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(Wireless-NewsWire.Com, May 26, 2017 ) The terminal block market size is estimated to grow from USD 3.21 Billion in 2015 to USD 4.64 Billion by 2022, at a CAGR of 5.5% between 2016 and 2022.
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Terminal blocks are modular, insulated blocks that secure two or more wires together. Terminal blocks comprise an insulating body and a clamping device. Wires are clamped down to the metal part by a screw. It is a connector which joins one or more circuits to another.
Sectional blocks play important role in the terminal block market
The sectional blocks segment is expected to have the largest market share and dominate the terminal block market between 2016 and 2022. Advancements in NEMA and IEC DIN rail sectional blocks have increased the use of these blocks in various applications such as construction, harsh environment, amusement park ride controls, discrete manufacturing, conveyance lines, special machines, educational campuses, commercial office buildings, and building automation. IEC DIN rail sectional blocks offer more terminations per linear foot and compatibility between products from different vendors drives the sectional terminal blocks market.
Industry controls, HVAC, instruments, and telecom equipment are the prominent industries in the terminal block market
The increasing adoption of automation in factories in the U.S., China, and Germany drives the growth of the global industry controls and factory automation markets which help to drive the terminal block market for the industry controls sector. APAC is the leading region in the telecom market which is dominated by countries such as China, Japan, Hong Kong, Malaysia, India, South Korea, and Vietnam. Government taking initiatives in the telecom market fuels the growth of the telecom market which is expected to drive the demand for terminal blocks during the forecast period.
APAC is expected to grow at the fastest rate in the terminal block market
Increasing industrialization and factory automation in the APAC region is the major region behind the growth of terminal blocks in this region.Increasing demand for HVAC and telecom equipment help to drive the demand for terminal blocks in this region. China is one of the largest consumers in automotive segment so creating demands for terminal blocks for the automotive segment.
North America is one of the prominent region for terminal blocks due to presence of companies in North America such as Curtis Industries (U.S.), General Electric (U.S.), Marathon Special Products (U.S.), Mitsubishi Electric Automation, Inc. (U.S.), Molex Electronics Solutions (U.S.), OMEGA Engineering (U.S.), Rockwell Automation (U.S.), Siemens Industry (U.S.), WECO Electrical Connectors (Canada), Automation System Interconnect, Inc. (U.S.) creates ample of opportunities for the terminal block market.
The scope of the report covers detailed information regarding the major factors influencing the growth of the terminal block market such as drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, products, and services; key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the terminal block market.
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