The wireless power transmission market revenue by the end of 2021 was US$ 35.1 Bn. The wireless power transmission market is expected to reach US$ 293.5 Bn by 2032, as it is estimated to grow at a CAGR of 21.4% for 2022-2032.
| Attributes | Details |
|---|---|
| Estimated Year (2022) Market Value | US$ 42.3 Billion |
| Projected Year (2032) Market Value | US$ 293.5 Billion |
| CAGR% (2022 to 2032) | 21.4% |
| Top 5 Vendor Market Share | Around 40% |
Wireless power transmission is the development in the method of charging electronic supplies, which may be consumer or industrial in nature. This technology implements electromagnetic waves to transfer power to the electronic devices, eliminating the need of wires.
Allowing power transfer to various devices from the same charging unit as well as identifying which device needs to be charged for what duration of time are features introduced by the wireless power transmission technology.
The wireless power transmission market consists of about 20% of the power transmission market.
The wireless power transmission market is estimated to grow at a CAGR of 21.4% for the forecast period of 2022–2032.
The reasons for this growth are that wireless power transmission technologies are becoming widely available for consumer purposes and for various types of electronic devices.
Miniaturized and multifunctional IMDs (Implantable Medical Devices) are becoming increasingly important as they enable continuous monitoring, early detection, and initial treatment of dysfunctional organs. However, the power requirements associated with some of these devices are a major challenge. For deeper IMDs, percutaneous wire-based power is a medically unacceptable solution because it leaves significant scarring on the tissue surrounding the IMD.
Packaged batteries, which are limited by their operating life and require repeated surgical procedures to replace. Additionally, a leaking battery can pose a serious risk to patient health. Batteries also take up a significant portion of the available internal volume of these miniaturised IMDs, which can reduce the functionality of such devices. So the power requirements, lifespan, and size of the power supply dictate today's specs for his latest IMD.
The rise of Internet of Things (IoT) applications such as smart cities, homes, industrial IoT (IIoT), and machine-to-machine (M2M) communications is accelerating the market. Wireless power transfer has become very relevant due to its benefits such as portability, convenience, increased reliability, and no need for batteries or cables.
The demand for wireless power transmission is driven by the benefits it offers, which helps in eliminating cables while providing clutter-free charging. Wireless chargers can sense how much power each electronic device requires, so the consumer’s battery won't be overcharged.
Also, wireless power transmission has less power loss than wired power transmission because there are no AT&C losses in wireless power transmission. This is expected to further promote the adoption of wireless power transfer and expand the global wireless power transfer market.
North America is the region that had the largest market share in 2021, with a market share of 32.9%. and the region with the fastest growth rate is South Asia & Pacific with a CAGR of 22.5%.
North America has a large number of people who have smartphones. Several large electronic companies are based in this region, and it is often the region where any new technological advancement occurs before any other region globally. The presence of people with disposable income acts as a factor allowing the growth of the wireless power transmission market since people also have several consumer electronic devices.
For these reasons, the South Asia & Pacific region has one of the largest number of smartphone users globally and the penetration of consumer electronic devices is increasing in the urban areas of this region. Economic growth is occurring in this region much faster than in other regions, and for these reasons, the South Asia & Pacific region has the highest CAGR of 22.5%.
The United States is supposed to overwhelm the development of the remote power transmission market because of the rising requirement for battery-fuelled gear. The interest in convenient gadgets has been expanding. High-energy beats and a battery can make cell phones three-fifths less expensive than ordinary cell phones.
The key factor in the wireless power transmission market in the United States is rising usage, which includes increased adoption of gadgets like cameras, digital MP3, smartphones, notebooks, and players among consumer electronics. Therefore, customers want to replace complicated wired connectivity with wireless technology as it offers easy and enhanced operations and mobility and this country is estimated to witness a growth of 13.8% for the forecast period, for the wireless power transmission market.
Large populations and urbanisation always have a demand for machinery and electronics. As a result, China's large market size in the worldwide wireless power transmission technology market may be linked to large customer electronics industries.
