Emphasis on Type (Devices With Battery and Devices Without Battery); Technology (Near-Field and Far-Field Technology); Application (Receiver and Transmitter); Region/Country.
The Wireless Power Transmission Market was valued at USD 9.4 Billion in 2023 and is expected to grow at a strong CAGR of around 21.2% during the forecast period (2024-2032) owing to rising adoption in EV’s.
The Wireless Power Transmission Market is experiencing rapid growth and transformation, driven by technological advancements, increasing consumer demand for convenience, and the expanding adoption of electric vehicles (EVs). Wireless power transmission involves the transfer of electrical energy without the need for physical connectors or cables, providing a seamless and efficient solution for charging a wide range of devices. This technology encompasses several methods, including inductive coupling, resonant inductive coupling, radio frequency (RF) power transfer, and laser-based power transfer, each with its unique applications and advantages.
The consumer electronics sector is one of the primary drivers of the Wireless Power Transmission Market. As smartphones, tablets, wearables, and other portable devices become indispensable in daily life, the need for efficient and user-friendly charging solutions has become paramount. Wireless charging pads and surfaces are becoming more common in homes, offices, and public spaces, providing users with the convenience of simply placing their devices on a surface to charge without dealing with tangled cables and worn-out connectors.
The healthcare sector is also a notable beneficiary of wireless power transmission technology. Medical devices, such as implantable devices, wearable health monitors, and medical sensors, require reliable and efficient power solutions. Wireless charging addresses these needs by eliminating the need for invasive procedures to replace batteries in implantable devices and by providing a more convenient power solution for wearables and sensors. This technology enhances patient comfort and safety while improving the reliability and usability of medical devices. Overall, the Wireless Power Transmission Market is poised for substantial growth, with applications spanning consumer electronics, electric vehicles, healthcare, industrial automation, and smart homes. The continued advancements in technology, coupled with increasing consumer demand and supportive regulatory frameworks, are set to drive the widespread adoption and integration of wireless power transmission solutions in various aspects of modern life.
This section discusses the key market trends that are influencing the various segments of the Wireless Power Transmission market as identified by our team of research experts.
Government Policies Supporting the Wireless Power Transmission Industry:
Governments around the world are increasingly recognizing the potential of wireless power transmission technology to enhance energy efficiency, reduce environmental impact, and support the growth of smart infrastructure. Several policies and initiatives have been implemented to support the development and adoption of this technology:
Incentives for Electric Vehicles (EVs): Many governments offer subsidies, tax rebates, and incentives for the purchase of electric vehicles, which often include provisions for wireless EV charging infrastructure. These policies promote the adoption of wireless power transmission in the automotive sector.
Funding for Research and Development: Governments provide grants and funding for research and development in wireless power transmission technologies. This support helps drive innovation and accelerates the commercialization of new wireless charging solutions.
Regulatory Standards and Certifications: Establishing and enforcing standards, such as the Qi wireless charging standard, ensures interoperability and safety of wireless charging devices. Regulatory bodies work with industry stakeholders to create a consistent framework that fosters consumer confidence and market growth.
Smart City Initiatives: Government-led smart city projects often incorporate wireless power transmission technologies to support the deployment of IoT devices, smart grids, and autonomous transportation systems. These initiatives create a conducive environment for the adoption of wireless charging solutions in urban infrastructure.
Sustainability and Environmental Policies: Governments are promoting the use of clean and sustainable energy sources. Wireless power transmission, when integrated with renewable energy systems, aligns with these environmental goals by providing efficient and eco-friendly charging solutions.
Infrastructure Development Programs: Investment in public infrastructure, such as wireless charging stations for electric vehicles and public charging pads for consumer electronics, is supported by government funding and public-private partnerships. These programs help build the necessary infrastructure to support widespread adoption of wireless power transmission.
Educational and Awareness Campaigns: Governments conduct educational campaigns to raise awareness about the benefits of wireless power transmission technologies. These campaigns target consumers, businesses, and industry stakeholders to drive acceptance and adoption.
