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 rising demand for PCB terminal blocks from industries such as industrial controls, HVAC systems, and process control instruments as well as rising demand for electric vehicles across the world are the key factors driving the market growth.
The key players operating in the terminal block market include the major players which operates in different stages in the entire value chain of terminal block; these players are WAGO Kontakttechnik GmbH & Co. KG (Germany), TE Connectivity (Switzerland), and Weidmüller Interface GmbH & Co. KG (Germany). These players have adopted various growth strategies such as acquisition and new product launches to increase their presence in the global market.
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WAGO Kontakttechnik GmbH & Co. KG is one of the leading providers of terminal blocks. It holds a strong position in the global terminal block market. It has a wide portfolio of reliable and safe terminal blocks for varied industries, such as transportation and power supplies. It has expanded its product portfolio by launching the new TOP JOB S Rail-Mount Terminal Blocks with levers. WAGO invests heavily in producing and developing new products to expand its portfolio of high-quality products based on the latest technologies and ensure compliance with safety standards. The company holds the largest share of terminal block market in 2021.
Weidmüller Interface GmbH & Co. KG holds the second largest share of terminal block market in 2021. The company offers its diverse portfolio of terminal blocks for automotive, transportation, and energy applications. The company focuses on R&D investments for the expansion of its product line, acquisitions, and product launching. As part of its growth strategy, the company invests in products, solutions, and future services for its sustainable market growth. Similarly, it invests heavily in product research and development to remain competitive in the market.
Another important player in terminal block market is TE Connectivity. The company is focused on developing new products and invests more in research and development year by year. It has a large portfolio of patents related to electrical, optical, and electronic products. Thus, technological innovations and third-party proprietary technology help the company gain a competitive edge and improve its position in this competitive market.
Terminal Block Market by Type (Barriers or Barrier Strips, Sectional Terminal Blocks, PCB Mount Terminal Blocks, Power Terminal Blocks), Industry (HVAC Systems, Industrial Controls, Process Control Instruments) - Global Forecast to 2027
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