The market for Wireless Power Transmission Market is expected to reach USD$ 4.8 Bn in 2027.
Globally, the wireless power transmission market is expected to grow with a CAGR of more than 15.5% during the forecast period from 2019 to 2027, starting from US$4.8 Bn in 2018.
Wireless power transmission is a way to transfer power without the use of wires and connect areas where people are unable to get a suitable power source. This technique is highly based on technologies using time-varying electric, magnetic, or electromagnetic fields. With the help of wireless power transmission technology, the use of electric wire made of copper and aluminum is reduced.
This technology is highly beneficial in cases where interconnecting wires is difficult and hazardous. Factors such as changing consumer preference towards wireless connectivity, increasing demand for more effective charging devices, and features including efficiency, reliability, fast charging, and low maintenance costs are primarily driving the growth of the wireless power transmission market.
Furthermore, rapid growth in the consumer electronics market and awareness about battery technology is also fueling the growth of this market. Moreover, low maintenance costs, the growing need for faster charging, high demand for battery-operated devices, and the surge in the application of drones, solar-powered satellites, and sensors are other major factors expected to boost the wireless power transmission market during the forecast period.
However, the rising cost of wireless power technology, the lack of infrastructure associated with wireless power devices, the high initial cost of investment, government regulations, and issues associated with wireless power devices are some factors that can hinder the market's growth during the forecast period.
Based on application, the consumer electronics segment dominated the market, holding a huge chunk of the global market. The tremendous growth in the consumer electronics market in major developed and developing countries is primarily driving the wireless power transmission industry.
In consumer electronics, wireless power transmission technology is used to charge portable devices, such as tablets, smartphones, and wearable devices. The demand for consumer electronics is rapidly increasing due to changing lifestyle choices and the growing spending capabilities of people. Moreover, technological advancements in this segment now propel the growth of wireless power transmission technology during the forecast period.
Asia-Pacific dominates the wireless power transmission market with a share of nearly 40% of the total revenue generated worldwide. Asia-Pacific is a base for manufacturing various electronic products such as tablets, smartphones, laptops, and wearable consumer electronics. As the manufacturing and labor costs are low in this region, most of the consumer electronic products are developed here. The huge population base and rapid growth in urbanization in this region have led to significant demand for electronic devices. Moreover, penetration of the internet has also enhanced the utilization of electronic appliances such as smartphones, laptops, iPads, and so on.
The presence of a large number of consumer electronics companies in India, Japan, South Korea, and China is contributing to the large market size of the APAC region in the global wireless power transmission market. North America and Europe also witnessed significant growth in the global wireless power transmission market during the forecast period.
Some of the prominent players operating in the wireless power transmission market include Samsung Electronics Co., Ltd., Qualcomm Technologies, Inc., LG Electronics Inc., Murata Manufacturing Co., Ltd., WiTricity Corporation, Wi-Charge, uBeam, Inc., Texas Instruments Inc., Fulton Innovation LLC, Energous Corporation, Humavox Ltd., Ossia, Inc., and Koninklijke Philips N.V.
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The wireless power transmission market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global wireless power transmission market based on components, technology, deployment model, application, and geography. Key segments covered in the report are as follows:
The market for Wireless Power Transmission Market is expected to reach USD$ 4.8 Bn in 2027.
The Wireless Power Transmission Market is expected to see significant CAGR growth over the coming years, at 15.5%
The report is forecasted from 2019 -2027.
The base year of this report is 2018
Qualcomm Technologies, Inc., LG Electronics Inc., Murata Manufacturing Co., Ltd., WiTricity Corporation. are some of the major players in the global market.