Wireless Power Transmission Market Size, Growth Rate, Future Trends, Report 2023-2028

According to IMARC Group latest report titled "Wireless Power Transmission Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on Wireless Power Transmission Market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.

The global wireless power transmission market size reached US$ 14.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 66.9 Billion by 2028, exhibiting a growth rate (CAGR) of 29.2% during 2023-2028.

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Factors Affecting the Growth of the Wireless Power Transmission Industry:

• Increasing Adoption of Electric Vehicles (EVs): The rise in electric vehicle adoption is a major driver for the growth of the wireless power transmission market. As the automotive industry shifts toward electric mobility, the demand for efficient and convenient charging solutions rises. Wireless power transmission technologies, such as inductive charging, offer a seamless and user-friendly experience for EV owners, eliminating the need for physical connectors. This trend fuels the expansion of the wireless power transmission market, providing a key solution for the evolving needs of the electric transportation sector.

• Rising Integration of IoT and Smart Devices: The proliferation of Internet of Things (IoT) devices and smart technologies contributes to the growth of wireless power transmission. As smart homes, industrial automation, and IoT-enabled devices become more prevalent, the need for wireless and hassle-free power transfer mechanisms increases. Wireless power transmission facilitates the deployment and operation of various IoT devices without the constraints of traditional wired power sources. The market expands as industries and consumers seek efficient, cable-free power solutions to support the growing ecosystem of interconnected smart devices.

• Advancements in Resonant Wireless Charging Technologies: Ongoing advancements in resonant wireless charging technologies drive market growth. Innovations in resonant inductive coupling and radio frequency (RF) technologies enhance the efficiency, distance, and scalability of wireless power transmission. These developments address previous limitations and extend the applicability of wireless charging to diverse sectors, including medical devices, consumer electronics, and industrial applications. As resonant wireless charging solutions become more reliable and commercially viable, the market experiences increased adoption across a wide range of industries, contributing to its overall expansion.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Energous Corporation
• Humavox Ltd.
• Integrated Device Technology Inc. (Renesas Electronics Corporation)
• Leggett & Platt
• Murata Manufacturing Co. Ltd.
• NuCurrent Inc.
• MothersonOssia
• Qualcomm Incorporated
• Samsung Electronics
• TDK Corporation
• Texas Instruments
• Wi-Charge Ltd.
• WiTricity Corporation

Wireless Power Transmission Market Report Segmentation:

By Type:

• Devices With Battery
• Devices Without Battery

Devices with battery dominate the market due to the increasing global demand for efficient and clutter-free charging.

By Technology:

• Near-Field Technology
o Inductive
o Magnetic Resonance
o Capacitive Coupling/Conductive
• Far-Field Technology
o Microwave/RF
o Laser/Infrared

Near-field technology dominates the market due to the increasing growth of electronic devices, such as smartphones, wearables, and Internet of Things (IoT) devices.

By Implementation:

• Aftermarket
• Integrated

Aftermarket dominates the market due to the rising use of electronic devices, including smartphones, tablets, and wearables.

By Receiver Application:

• Smartphones
• Tablets
• Wearable Electronics
• Notebooks
• Electric Vehicles
• Robots
• Others

Smartphones dominate the market due to the rising need for uninterrupted device usage.

By End-Use Industry:

• Consumer Electronics
• Automotive
• Healthcare
• Defense
• Power Generation
• Others

Consumer electronics dominates the wireless power transmission market due to the growing dependency on electronic devices, such as smartphones, tablets, and laptops.

Regional Insights:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific exhibits a clear dominance in the market due to the rapid expansion of the consumer electronics market in countries, such as China, Japan, and South Korea.

Global Wireless Power Transmission Market Trends:

The wireless power transmission market is undergoing transformative trends that reflect advancements in technology and changing consumer needs. Firstly, there's a growing focus on extended-range wireless charging, allowing devices to charge at a distance, reducing the need for physical contact with charging pads. Secondly, there's increased integration of wireless charging technologies into various applications, such as electric vehicles, consumer electronics, and medical devices, indicating a broader market adoption.

Additionally, standardization efforts across industries are underway to establish universal wireless charging standards, promoting interoperability and widespread acceptance. Furthermore, developments in resonant wireless charging and radio frequency technologies are enhancing charging efficiency and expanding the range of compatible devices. As consumer demand for convenience and seamless charging experiences rises, these trends collectively shape the wireless power transmission market toward increased innovation, integration, and standardization.

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.