Global Wireless Power Transmission Market was valued at US$ 3.26Bn in 2017 and is expected to reach US$ 16.56Bn by 2026, at a CAGR of 22.53% during a forecast period.
Demand for wireless power transmission is driven by its advantage in terms of elimination of cables, while providing clutter-free charging. This benefit is especially driving the development of consumer electronics devices that can be wirelessly charged. Wireless chargers can sense the amount of power that each electronic device requires so that batteries are not overcharged. Furthermore, electricity loss in wireless power transmission is less compared to wired power transmission, as there is no AT&C loss in wireless power transmission. This is expected to increase the usage of wireless power transmission further, thereby augmenting the global wireless power transmission market. Other factors driving the market include high operational efficiency, rise in the use of network communications, digitization, and development of infrastructure.
Technologies utilized for wireless power transmission is primarily inductive coupling and magnetic resonance. Presence of different charging techniques has resulted in confusion for OEMs, component providers, and customers also, in terms of standard adoption. This is likely to restrain the market in the next few years. The impact of this restraint is expected to lessen with the establishment of common standards. A key difficulty of wireless power transmission is its cost. Users need to buy the latest wireless chargers to get higher output from wireless charging devices, as old chargers are slow at charging. So, users need to invest more in the latest chargers.
Based on the receiver application segment,Smartphones is the largest receiver application for wireless power transmission technology owing to the implementation of inductive wireless power transmission in various smartphones in the past years. Samsung Galaxy Series, Motorola Droid phones, and Google Nexus phones are some notable smartphones, which have wireless charging capabilities.
Increasing number of applications of the wireless charging technology in health care and industrial sectors is anticipated to help companies expand their product portfolio in the near future. Implementation of the technology in medical scanning devices, implanted medical devices (IMDs), and hearing aids in the health care sector is projected to provide lucrative growth opportunities to the global wireless power transmission market in the near future. Innovations are required to overcome the range barrier in inductive, magnetic resonance, and RF technologies. This is likely to improve usage of the wireless power transmission technology in the automotive industry in the next few years. This is projected to boost the global wireless power transmission market during the forecast period, because of high demand for hybrid electric vehicles and eco-friendly electric vehicles.
In terms of region,APAC is expected to hold the largest market share during the forecast period. APAC is considered as the manufacturing hub for consumer electronic products like smartphones, tablets, laptops, and wearable devices. Its huge residents and rapid development in the past has led to the significant demand for devices. Therefore, the presence of large consumer electronics industries in the counties like China, Japan, India, and South Korea has attributed to the huge market size of the APAC region in the global wireless power transmission market.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Wireless Power Transmission dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Wireless Power Transmission.
Scope of Global Wireless Power Transmission Market
Global Wireless Power Transmission Market, by Technology
• Far-Field Technologies
Global Wireless Power Transmission Market, by Implementation
• Wearable Electronics
• Other Consumer Electronics
• Electrical Vehicle Charging
• Automotive (In-Vehicle Charging System)
• Electric Vehicle Charging
• Asia Pacific
• Middle East & Africa
• South America
• Qualcomm, Inc.
• Samsung Electronics Co., Ltd.
• TDK Corporation
• Texas Instruments, Inc.
• Nucurrent, Inc.
• Powermat Technologies, Ltd.
• Powerbyproxi, Ltd.
• Witricity Corporation
• ConvenientpowerHk, Ltd.
• Salcomp PLC
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