According to the latest report by IMARC Group, titled “Wireless Power Transmission Market Report: 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. Looking forward, IMARC Group expects the market to reach US$ 53 Billion by 2027, exhibiting at a CAGR of 30.5% during 2022-2027.
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.
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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.
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Competitive Landscape with Key players:
The report has also analyzed the competitive landscape of the market with some of the key players being.
- Energous Corporation
- Humavox Ltd.
- Integrated Device Technology Inc.
- Leggett & Platt
- Murata Manufacturing Co. Ltd.
- NuCurrent Inc.
- Qualcomm Incorporated
- Samsung Electronics
- TDK Corporation
- Texas Instruments
- Wi-Charge Ltd.
- WiTricity Corporation
Breakup by Type:
- Devices With Battery
- Devices Without Battery
Breakup by Technology:
- Near-Field Technology
- Magnetic Resonance
- Capacitive Coupling/Conductive
- Far-Field Technology
Breakup by Implementation:
Breakup by Receiver Application:
- Wearable Electronics
- Electric Vehicles
Breakup by End-Use Industry:
- Consumer Electronics
- Power Generation
Breakup by Region:
- 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)
- The Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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