China is a base for assembling different electronic items like tablets, cell phones, workstations, and wearable customer hardware. As the assembling and work costs are low around here, a large portion of the electronic items purchased are created here. The gigantic population base and fast development in urbanisation around here have prompted the critical interest in electronic gadgets. Additionally, the entrance of the web has likewise upgraded the usage of electronic machines, for example, cell phones, PCs, iPads, etc.
This makes hardware the biggest product that sends out workers in their domain. The majority of the items were cutting-edge, such as PCs, semiconductors, and broadcast communications equipment. For these reasons China is estimated to grow at a CAGR of 19.2% during the forecast period for wireless power transmission market.
Germany is at the focal point of Europe. Germany is one of the largest European economies, with several technological advancements taking place, as well as the implementation of these developing technologies.
This country also has several large industries that implement developing technologies. For these reasons, the implementation of wireless power transmission technologies is estimated to be adopted quicker as well as earlier in this region.
Global warming and climate change are encouraging people to take up solutions and methods that have fewer carbon emissions. The United Nations sustainable development goal for taking actions against climate change and air pollution is encouraging more countries globally to shift towards electronic vehicles.
Several large transport and vehicle companies have begun offering electric vehicles for rent and purchase, and governments across the globe are taking initiatives to make EVs more accessible to the public.
Wireless EV chargers are not only expected to witness growth because of the growing number of electric vehicles, but also because they can make vehicle charging much more convenient. They can be deployed in private and public parking, encouraging individuals to even buy EVs since they do not have to worry about charging in locations far from home and, in some cases, they may not have to bother about purchasing one either.
For this reason, wireless EV chargers are estimated to grow at a CAGR of 23.3%.
Far-field wireless power transmission allows the electronic device to be placed at a distance from the charger or the charging point and allows the device to charge via radio waves.
This can allow multiple devices as well as multiple types of devices to be charged via the far-field wireless charger, and this can act as a strong driver for these types of wireless power transmitters, which indirectly will allow the wireless power transmission market to grow as well.
This segment is estimated to grow at a CAGR of 22.7% for the forecast period.
Consumer electronics account for a major market share in the global electronic market. These products are also manufactured on large scales, and the demand for these products is often constant globally.
Wireless charging is a concept that can even appeal more to the consumer base in this segment because of aspects like the ability to charge multiple devices, avoid the hassle of incompatible charging points and managing the cables, and something as simple as the attractive factor of being tech-savvy.
It is also possible to charge several consumer products wirelessly, and the two electronic devices that are dominating the wireless power transmission market are smartphones and EVs. Both are consumer electronic products.
For this reason, consumer electronics had the largest market share in the year 2021 at 28.7%.
Wireless power transmission technology is currently being offered by various companies which specialise in the development of electronic devices like computer processors and integrated circuits. Apart from these, companies which offer consumer electronic devices are entering this market as well.
| Attribute | Details |
|---|---|
| Market value in 2021 | US$ 35.1 Billion |
| Market CAGR 2022 to 2032 | 21.4% |
| Share of top 5 players | Around 40% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Product type, technology, end-use industry |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
Some leading companies are Wiferion, WiTricity, Samsung Electronics and Texas Instruments.
South Asia & Pacific is estimated to have the highest growth for the wireless power transmission market during the forecast period of 22.5%.
Growth in the application of IoT in industrial and commercial sectors and the rise in electric vehicles.
Mobile charging pads had the largest market share for the wireless power transmission market of 39.3% in 2021.
EV chargers have the highest CAGR of 39.9% for the forecast period.
U.S.A, U.K, India, China and Japan.
The market share of South Asia and Pacific for the year 2021 is 14.3%.
North America had a market share of 32.9% in 2021 for wireless power transmission market.
India has the highest CAGR for the forecast period, which is 24.1%.
The estimated market value for wireless power transmission market for the year 2022 is US$ 42.3 Bn.
For East Asia region, the CAGR for the forecast period is estimated to be 20.4%.
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Wireless Power Transmission Market
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