LONDON, Aug. 25, 2022 /PRNewswire/ -- Global Wireless Power Transmission Market is valued around USD 5598.4 Million in 2020 and expected to reach USD 23174.8 Million by 2027 with the CAGR of 22.5% over the forecast period. Growing technological advancements, rising investments and participation of various companies and increasing requirement for more reliable and efficient energy distribution system are some of the major factors driving the growth of Global Wireless Power Transmission Market.
Wireless Power Transmission Market Size, Share & Trends Analysis Report by Technology (Near-Field Technology, Far-Field Technology), By Receiver (Smartphones, Tablets, Wearable Electronics, Notebook, Electric Vehicle Charging), By Application (Standalone Chargers, Automotive (In Vehicle), Electric Vehicle Charging, Furniture, Industrial), Based On Region, And Segment Forecasts, 2022 - 2028
Wireless Power Transmission Market: Market Scope
The global wireless power transmission market is going to see a considerable amount of growth in the coming years with the growth being observed in the developed countries. The wireless power transmission is a process which occurs in a system where the power source transmits the electromagnetic energy to the electric load with the no wires. The wireless transmission transmits power to different remote locations. It also has great demand in the field of consumer electronics such as the laptops, smartphones, tablets among other devices. Moreover, the technology is being implemented rapidly in the sectors like the healthcare and defense. Wireless power transmission industry is going to benefit from the continuous increase in the usage of the wireless power transfer.
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Wireless Power Transmission Market: Competitive Analysis
The major players in the global wireless power transmission market are players like Samsung Electronics Co. Ltd., WiTricity Corporation, Energous Corporation and Analog Devices, Inc. The companies are focusing on the investment on the improvement of their portfolio by the different strategies. The companies are aiming for expanding their mergers and the acquisitions and the partnerships for preventing the new entrants. Wireless power transmission companies will need to work on the innovation aspect of the growth of the market and increasing their market share.
Wireless Power Transmission Market: Key Drivers
Wireless power transmission growth drivers include the factors like the increasing application of the wireless power transmission in the field of consumer electronics and the rising need for the battery powered equipment which mainly drives the wireless power transmission growth of the market. Further, the ongoing developments in the long-range transmission also boosts the growth of this market. Though, the higher costs which are associated with the wireless power transmission technology restrict the growth of this market in the coming years. Contrarily, the integration of the wireless charging with the electric vehicle charging applications is going to be creating lucrative opportunities for wireless power transmission market.
Currently, the wireless connectivity technologies have been adopted at the high rate. The user would want that he gets rid of the wired connectivity due to the complexity. As of now, the consumers expect the robust wireless services all over including the notebooks, smartphones, digital cameras and MP3 players. The wireless connectivity also offers the users a freedom of mobility, easy accordance as well as handy operations which is the reason why the wireless charging technology is deployed in the consumer electronics like wearable devices, tablets and smartphones.
The increasing tendency to go wireless for the consumers is driving this market for the wireless power transmission. There are companies which are now providing the devices that can be charged without the wires and can be user friendly, lifespan of ten and fifteen years and cost effective. This is going to result into increase in demand for the devices in this market.
The wireless power transmission technology gets used for development and research of the micro and mini robots for the wireless power transfer. There are many research programs that pertain to the wireless powered drones that are happening. A transmitting coil is going to be transmitting power at the higher frequency which is going to get received by receivers in the robots.
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Wireless Power Transmission Market: Segmentation Analysis
When we talk about the types of wireless power transmission, the wireless power transmission market on basis of the technology, the near-field technologies segment has been dominating the growth in the market. The near field technologies serve most of the applications in a very limited range that usually requires contact or closer proximity of about some centimetres between the source and the destination. The increase in the innovation in far-field technologies for the power transmission primarily drives growth in the segment.
By Technology:
- Near-Field Technology
- Far-Field Technology
By Receiver:
- Smartphones
- Tablets
- Wearable Electronics
- Notebook
- Electric Vehicle Charging
- Others
By Application:
- Standalone Chargers
- Automotive (In Vehicle)
- Electric Vehicle Charging
- Furniture
- Industrial
Wireless Power Transmission Market: Regional Analysis
Wireless power transmission statistics suggest that among the regions, it is the Asia Pacific region which is going to show the greatest amount of growth due to the demand in the regions like China, India, Japan, South Korea and the other areas of Asia Pacific. The Asia Pacific region is going to show the highest rate of growth during the time frame. The increase in the trends like the urbanization and industrialization in addition to the surging disposable incomes of population in the countries that are developing in the region. Further, the developments that are being made in the key regions in China, Indonesia and Malaysia will be the major reason for the growth in these markets. It is going to help dominate the markets like North American, Europe and the South America.
On Special Requirement Wireless Power Transmission Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Wireless Power Transmission Market: Key Trends
Wireless power transmission trends suggest that the market has been impact significantly by the coronavirus outbreak. The production facilities in the electronics as well as semiconductors were halted due to the slowdown and the unavailability of workforce all over the world. The covid outbreak has caused the significant as well as protracted drop in the manufacturing usage, travel bans as well facility closures keeping workers away from the factories which has led to the downfall of growth in the industries.
The European and Asian countries under the lockdown have been suffering the major losses of the revenue and business because of the shutdown of the manufacturing units in this region. The operations in the production as well as manufacturing industries have impacted the market quite a lot. The outbreak of the disease therefore has been causing the decreasing the market in the coming years.
Though, the impact of the coronavirus pandemic on wireless power transmission market has been expected to be negative only for a shorter period of time and the market is going to robust along with the demand being extensive for the wireless power transmission products during the period after the pandemic. This is because of the surging number of players in the market reassessing the strategies and also coming up with the quick responses for stabilizing their supply chain.
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