NEW YORK, May 31, 2016 /PRNewswire/ -- The increasing demand for multipurpose, multifunctional, intelligent, finger-safe terminal blocks is likely to drive the terminal block market"
The terminal block market size is estimated to grow from USD 3.21 billion in 2015 to USD 4.64 billion by 2022, at an estimated CAGR of 5.5% between 2016 and 2022. The terminal block market is driven by factors such as increasing demand for multipurpose, multifunctional, intelligent, finger-safe terminal blocks; growing PCB market; and increasing demand for PCB terminal blocks; advancements in various connection technologies for terminal blocks; and increasing adoption of terminal blocks in the telecom sector.
"Industry controls, instruments, and HVAC to gain maximum traction during the forecast period"
The industry controls and HVAC are estimated to contribute the largest market share duing the forecast period. Advancements in termination technologies of terminal blocks, intended for use in more rugged applications such as instrumentation, industry controls, and data acquisition spur the growth of terminal blocks. Rapid urbanization, rising disposable income, strict energy regulations, financial incentives through tax credit programs for energy-efficient HVAC systems, and technological innovations are some of the driving factors of growing HVAC industry which eventually drives the demand for terminal blocks in the HVAC industry.
"The terminal block market in the APAC region expected to grow at a significant rate during forecast period"
APAC is one of the prominent regions in the terminal block market, and it is expected to grow a significant rate compared to other regions. Increasing markets for telecom equipment, industry controls, HVAC industry, power supplies, and instruments provide ample opportunities for the terminal block market. Increased industrial activities in the APAC region and increasing demand for advanced process control plants drive the growth for sophisticated instrumentation spurring the growth for the terminal blocks market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is given below as:
- By Company Type: Tier 1 – 35 %, Tier 2 – 46%, and Tier 3 – 19%
- By Designation: C-Level – 45%, Maneger Level – 35%, Others – 20%
- By Region: North America – 41%, Europe – 36%, APAC – 17%, RoW – 6%
Rapid urbanization and industrialization in developing countries and rising demand for micro-miniaturized terminal blocks provide opportunities for the growth of this market.
The various key terminal block vendors profiled in the report are as follows:
1. PHOENIX CONTACT GmbH & Co. KG (Germany)
2. Weidmüller Interface GmbH & Co. KG (Germany)
3. WAGO Kontakttechnik GmbH & Co. KG (Germany)
4. Wieland Electric GmbH (Germany)
5. ABB Group (Switzerland)
6. Rockwell Automation, Inc. (U.S.)
7. WECO Electrical Connectors Inc. (Canada)
8. Eaton Corp. Plc (Ireland)
9. Molex, LLC (U.S.)
10. METZ CONNECT (Germany)
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the terminal block market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different types of terminal blocks, industries, and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, opportunities, and challenges.
3. This report will help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, newproduct develpoments, partnerships, and mergers & acquisitions.
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