A recent report published by Infinium Global Research on the wireless power transmission market provides an in-depth analysis of segments and sub-segments in the global as well as regional wireless power transmission market. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global wireless power transmission market. According to the report, the global wireless power transmission market is projected to grow at a CAGR of over 24% over the forecast period of 2022-2028.
The global wireless power transmission market was valued at nearly USD 11 Billion in 2022 and is expected to reach over USD 41 Billion in 2028, with a CAGR of over 24% during the forecast period. Wireless power transmission is a process that occurs in a system, where the power source transmits electromagnetic energy to an electric load with no wires. Wireless power transmission mainly uses three main systems such as microwaves, solar cells, and resonance. Wireless power transmission is the transmission of electrical energy from a power source to an electrical load without man-made conductors. Microwaves are used in an electrical device to transmit electromagnetic radiation from a source to a receiver. A wireless data transmission eliminates the need for wires. Wireless power transmission is used in military applications, such as robots, wireless charging technology to help soldiers, and sensors used in submarines.
The increasing need for battery-powered equipment and effective charging systems are the factors driving the growth of the wireless power transmission market. Moreover, the emerging need for new wireless power transmission applications such as solar-power satellites is likely to boost the global market growth. Furthermore, the rising efficiency of power transmission is projected to create favorable market conditions in the upcoming period. For instance, Samsung Galaxy carries wireless charging capabilities such as Google Nexus and Motorola Droid. The adoption of a range of smartphones in the inductive wireless power transmission market is anticipated to hoist smartphones as a larger receiver application. On the other hand, automobile manufacturers including Honda, Nissan, and Toyota Motors are focusing more on electrically charged vehicles to create greater opportunities over the forecast period. However, interference of microwaves with current communication systems and rising prices of wireless power technology are hampering the growth of the wireless power transmission system during the forecast period.
The outbreak of COVID-19 brought a negative impact on the wireless power transmission market share because of the imposition of lockdown. The production facilities of semiconductors and electronics have been stopped, because of the unavailability of the workforce around the world. COVID-19 pandemic has caused a significant decrease in production because of the travel bans & facility closures. Restrictions imposed by various governments kept workers away from the factories, which hampered the growth of the market during the forecast period. Due to the unavailability of the raw material and a decrease in the demand the growth of the market is restrained during the covid-19 pandemic within the forecast period.
Based on the region, the worldwide wireless power transmission market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America holds the largest share of the worldwide wireless power transmission market. Mexico is emerging as a new manufacturing hub due to low manufacturing costs and rising demand in North American regions such as the U.S. and Canada. However, The Asia Pacific region is anticipated to dominate the expansion of the market during the forecast period. Furthermore, development in the automobile sector within the China, and India will enhance the growth of the market during the forecast period.
The report on the global wireless power transmission market covers segments such as range, type, and end-user industries. On the basis of range, the sub-markets include near field and far field. On the basis of type, the sub-markets include microwave power transmission, and inductive coupling power transmission and resonance. On the basis of end-user industries, the sub-markets include consumer electronics, healthcare, automotive, industrial, and others (drones, solar power satellite).
The report provides profiles of the companies in the market such as Philips, PowerbyProxi Limited, Samsung Electronics Co., Ltd., Texas Instruments, Inc., Integrated Device Technology, Inc., LG Electronics Inc., and Powermat Technologies, Ltd., WiTricity, Plugless Power, and Salcomp Plc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the wireless power transmission market. Moreover, the study highlights current market trends and provides forecasts for 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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