PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171436
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1171436
The global wireless power transmission market is projected to grow at a CAGR of 14.86% to reach US$26.663 billion by 2027, from US$10.111 billion in 2020. Wireless Power Transmission (WPT), also known as wireless energy transmission, is defined as the seamless transmission of electrical energy without the use of wires. In this system, a transmitting device is powered by an electric source and generates a time-varying electromagnetic field that is used to transfer power across space to a receiving device. This receiver extracts the power and delivers it to the load. This technology improves mobility, and convenience, and eliminates the need for wires and batteries. People's disposable income is increasing, which increases their proclivity to spend on the latest technology-based devices and consumer electronics such as entertainment devices, mobile phones, and laptops, pushing the demand for wireless power transmission systems and thus boosting market growth. Moreover, the increasing requirement for more reliable and efficient energy distribution systems and lines is encouraging electric grid operators to look for a solution like smart grids, which include smart metres, appliances, and renewable resources, will assist them in managing energy resources more effectively and efficiently. This will increase the demand for wireless power transmission systems and drive the market growth over the forecast period. In addition, the increasing focus of automakers to include this technology for the charging of electric vehicles will also increase demand and bolster the market's growth further.
Furthermore, rising investments and participation from market players to improve these machines by incorporating advanced features and encouraging their use in a variety of applications will drive market growth over the forecast period. For instance, on 22nd May 2019, Samsung announced the launch of two new products in its wireless device portfolio called the Wireless Power Bank and Wireless Charging Duo Pad. These new devices will encourage a connected lifestyle and can charge any Qi-certified device.
The wireless power transmission market has been segmented based on components, technology, range, application, and geography. By component, the market has been divided into two parts: hardware and software. By technology, the market has been divided into several segments, including inductive coupling, capacitive coupling, resonant inductive coupling, and others. The market has been divided into three ranges: short, medium, and long. The market has been divided into applications such as consumer electronics, healthcare, automotive, and others.
The hardware segment holds a sizable market share.
The hardware segment is expected to account for a significant market share due to the affordability of these solutions for consumers, which is easily met by their desire to purchase upgraded technology and increased spending on advanced consumer electronics. Inductive coupling is estimated to hold the majority market share, owing to the fact that this type of technology is regularly used for most of the modern applications we see today, such as wireless room entry key cards, wireless toothbrush charging stands, and wireless docks for phones that facilitate charging.
Medium and long-range will have a sizable market share.
By range, the medium and long-range segments account for a significant market share because most of the applications that wireless power transmission caters to require a good range for a more effective and efficient transfer of power with no losses or delays.
By application, consumer electronics is expected to have a significant market share because all recently launched and upcoming consumer electronics support wireless power transmission capabilities, making them more advanced and efficient. Furthermore, Automotive has the potential to increase its share over the forecast period as a result of middle-class investments in research to improve the wireless charging capability of electric vehicles and make it more efficient.
Geographically, Asia Pacific holds the majority share because China is the major consumer electronics manufacturing hub. The growing demand for consumer electronics and advanced electronic devices from an expanding middle-class population, combined with mini-robot research and development, will contribute to this growth.
Recent Developments
COVID-19 impact on Wireless Power Transmission Market
COVID-19 had a negative impact on the wireless power transmission market due to the strict lockdowns and social distancing implemented to contain the virus's spread. Economic uncertainty, a partial business shutdown, and low consumer confidence all impacted demand for wireless power transmission technology. During the pandemic, the supply chain and logistics activities were hampered. However, due to the relaxation of restrictions, the wireless power transmission market is expected to pick up steam in the post-pandemic scenario.
Segmentation
The global wireless power transmission market is segmented by component, technology, range, application, and geography.
Hardware
Software
Inductive Coupling
Capacitive Coupling
Resonant Inductive Coupling
Others
Short
Medium
Long
Consumer Electronics
Healthcare
Automotive
Others
North America
South America
Europe
Middle East and Africa
Asia Pacific