According to a new market research report published by Acute Market Reports “Global Wireless Power Transmission Market (Range (Medium, Long), Technology (Near-Field, Far Field) Application (Consumer Electronics, Industrial Applications, Automotive, Defense)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall wireless power transmission market worldwide is set 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.
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The global wireless power transmission market is mainly driven by rapid growth in the consumer electronics market. Globally, technological advancements have enabled companies to develop and provide progressive appliances with additional features. These features are driving the adoption of consumer electronics such as smartphones, laptops, tablets, and so on. Consumer’s preference for wireless connectivity is changing based on features such as effective charging systems, reliability, efficiency, low maintenance cost. This is driving the adoption of wireless power transmission technology.
Furthermore, modern appliances such as drones and electric cars are witnessing a rapid growth which is ultimately fueling the growth of wireless power transmission technology. It is expected that this increasing adoption of wireless transmission systems will totally change the market space for traditional wired chargers used for various portable devices, in the coming few years.
Moreover, easy and comfortable lifestyle, features such as high durability, compact structure, weatherproof nature, and high aesthetics is boosting the demand for wireless chargers rapidly. Also, various benefits provided by this technology for end-users such as convenience, lower energy consumption & prolonged battery life are fueling the growth of this market during the forecast period.
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However, rising cost of wireless power technology, lack of infrastructure associated with wireless power devices, and concerns with health issues caused due to the microwave rays released by the transmitter are likely to restrain the market growth. Moreover, high initial cost of investment, government regulations, and issues associated with wireless power devices can also impact market growth during the forecast period.
Based on the application, the consumer electronics segment dominated the market by holding major market share of the overall revenue generated. The consumer electronics market is experiencing rapid growth, which drives the demand for wireless power transmission technique. Increasing use of consumer electronic appliances such as smartphones, laptops and tablets are generated demand for wireless charging facilities, and this driving the growth of this market.
Based on the geography, Asia-Pacific dominates the wireless power transmission market by holding the largest market share of nearly 40% of the total revenue generated worldwide. Asia-Pacific is the major market for consumer electronics products as it is considered to be the base for manufacturing products such as consumer electronics including laptops, smartphones, tablets, and wearable devices. Low manufacturing cost, low labor cost, huge population base and rapid urbanization, has led to the significant demand for electronic devices in Asia-Pacific.
Moreover, penetration of the internet has also enhanced the utilization of electronic appliances such as smartphones, laptops, iPad, and so on. Increase in the application of solar power satellites, drones, and sensors have also created a demand for wireless power transmission in this region. Thus, presence of large consumer electronics industries in the emerging countries of Asia-Pacific, and growing number of research and development activities has attributed to the huge market size of the Asia-Pacific region in the global wireless power transmission market. North America and Europe also witness significant growth in the global wireless power transmission market during the forecast period.
Some of the major companies profiled in the report 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.