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Wireless Power Transmission Market to Witness Remarkable Growth from 2024-2032
Wireless Power Transmission Market
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North America region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and Asia-Pacific
Wireless power transmission is a process that occurs in a system, where a power source transmits electromagnetic energy to an electric load with no wires. This wireless transmission transmits power to remote locations. Wireless power transmission has great demand in consumer electronics, for example, laptops, tablets, smartphones, and other devices. Furthermore, the technology is rapidly being implemented in sectors such as defense and healthcare.
The global wireless power transmission market is anticipated to witness significant growth throughout the forecast. Factors such as an increase in the application of wireless power transmission in consumer electronics and the rising need for battery-powered equipment mainly drive the wireless power transmission market growth. In addition, ongoing developments in the long-range wireless power transmission further boost the growth of the market. However, the high cost associated with wireless power transmission technology may hamper the growth of the market during the forecast period. On the contrary, the integration of wireless charging with electric vehicle charging applications will create lucrative growth opportunities for the market growth.
The global wireless power transmission market is segmented based on technology, type, application, and region. Based on technology, the market is bifurcated into near-field technology and far-field technology. By type, the market is classified into devices with batteries and devices without batteries. Based on application, it is divided into receiver and transmitter.
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Region-wise, the wireless power transmission market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed significant revenue in 2020. Significant technological advancements in the field of wireless power transmission in North America primarily drive the growth of the market. In addition to this, the extensive presence of consumer electronics manufacturing companies in this region fuels the market growth. Europe holds a prominent share in the global wireless power transmission industry and is expected to witness significant growth during the forecast period.
Upsurge in demand for applications ranging from future Internet of Things (IoT) and fifth-generation (5G) systems to high-power electric vehicle charging in Europe mainly contributes to the wireless power transmission market.
COVID-19 has impacted severely the global electrical and electronics sector, due to which production facilities as well as new projects have stalled which in turn has significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to a slowdown in the growth of the market in 2020.
Key Findings of the Study
- The near-field technology segment is projected to be the dominant offering over the forecast period.
- APAC and North America collectively accounted for over 62.4% of the wireless power transmission market share 2020.
- The devices without battery segment is anticipated to witness the highest growth rate during the forecast period.
- China was the major shareholder in the Asia-Pacific wireless power transmission market analysis, accounting for approximately 38.4% share in 2020.
The key players profiled in the report include Analog Devices Inc., Energous Corporation, Koninklijke Philips N.V., NXP Semiconductors N.V., Powermat Technologies Ltd., Renesas Electronics Corporation, Samsung Electronics Co. Ltd., Semtech Corporation, TDK Corporation, and WiTricity Corporation. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry.
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