According to the new research report on "Terminal Blocks Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the terminal blocks market is expected to reach US$ 6,138.30 million by 2028, registering a CAGR of 5.1% from 2022 to 2028.

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The European Union has taken many initiatives to provide affordable, secure, and sustainable energy to achieve green sustainability.  For instance, under the Paris Agreement, the European Union supports the European Commission's strategic vision of a climate-neutral Europe by 2050. Further, in May 2022, the European Union introduced REPowerEU, a US$ 322.10 billion plan whose primary goal is to make Europe independent from Russian fossil fuels before 2030 and accelerate the clean energy transition. Thus, the initiatives for green transition in Europe propel the demand for a terminal block in installing photovoltaic solar panels. Many renewable energy companies, and the German government, are investing a significant amount of capital in adopting renewable energy and related technologies to achieve net-zero emissions by 2045. These initiatives by the German government will accelerate the country's solar and wind installation adoption. Therefore, the increasing number of solar and wind power plants increases the demand for components such as backup power, solar power system inverter, and deep cycle battery storage with various electronic printed circuit boards. Thus, such an increase in renewable power generation is helping the demand for electrical and electronics components, further aiding the terminal blocks market growth.

A terminal block, consisting of an insulating frame and a clamping system, is an insulated connection that fastens two or more wires together. In a screw category terminal block, wires are clamped down to a metal part (mostly metal) by the screw. This gives the benefit of connecting more than one circuit to other circuits. There are various types of terminal blocks, including barrier strips, modular terminal blocks, PCB terminal blocks, and power distribution blocks.

The global terminal blocks market based on geography the North American region accounted for the highest share in the global terminal blocks market in 2020 and is also expected to grow at the largest CAGR over the forecast period. This growth is attributed Being a technologically advanced region, the manufacturing sector in North America prefers deploying advanced and automated solutions in plant operations. Countries such as the US and Canada have a huge manufacturing footprint of fortune 500 companies, with a high rate of adoption of automation technologies, such as IoT and AI. Thus, a rise in the adoption of robotics in the flourishing industrial sector is contributing to the growth of the terminal blocks market in North America. Moreover, the region has experienced a rapid rise in industrialization across countries such as the US and Canada. These factors are further boosting the growth of the terminal blocks market across North America.

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TE Connectivity, Phoenix Contact, Weidmuller, ABB Ltd, Wago, and Weco are some of the key market players operating in the global terminal blocks market. The listing of key players is derived by considering multiple factors such as overall revenue, current terminal blocks product portfolio, geographical reach, new product launches, market initiatives, and investment in technology up-gradation, partnerships, and other market-related activities. In addition to these players, there are several other important players operating in the terminal block ecosystems which were studies analyzed during this market research study, such as Eaton Corporation PLC, Metz Connect USA Inc., Molex LLC, Rockwell Automation, Inc, and Wieland Electric.

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