinery for improved accuracy and productivity.The region also has a robust electronics industry, which is growing faster with the rising demand for consumer electronics from the growing middle-class population.
Thus, the rapid adoption of automation across several industries, growing focus on ensuring the safety of workplaces, and surging deployment of robotics fuel the terminal blocks market growth in South and Central America.
Advancements in connection technologies such as screw clamps, spring clamps, push-in terminals, insulation displacement connections, and special connection technologies (slip-on connection and TERMI-POINT connection) ease out different types of connections in industrial controls, HVAC, telecom equipment, instruments, power supplies, automotive and transportation, and other applications.Further, Phoenix contact provides a comprehensive portfolio of connection technologies for PCB terminal blocks and PCB connectors for Single Pair Ethernet.
These products facilitate the integration of intelligent field devices into switch-based Ethernet environments. The PCB connection technology fulfills the requirements of the APL Port Profile Specification (Draft 0.3) and is therefore ideal for applications in process automation. Toshiba developed a technology of Bare Wire Connection Mechanism (BWCM) that uses two connector technologies. Thus, progressive digitalization and industrial transformation trends are shortening the time required for new device production, while prototyping is playing a more important role in evolving the electronics industry. Thus, such advancements in connection technologies are bolstering the terminal blocks market growth are expected to contribute to the growth of the terminal blocks market growth during the forecast period.
Asia Pacific experienced a rise in the adoption of the terminal block over the last decade.India’s production linked incentive (PLI) schemes for IT hardware will provide eligible companies with a four-year incentive of 4% to 2%/1% on incremental net sales (over the base year) of goods manufactured in India and covered by the target segment.
Laptops, tablets, all-in-one PCs, and servers will be included in the PLI Target Segment.The tax benefits and initiatives provided by the Indian government support the growth of the terminal blocks market.
On April 14, 2022, South Korea and Israel launched a new program for robotics tech cooperation in which both countries are investing US$ 5.3 million for two to four years. The initiatives by the governments in enhancing robotics tech operations will become a solid opportunity for the terminal blocks market players in the coming years. As a result, deploying next-generation digital technology to upgrade electrical grids would boost demand for terminal blocks in Asia Pacific in the coming years. Klemsan, Phöenix Contact, Rockwell, and TE Connectivity are the major companies operating in the Asia Pacific terminal blocks market. The rising strategic initiatives and investments in new product developments propel the market’s growth in the coming years.
Impact of COVID-19 Pandemic on Asia Pacific Terminal Blocks Market Share
The COVID-19 crisis drastically affected two huge markets in the Asia Pacific region, including India and China.As a result, the lockdown and slowdown of industrial activities across India and China contributed to the disruption of the supply chain of various raw materials and goods.
Therefore, the COVID-19 outbreak positively impacted the terminal blocks market analysis in North America.In pre covid scenario, the adoption of industrial automation for various applications was rising abruptly, owing to growth in artificial intelligence, connected and hybrid clouds, edge computing, cellular IoT innovation through 5G, and sensor innovations.
Thus, it is expected that significant growth in the demand for PCBs, has led to terminal blocks market growth.
However, in 2021, with the relaxation of the lockdown measures, manufacturing businesses started again, leading to a resumption of production facilities.Some IoT companies have seen a drop of around ~50% in achieving new order intake as Covid-19 forced their clients to stick to their budgets or delay IT/IoT spending.
As Covid-19 has led to an increasing customer need for more transparency and visibility of operations, smart connected products will play a crucial role in the coming years.
The global terminal blocks market is primarily driven by advancements in connection technologies for terminal blocks.Toshiba developed a technology of Bare Wire Connection Mechanism (BWCM) that uses two connector technologies.
Thus, progressive digitalization and industrial transformation trends are shortening the time required for new device production, while prototyping plays a more important role in evolving the electronics industry.Modularity and flexibility are gaining increasingly higher significance in device development.
Industrial automation is perceived to improve the productivity and quality of plants by mitigating errors and wastage, increasing safety, and adding flexibility to the manufacturing process.In addition, integrating a real-time operating system (RTOS) with automated processes enhances process scheduling and improves operational efficiency.
Thus, the growing demand for PCBs in industrial applications, coupled with the increasing scale of automation, is fueling the demand for terminal blocks.
TE Connectivity, Phoenix Contact, Weidmuller, ABB Ltd, Wago, and Weco holds a significant percentage of the terminal blocks market share.
The overall terminal blocks market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the terminal blocks market size.
The process also serves the purpose of obtaining an overview and market forecast of the terminal blocks market size with respect to all the market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the terminal blocks market.
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