According to a report available on Radiant Insights, Inc., the worldwide wireless power transmission (WPT) market is expected to witness significant growth during the forecast period (2016 to 2022).
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Wired transmission is the most common method used to transmit electrical energy. However, loss of energy during transmission in this manner has driven demand for WPT of late. WPT is generally used for transmitting energy to remote areas and is applicable in short as well as long-range transmissions. It is fast, consistent, and cost efficient. WPT finds application in various consumer electronics products, solar-power satellites, fuel-free automobiles, robots, and fuel-free aircraft. Need for reliable, efficient, fast, and cost-efficient charging systems is expected to increase demand of WPT products in these applications.
Factors such as increasing consumer demand for wireless connectivity and growing need for effective charging systems that can charge multiple devices at the same time can propel the market. Additionally, growing use of battery functioned devices can have a positive impact on the market. Moreover, technological advancements such as inductive and conductive technology, magnetic resistance, far field technologies, and laser or infrared-based power transmission and microwave (RF) has also opened new opportunities for the market.
However, high initial cost for implementing WPT and several issues associated with wireless devices may restrain market growth.
WiTricity recently developed a technology called “magnetic resonance”. This technology can be used to charge electric vehicles from a distance. It is like magnetic inductance offered by Qi, which is found in Apple’s “AirPods” wireless ear buds.
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The worldwide wireless power transmission (WPT) market can be segmented on the basis of technology into near-field technology and far-field technology. Based on implementation, the market can be classified into integrated and aftermarket. As per key consumer, the market can be segmented into smartphones, tablets, notebooks, wearable electronics, other consumer electronics, industrial, and electric vehicle charging.
Geographically, the market can be segmented into North America, Europe, Asia & Pacific, and Africa & Middle East. Europe and North America are earlier adopters of WPT technology. As a result, North America is considered as a prominent market with outstanding infrastructure and high adoption rate of technology in healthcare and defense. Countries such as U.S. are pouring in increased investments to take advantage of their power system networks and to reduce installation cost of cables.
Europe is also estimated to show significant growth over the forecast period. This growth is attributed to development of hybrid cars, electric vehicles, and smart devices such as smartphones and wearable electronics. Additionally, outdated power transmission tools are being replaced with advanced WPT technology, further boosting the market.
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Asia Pacific is anticipated to capture a major market share and display rapid growth over the forecast period due to expansion of the consumer electronics industry. WPT technology is majorly used in consumer electronics and rising number of users of such gadgets in this region can create a positive outlook for the market. Growing population and increasing disposable income has also increased the demand for WPT devices and products in this region. A thriving automobile industry in this region is also expected to create great opportunities for the market. Countries such as India, Japan, China, and South Korea are driving growth in this region.
Key companies operating in the market include Integrated Device Technology, Inc.; Energous Corporation; Texas Instruments Inc.; and Toshiba Corp.
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