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
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.