According to the latest report by IMARC Group, titled " Wireless Power Transmission Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global wireless power transmission market reached a value of US$ 10.6 Billion in 2021. Wireless power transmission is the process of transmitting electrical energy to a device without the utilization of interconnecting wires. It involves the usage of microwave, solar cells and electromagnetic interference in order to transfer power via a set of transmitter and receiver coils. It offers enhanced convenience, reliability and mobility while eliminating the need for physical connection. As a result, it is extensively used for charging electric vehicles (EVs), electronic devices and drones. Also, it finds widespread applications in satellite communication systems, telemetry equipment and radio frequency identification (RFID) tags for data transferring.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wireless Power Transmission Market Trends:
The global market is primarily driven by the increasing adoption of electric vehicles (EVs) among the masses. Along with this, the rising preference for contactless payment methods, coupled with the penetration of smartphones and smart wearables, is providing a boost to the market growth. Also, the rising utilization of quantum, nano and micro technologies with wireless power transmission is propelling the market growth. Additionally, the widespread adoption of wireless power transmission-based smart grids and the rising infrastructural development projects are providing an impetus to the market growth. Furthermore, continuous improvements across the information technology (IT) and automotive industries are positively influencing the market growth. Other factors, including miniaturization of electronic devices, inflating disposable income levels of the masses and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 53 Billion by 2027, expanding at a CAGR of 30.5% during 2022-2027.
- On the basis of the type, the market has been bifurcated into devices with battery and devices without battery.
- Based on the technology, the market has been segmented into near-field technology (inductive, magnetic resonance, and capacitive coupling/conductive) and far-field technology (microwave/RF and laser/infrared).
- On the basis of implementation, the market has been segregated into aftermarket and integrated.
- Based on the receiver application, the market has been classified into smartphones, tablets, wearable electronics, notebooks, electric vehicles, robots and others.
- On the basis of the end-use industry, the market has been categorized into consumer electronics, automotive, healthcare, defense, power generation and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include 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., and WiTricity Corporation.
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