The global wireless power transmission market is projected to grow at a CAGR of 15.56% to reach US$22.017 billion by 2025, from US$9.246 billion in 2019. Wireless Power Transmission (WPT) is also known as wireless energy transmission and it is defined as the transmission of electrical energy without any wires seamlessly. In this system, a device that is used for transmitting is driven by an electric source and generates a time-varying electromagnetic field, which is used to transfer power across space to a device that is acting as a receiver. This receiver extracts the power from it and supplies it to the load .this technology allows for enhanced mobility, convenience and eliminates the use of wires and batteries. The disposable income of people is increasing, which is leading to an increase in the propensity of people to spend on the latest technology-based devices and consumer electronics such as entertainment devices, mobile phones, laptops, which is pushing the demand of wireless power transmission systems and thus, leading to a boost in the growth of the market. Moreover, the increasing requirement for more reliable and efficient energy distribution systems and lines is encouraging electric grid operators are looking for a solution like smart grids which consists of smart meters, appliances and renewable resources will help them to manage energy resource more effectively and efficiently. This will increase the demand for wireless power transmission systems and drive the meet 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 growth further.
Furthermore, the increasing investments and participation of market players to improve these machines by incorporating advanced features and encouraging their use in various applications will bolster the market growth over the forecast period. For instance, on 22nd May 2019, Samsung announced the launch of two new products in its wireless devices portfolio called the Wireless Power Bank and Wireless Charging Duo Pad. These new devices will promote connected lifestyle and can be used for charging all Qi-certified devices.
The wireless power transmission market has been segmented based on component, technology, range, application and geography. By component, the market has been segmented as hardware and software. By technology, the market has been segmented as inductive coupling, capacitive coupling, resonant inductive coupling, and others. By range, the market has been segmented as short, medium and long. By application, the market has been segmented into consumer electronics, healthcare, automotive, and others.
Hardware segment holds a significant market share.
By component, hardware segment is estimated to account for a significant market share owing to the affordability of these solutions for consumers, which is easily met by their desire to purchase upgraded technology and spend more on advanced consumer electronics.
By technology, Inductive coupling is estimated to hold the majority market share attributable 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 stand and wireless docks for phones that facilitate the charging.
Medium and Long Range to hold a significant market share
By range, medium and long-range segment accounts for a considerable amount of share in the market as most of the applications that wireless power transmission caters should maintain a good range for the process of a more effective and efficient transfer of power without any losses and delays.
By application, consumer electronics is expected to hold a significant amount of share in the market due to the fact that all of the recently launched and upcoming consumer electronics support these wireless power transmission capabilities making them more advanced and efficient. In addition, Automotive holds the potential to increase its share over the forecast p[period due to the investments in research being made middle-class improve the wireless charging capability of electric vehicles and make it more efficient.
Geographically, the Asia Pacific holds the majority share since China is the major manufacturing hub for consumer electronics. While the growing demand for consumer electronics and advanced electronic devices from the increasing middle-class population coupled with the research and development going on in the mini-robots will further contribute to this growth.
The global wireless power transmission market is segmented by component, technology, range, application, and geography.