Trade and Investment Policies: Favorable trade policies and investment incentives encourage foreign and domestic companies to invest in the wireless power transmission market. These policies help attract capital and expertise, fostering industry growth and development.
Overall, government policies play a crucial role in supporting the Wireless Power Transmission Industry by providing financial incentives, establishing regulatory standards, promoting research and development, and creating a favorable environment for the adoption of innovative charging solutions.
APAC registered the highest market share in the Wireless Power Transmission market and is expected to witness an influential CAGR in the forecasted period. The primary driver for the Wireless Power Transmission Market in the Asia-Pacific (APAC) region is the rapid growth in consumer electronics and the increasing adoption of electric vehicles (EVs). The region is home to some of the world’s largest consumer electronics markets, with countries like China, Japan, South Korea, and India leading in the production and consumption of smartphones, tablets, wearables, and other portable devices. This high demand for consumer electronics fuels the need for convenient and efficient wireless charging solutions, driving the growth of the market. Additionally, the APAC region is witnessing a significant increase in the adoption of electric vehicles, spurred by government initiatives, environmental regulations, and technological advancements. Countries such as China and Japan are investing heavily in EV infrastructure, including wireless charging stations, to support the growing number of EVs on the road. This drives the demand for wireless power transmission technologies in the automotive sector. Moreover, the region’s strong focus on technological innovation and the presence of major technology companies contribute to the advancement and adoption of wireless power transmission solutions. These companies are investing in research and development to enhance the efficiency and capabilities of wireless charging technologies, further propelling the market forward.
The Wireless Power Transmission market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Samsung Electronics Co. Ltd., Energous Corporation, Koninklijke Philips N.V., NXP Semiconductors N.V., Powermat Technologies Ltd., Renesas Electronics Corporation, Analog Devices Inc., Semtech Corporation, TDK Corporation, and WiTricity Corporation.
In November 2023, WiTricity Corporation and Nagano Japan Radio announced that Nagano Japan Radio has entered into a license agreement with WiTricity with the aim of developing and promoting wireless power transfer products for industrial use. Nagano Japan Radio will integrate WiTricity’s wireless power transmission technology with its own wireless communication, power supply and coil winding technologies to commercialize industrial wireless charging systems.
In September 2023, United States Defense Advanced Research Projects Agency (DARPA) announced the main contractors chosen for the first phase of its ambitious Persistent Optical Wireless Energy Relay (POWER) program. According to DARPA, the first phase of the POWER program will be conducted by three teams led by RTX Corporation, Draper Laboratory, and BEAM Company. This is important, as effective relays will play a crucial role in creating a practical, versatile, and adaptable wireless energy network.
The global Wireless Power Transmission market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Wireless Power Transmission Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Type
8. Market Insights By Technology
9. Market Insights By Application
10. Market Insights By Region
11. Value Chain Analysis
12. Competitive Landscape
13. Company Profiled
14. Acronyms & Assumption
15. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of global Wireless Power Transmission were the three major steps undertaken to create and explore the adoption of Wireless Power Transmission in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global Wireless Power Transmission market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of Wireless Power Transmission through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of Wireless Power Transmission, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report, such as Type, Technology and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Wireless Power Transmission. Further, we conducted factor analysis using dependent and independent variables such as Type, Technology and Application of Wireless Power Transmission market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Wireless Power Transmission sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Wireless Power Transmission market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Wireless Power Transmission market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, Technology and Application in the global Wireless Power Transmission market.
The current & future market trends of the global Wireless Power Transmission market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the Wireless Power Transmission market?
Q2: What are the driving factors for the growth of the Wireless Power Transmission market?
Q3: Which segment has the largest share in the Wireless Power Transmission market by Application?
Q4: What are the emerging technologies and trends in the Wireless Power Transmission market?
Q5: Which region will dominate in the Wireless Power Transmission market?
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