-- Market Scenario:
Wireless power transmission is the transfer of electrical energy from a power source to an electrical load without connecting the wires. Wireless transmission is useful in situations where interconnecting wires are not possible and hazardous. The market has various benefits for end-users such as convenience, lower energy consumption & prolonged battery life and among others.
The key drivers contributing to the growth of the wireless power transmission market are consumer s preference for wireless connectivity, need for effective charging systems and features such as reliability, efficiency, fast, low maintenance cost.
Also, increasing growth in consumer electronics market in countries such as South Korea and Japan and rising need for battery powered equipment are driving the growth of the market. Furthermore, awareness about battery technology is also fuelling the growth of the market.
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The high cost associated with wireless power technology and lack of infrastructure associated with wireless power devices are hindering the growth of the wireless power transmission market. The growing efficiency of power transmission is expected to create an opportunity in the market. The market has witnessed developments for wireless charging as various startups have developed products based on laser and microwave technologies.
Geographically, North-America accounted for the largest market share in the global wireless power transmission market whereas European region is expected to grow at a fast pace over the forecast period 2016-2022.
The global Wireless Power Transmission Market is expected to reach USD ~12 billion by the end of 2022 with ~24% CAGR during forecast period 2016-2022
Key Players
The key players of global wireless power transmission report include Ossia, Inc. (U.S.), Wi-Charge Ltd. (Israel), Energous Corporation (U.S.), Humavox Ltd. (Israel), Fulton Innovation LLC (U.S.), Qualcomm Inc. (U.S.), Texas Instruments Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), Semtech Corp. (U.S.), Toshiba Corp. (Japan) and others.
Industry News:
In October 2018, Atmosic Technologies that deal in lowest power wireless technologies has launched M2 and M3 series wireless internet of things (IoT) chips that have self-sustaining battery power.
In October 2018, South Korea based Hyundai has panoramic sunroof and wireless charging to its SUV, Tucson.
In October 2018, Google has launched fast wireless charging for its new phones- Pixel 3 and Pixel 3 XL.
In October 2018, the researchers from Department of Energy's Oak Ridge National Laboratory have exhibited a 120-kilowatt wireless charging system for vehicles.
Market Segmentation:
By technology, the global wireless power transmission market has been segmented into inductive, magnetic resonance, conductive, RF, and others.
By receiver, the wireless power transmission market is segmented into smartphones, gadgets and wearable electronics, and others.
By transmitter, the wireless power transmission market is segmented into automotive, industrial, banking, healthcare, consumer electronics, and others. Among these, the automotive segment accounted for the largest market share and is likely to retain a significant share of the market over the next couple of years. The growth can be ascribed to the launch of innovative products in the market owing to technological advancements.
Regional Outlook:
By region, the global wireless power transmission market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share and is projected to hold a substantial share of the market towards the end of the forecast period. The factors responsible for catalyzing the expansion of the regional wireless power transmission market include massive investments in technology, reduction of the overhead installation costs, early adoption of the technology, etc. The presence of major key players in the U.S. is anticipated to favor the growth of the market in the forthcoming years.
Europe is a promising market for wireless power transmission and is forecasted to remain highly lucrative market through the assessment period. The thriving automotive sector coupled with rising demand for electric cars is likely to propel the expansion of the wireless power transmission market in the region. Furthermore, the technology is projected to be widely used in the production of wearable devices, which is likely to augment the wireless power transmission market across the review period. Meanwhile, Asia Pacific resonates strong growth opportunities for the market participants. The growth of the consumer electronics market in countries such as South Korea and Japan are expected to catapult the market on an upward trajectory.
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Intended Audience:
Wireless Power Transmission Manufacturers
Distributors
Research firms
Consultancy firms
Developers
Vendors
Semiconductor Manufacturers
Stakeholders
End-user sectors
Technology Investors
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
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Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 491121
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