Market Synopsis of Wireless Power Transmission Market
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.
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.
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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
- 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)
Regionally, North America accounted for the largest market share especially in the countries such as U.S majorly due to high investments on the adoption of wireless power technology and also reduction of the overhead installation costs.
European market is expected to grow over the forecast period as the region being one of the early adopters of this technology and wireless power transmission is especially used in electric vehicles and wearable electronics, hence it is expected to boost the market. For instance, EGVI (European Green Vehicle Initiative Association) a Europe-based company, has undertaken UNPLUGGED and FABRIC projects on wireless charging of electric vehicles.
The Global Wireless Power Transmission market has been segmented on the basis of technology, receiver, transmitter and region. By technology, the market has been bifurcated into Inductive, Magnetic Resonance, Conductive, RF among others. On the basis of receiver the market can be segmented as smartphones, gadgets and wearable electronics among others. On the basis of transmitter the market includes- standalone charger, electric vehicle charging, industrial and industrial among others. Further, the market has been segmented into four regions which include- North America, Europe, Asia-Pacific and RoW.
On the basis of transmitter, the market can be segmented into automotive, industrial among others. Out of these, the automotive segment accounted for the largest market share. The technology is improving as more number of companies is launching competitive products.
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- Wireless Power Transmission Manufacturers
- Research firms
- Consultancy firms
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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