Report : Asia Pacific Terminal Blocks Market Forecast to 2028 – COVID-19 Impact and Analysis - by Type (Barriers, Sectional Terminal Blocks, PCB Mount Terminal Blocks, Power Blocks, and Others); Function Type (Single-feed Through, Dual-level Terminal Block, and Three-level Terminal Blocks); Connection Technologies (Spring Clamp Terminal Blocks, Screw-type Terminal Blocks, Insulation Displacement Connection, Push-in Type Terminal Blocks, and Barriers); Industry (Business Equipment, HVAC, Power Supplies, Industry Controls, Instruments, Telecom Equipment, Transportation, and Others), and Device Type (Ground Circuit Terminal, Fuse Terminal Blocks, and Others)
At 5.9% CAGR, the Asia Pacific Terminal Block Market is speculated 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.
- Based on type, the Asia Pacific terminal block market is segmented into barriers, sectional terminal blocks, pcb mount terminal blocks, power blocks, and others. The pcb mount terminal blocks segment held 31.2% market share in 2022, amassing US$ 461.26 million. It is projected to garner US$ 701.46 million by 2028 to expand at 7.2% CAGR during 2022–2028.
- Based on function type, the Asia Pacific terminal block market is segmented into single-feed through, dual-level terminal block, and three-level terminal blocks. The single-feed through held 46.7% market share in 2022, amassing US$ 690.45 million. It is projected to garner US$ 922.77 million by 2028 to expand at 5.0% CAGR during 2022–2028.
- Based on connection technologies, the Asia Pacific terminal block market is segmented spring clamp terminal blocks, screw-type terminal blocks, insulation displacement connection, push-in type terminal blocks, and barriers.The pcb mount terminal blocks segment held 32.9% market share in 2022, amassing US$ 487.03 million. It is projected to garner US$ 709.48 million by 2028 to expand at 6.5% CAGR during 2022–2028.
- Based on industry, the Asia Pacific terminal block market is segmented business equipment, hvac, power supplies, industry controls, instruments, telecom equipment, transportation, and others.The power supplies segment held 23.1% market share in 2022, amassing US$ 341.44 million. It is projected to garner US$ 513.35 million by 2028 to expand at 7.0% CAGR during 2022–2028.
- Based on device type, the Asia Pacific terminal block market is segmented ground circuit terminal, fuse terminal blocks, and others.The ground circuit terminal segment held 46.3% market share in 2022, amassing US$ 684.35 million. It is projected to garner US$ 948.47 million by 2028 to expand at 5.6% CAGR during 2022–2028.
- Based on country, the Asia Pacific terminal block market has been categorised into Australia,China,India,Japan,South Korea,Rest of Asia Pacific. Our regional analysis states that China captured 32.83% market share in 2022. It was assessed at US$ 485.24 million in 2022 and is likely to hit US$ 733.16 million by 2028, exhibiting a CAGR of 7.1% during the forecast period.
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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