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A ferrule is crimped onto stranded wire before it goes into a screw or spring clamp, so no strand escapes the clamp and none get cut through when the screw comes down. On control panels they are usually mandatory rather than optional.
Twin ferrules take two conductors into one clamp point, which is how you bridge across terminals without doubling a bare wire under a screw.
Sizes follow the conductor in mm² and the barrel length in millimetres. Insulated collars are colour-coded by size to the usual European convention.