
Published On: Oct 2022
Published On: Oct 2022
At 5.9% CAGR, the Asia Pacific Terminal Block Market is projected to be worth US$ 2,088.79 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific Terminal Block Market was valued at US$ 1,478.26 million in 2022 and is expected to reach US$ 2,088.79 million by 2028, registering an annual growth rate of 5.9% from 2022 to 2028. Rapid industrialization in several countries and rising popularity of micro-miniaturized terminal blocks are the critical factors attributed to the market expansion.
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, the integration of a real-time operating system (RTOS) with automated processes enhances process scheduling and improves the 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. Current trends that are gaining significant traction in the manufacturing sector, such as robotics, machine learning, and artificial intelligence (AI), have enabled machines to match or even outpace humans in different areas, including the cognitive tasks that are required at various levels of manufacturing. Automation of any lean assembly line is likely to boost productivity by 10–20%. The industry 4.0 is another flourishing trend in the manufacturing sector, which is likely to dominate the sector in the coming years. The advent of Industry 4.0 or the Industrial Internet of Things (IIoT), utilizing the capabilities of collaborative robots and automated guided vehicles, is further anticipated to boost the productivity of the manufacturing sector. Manufacturing companies are replacing human resources with industrial robots for product assembly, quality checks, and packaging. Robotic process automation (RPA) is being incorporated into industrial applications for activities such as material bill preparation, administration and reporting, customer support and service desk operations, data migration, logistics data automation, and ERP automation, among others. Consumer electronics, medical product, automobile, and defense device manufacturing are a few of the prominent industries using automation in the manufacturing assembly lines at a large scale. Thus, such growth prospects in the industrial sector are likely to accelerate the adoption of PCBs, eventually augmenting the demand for terminal blocks in the coming years.
On the contrary, stringent regulatory standards hurdles the growth of Asia Pacific Terminal Block Market.
Key players dominating the Asia Pacific terminal block market are ABB Ltd, Eaton, WAGO, METZ CONNECT GmbH, Molecx, LLC(Koch industries,Inc.), Phoenix Contact, Rockwell Automation,Inc, WECO Electrical Connectors, Weidmuller Interface GmbH & Co.KG, and Wieland Electric GmbH,among others.
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