Terminal Block Market

 

Xmultiple's Engineering Department


Terminal Block Market - Forecasts from 2017 to 2021

Global Terminal Block Market is majorly driven by factors such as burgeoning demand for multifunctional finger-safe terminal blocks and advancements in various connection technologies for terminal blocks. Growing adoption of automation in industry controls and factory automation market is further boosting the demand for terminal blocks for the industry controls sector. Increasing adoption of terminal blocks in the telecom sector will provide a great opportunity for the expansion of global terminal block market during the forecast period. Rising disposable income, growing urbanization, and stringent energy regulations are driving the demand for energy-efficient HVAC systems, thereby impacting the growth of terminal block market positively.

Terminal Block Market is projected to grow from US $2.7 billion in 2017 to US $3.4 billion in 2018, at a CAGR of 4.51% over the forecast period. Geographically, APAC region is projected to witness the fastest regional market growth due to growth being observed in telecom industry in conjunction with supportive government initiatives and grants in countries such as Japan, China, India, and South Korea. Furthermore, increasing industrial activities in the region and growing need for HVAC equipmentswill further propel the growth of terminal block market in the region. However, the major restraining factors are the cyclic nature of automobile, consumer good, machinery, and tooling industries.

 

 

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