The global wireless power transmission market is predicted to witness a strong demand during the forecast period 2018 – 2026 owing to the products’ high efficiency and low electricity loss. Players present in the market are likely to witness profit by forming alliance with technology providers. Major players in order to expand their global footprints are focusing on widening their product portfolios. Some of the players even work with government agencies such as SPACE Canada, Japan Aerospace Exploration Agency (JAXA), and National Aeronautics and Space Administrations (NASA). These agencies have developed a particular interest to work with these players, as wireless power transmission technology is used by these agencies to power solar power satellites. Some of the major players which dominates the market are Samsung Electronics Co., Ltd., LG Electronics Inc., Texas Instruments Inc., Murata Manufacturing Co., Ltd., and Qualcomm Technologies, Inc.
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According to a study by Transparency Market Research, the global wireless power transmission market is anticipated to expand at a robust CAGR of 15% over the tenure period. The market which was valued at US$ 4000 mn in 2017 is likely to increase considerably by the end of the assessed period. On the basis of application the market is segregated into health care, automotive, industrial, consumer, electronics, and others (Drones, SPS, etc). Of these consumer electronics is expected to hold the major share during the forecast period due to increasing penetration of smartphones throughout the world. Other consumer electronics products such as laptops, tablets, cameras, gaming consoles, and wearable are likely to support the segment to grow. In recent years, consumer electronics segment held the leading share followed by healthcare segment. On the basis of geography, the market is spread across Europe, North America, Latin America, Middle East and Africa, and Asia Pacific. Amongst these, North America currently holds the major share due to presence of well-established players and booming healthcare industry. However, on the other hand, Asia Pacific is expected to experience a strong growth in coming years as it is anticipated to provide lucrative growth opportunities to the players.
High Cost of Wireless Power Transmission to Hamper Market Growth
Technology that is used for wireless power transmission is majorly magnetic resonance (A4PM standard) and inductive coupling (Qi standard). It has been duly noted that with the increase in multiple consumer electronics devices all across the world, and their different techniques for charging has only increased the confusion among the growing population. Not only customers, it has also made a sense of doubt among the component providers and OEMs to produce a simple and universal standards. This is considered to be one of the major restraint factor which is foreseen to hamper the market growth in coming years. Apart from these, high cost for wireless power transmission is likely to blow the market, as it is not affordable by the middle class which dominates the world. In order to receive high output from wireless charging device, customers need to get their hands on the latest wireless chargers, which is exorbitantly priced.
Descend In Electricity Loss Due To Usage of Wireless Power Transmission Favors Market Growth
Rapid advancement in technology have one’s life wireless. Growth of wireless power transmission market is riding on the back of numerous drivers. One of the major reason that is pushing the market in the forward direction is increasing preference for clutter free charging. Elimination of wire is likely to help customer to go hassle free with simply connecting the device with charger wirelessly. Wireless chargers can understand the amount of charge required for every electronic device to reach full charge and not overcharged. Apart from these, electricity loss in wireless power transmission is less in comparison to the wired power transmission, because it lacks in AT&C loss in wireless power transmission. All these features are predicted to increase the usage of wireless power transmission, which is likely to help the market to reach new heights.
This review is based TMR’s report titled, “Wireless Power Transmission Market (Technology – Inductive Coupling, Resonant Inductive Coupling, Capacitive Coupling; Range – Near Field, Far Field; Application – Automobile, Industrial, Consumer Electronics, Health Care) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”
The global wireless power transmission market has been segmented as follows:
Global Wireless Power Transmission Market, by Technology
- Inductive Coupling
- Resonant Inductive Coupling
- Capacitive Coupling
- Others (Microwave, Laser Beam, Radio Frequency, etc.)
Global Wireless Power Transmission Market, by Range
- Near Field
- Far Field
Global Wireless Power Transmission Market, by Application
- Consumer Electronics
- Health Care
- Others (Drones, SPS, etc.)