Global Power Transmission Components Market: APAC, LATAM Markets Hot on the Heels of North America, Europe.

Power transmission components are a crucial part of the overall power scenario. Power transmission components collectively carry out the task of transmitting generated electric power to the consumers. This entails the usage of excellent conductors of electricity along with several nodes to distribute the energy as needed.Due to increasing urbanization and industrialization around the world and the consequent rise in the demand for electricity, the global power transmission components market is rising steadily. Thanks to the faster spread of these two phenomena in the developing world than in the Western World, emerging regions such as Asia Pacific and Latin America are expected to be the global leaders in the power transmission components market.

Saturation in Western Markets Hampers Power Transmission Components Market

Currently, North America and Europe are the regional leaders in the global power transmission components market. The spread of industrialization and high degree of urbanization in countries such as the U.S., Canada, France, Germany, Spain, the U.K., Italy, and Mexico are responsible for the appreciable share of these two regional segments in the global power transmission components market.

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However, the power transmission components market in these regions is now facing the problem of saturation. This is the reason for the surge of the Asia Pacific market for power transmission components market in recent years. Since countries such as India, China, Indonesia, Vietnam, Myanmar, Malaysia, and Thailand are yet to be fully industrialized and the divide between the rural and the urban is still pronouncedly stark in these countries, the power transmission components market has a huge scope to grow in these regions in the coming years.

Apart from Asia Pacific, countries such as Brazil, Argentina, and Chile in Latin America and the U.A.E., Saudi Arabia, Qatar, Kuwait, and Turkey in the Middle East also represent opportunity-rich markets for players in the power transmission components market. The 2022 FIFA World Cup, which is expected to be held in Qatar, will require extensive air-conditioning facilities owing to Qatar’s desert heat and is thus sure to give the Middle East market for power transmission components an almighty boost. 

Smart Grids, Wireless Transmission to Reshape Power Transmission Components Market.
In developed countries, where the power transmission components market is currently sluggish, development of technological innovations is the best solution for major players in the market. In the U.S., in particular, smart grids have already gained extensive coverage, due to their ability to reduce electricity wastage and circulate existing power efficiently. Smart grids are expected to become more common in the Western World over the next few years, though its rise in the developing world remains uncertain.

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Wireless transmission of electricity is another technological leap being discussed in developed countries. This would cut down on the cost of the most unreliable component of power transmission systems – the cables – making the system cheaper for both producers and consumers of electricity. The high cost of installation of these systems at present, due to the lack of widespread appeal, has held back these innovations. However, increasing their efforts in commercializing such methods could be the perfect solution for major players operating in the North America and Europe power transmission components markets.

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