The global terminal block market size is expected to reach USD 6.16 billion by 2030, according to a new study by Polaris market research. The report “Terminal Block Market Share, Size, Trends, Industry Analysis Report, By Industry; By Type (Sectional, PCB Mount, Power Terminal, Barriers, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The recent development of micro-miniaturized terminal blocks with insulation displacement connections and spring-loaded connection characteristics has contributed to the expansion of the market. The growth of the PCB sector due to the demand for customized blocks is one of the key factors driving the market. Numerous technological advancements in the various terminal block connections have given the market room to flourish.
There has been an increase in demand for terminal blocks in the telecom sector that are multifunctional, multipurpose, finger-safe, intelligent, and terminal blocks. The manufacturers' inability to construct surface mount technology terminal blocks is a barrier to the market's growth. For instance, in April 2022, Mitsubishi Electric announced the publication of its most recent Technology Discussion Guide, which explores the various cable connection technologies available for industrial automation components.
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Furthermore, the new line of PCB blocks from the WAGO with push-in cage clamp connection technology for the power electronics was introduced in May 2020. In contrast to the 195 million shipments of smart speakers in 2021, the global installed base of smart home devices, headed by smart speakers, is predicted to approach 2 billion devices by 2022.
The COVID-19 epidemic had a significant influence on the global economy and several businesses during its height in 2020. Numerous difficulties in managing the company and creating remote work environments were brought on by the crisis. Prior to the COVID-19 outbreak, there were huge investment plans underway for significant shifts in the manufacturing industry as a result of Industry 4.0, the adoption of the Internet of Things, and industrial automation by numerous businesses.
Terminal Block Market Report Highlights
Polaris Market Research has segmented the terminal block market report based on industry, type, and region:
Terminal Block, Industry Outlook (Revenue - USD Billion, 2018 - 2030)
Terminal Block, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Terminal Block, Regional Outlook (Revenue - USD Billion, 2018 - 2030)