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The wireless power transmission market size is estimated to grow at a CAGR of 26.79% between 2022 and 2027. The market size is forecast to increase by USD 19,661.65 million. The growth of the market depends on several factors, including rapid growth in wireless transmission, changing energy landscape and integration, and proliferating demand for electric vehicles.
This wireless power transmission market report extensively covers market segmentation by end-user (consumer electronics, industrial applications, automotive, and others), technology (near field technology and far field technology), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rapid growth in the wireless transmission is notably driving the market growth, although limitations of wireless transmission may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rapid growth in wireless transmission is notably driving the wireless power transmission market growth. In recent years, the demand for high voltage (HV) power transmission in the utility sector has grown rapidly. Wireless transmission is a reliable means of transmitting electricity without wires or physical contact. Currently, utility-scale wireless power transfer is still in its infancy, but the growing importance of low-cost transmission will have a positive impact on the growth of the market. Traditional power transmission has high infrastructure costs due to high equipment costs. It also requires various additional devices such as electrical and mechanical aids, pole controls, valve controls, etc. Utilities consist of companies that provide basic utilities such as water, electricity, and natural gas. Energy is considered one of the most important components of infrastructure that is essential to the growth and development of any economy.
The growth of the energy sector in emerging markets such as India and China is undergoing a major transformation with increased construction of manufacturing units, retail brands, residential communities, and commercial facilities. Factors such as low labor costs and the availability of cheap raw materials have encouraged large foreign companies to set up manufacturing bases in developing countries such as India and China. This is increasing the demand for energy and increasing the demand for transmission lines. All these factors are estimated to drive the growth of the market during the forecast period.
The evolution of smart grids is a key trend influencing the wireless power transmission market growth. The smart grid offers an unprecedented opportunity for the utility sector to provide reliable, uninterrupted power to end users. The increasing need to detect and respond to regional changes in electricity consumption has led to a surge in smart grid implementations in the utility sector. China and North America are currently in the process of deploying smart grids. These smart grids use power lines to efficiently supply sustainable, safe, and economical electricity.
These transmission lines of the smart grid are sometimes connected to a wireless transmission network that provides consumers with real-time price information. Consumers adjust their power consumption according to the price information given. Electric utilities are modernizing their power grids by implementing smart grids that use digital technology and IT to manage the flow of electricity efficiently and effectively. This has increased the demand for smart grid T&D devices such as synchrophasors, high voltage transmission lines, and reclosers. Modernization will help transform the grid collectively to accommodate more low-carbon technologies, including renewable energy, distributed generation, and energy storage for power generation. This makes power generation multi-dimensional compared to previous versions. Such advancements are estimated to drive the growth of the market during the forecast period.
The limitations of wireless transmission are challenging the wireless power transmission market growth. Wireless transmission is a solution for increased power consumption, but wireless transmission relies on limited battery capacity and is active for a period of time. Therefore, the longevity or limited power consumption of wireless power transfer remains a major challenge in the market. Additionally, any obstacles between the transmitter and receiver can interfere with wireless transmission operation. Thus, even with the development of battery and energy-efficient technologies, powering sensor nodes with wireless power transfer remains a challenge.
Inductive coupling works efficiently only at short distances but can be extended to long distances using robust coupled magnetic resonance, but this comes at additional infrastructure costs. Such factors will adversely affect the growth of the market during the forecast period.
The wireless power transmission industry analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wireless Power Transmission Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Analog Devices Inc: The company offers wireless power transmission systems, which helps charge sealed enclosures that are exposed to dirt and hazardous environment.
The wireless power transmission industry analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The wireless power transmission industry analysis market share growth by the consumer electronics segment will be significant during the forecast period. The Consumer Electronics segment includes smartphones, cameras, wearables, PCs, and others. Portable PCs include laptops, notebooks, and ultrabooks. Most of these devices use wireless power transfer via GPS, Wi-Fi, Bluetooth, etc. to exchange data and information. Personal computers and other consumer electronics are growing steadily, driven by increasing commercial and industrial applications. Industrial PCs continue to be robust in traditional applications, but Industrial IoT offers new growth opportunities for such products. Increasing adoption of automation in the industry is a major driving force behind the growth of various laptops and desktops.
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The consumer electronics segment was valued at USD 2,295.37 million in 2017 and continued to grow until 2021. Automation solutions require the use of industrial PCs for computing purposes. Automation was mostly confined to large companies, but small businesses also use automation systems. Rising demand for industrial PCs in the renewable energy field is a major driver of the market. The demand for these devices is expected to gain momentum during the forecast period, owing to technological advancements in photovoltaic and wind power generation, as well as regulatory policies supporting these power generation sources. Moreover, rapid urbanization and rising disposable income are expected to boost demand for wearables, cameras, and smartphones across the globe. Hence, this will drive the growth of the segment in the market over the forecast period.
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APAC is estimated to contribute 44% to the growth of the global wireless power transmission market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Currently, China and Japan are the largest consumers of wireless power transfer systems in the region. This is due to strong demand from the automotive and consumer electronics sectors. The electric vehicle market in China has grown rapidly in recent years. Additionally, China launched various EV pilot programs between 2009 and 2012 to promote EV adoption. These pilot programs are still running in China today. Therefore, increasing demand for electric vehicles will have a positive impact on the growth of the market in this region.
The COVID-19 pandemic severely impacted the growth of the market in 2020. Nationwide lockdowns adversely affected the demand and production of various wearable appliances, medical devices and other smart surveillance devices across the world. However, demand for wireless power devices recovered in 2021 due to the resurgence of end users, such as the consumer electronics and automotive industries, due to the introduction of effective vaccines.
The wireless power transmission market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global wireless power transmission market as a part of the global electric utilities market within the global utilities market. The parent global electric utilities market includes companies that produce or distribute electricity, including both nuclear and non-nuclear assets. The market excludes companies involved in the generation and distribution of electricity from renewable energy sources.
Wireless Power Transmission Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.79% |
Market growth 2023-2027 |
USD 19661.65 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
20.23 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
Analog Devices Inc., ConvenientPower Semiconductor, Energous Corp., Energysquare SAS, Evatran Group Inc., Humavox Ltd., Koninklijke Philips NV, Leggett and Platt Inc., Murata Manufacturing Co. Ltd., Nucurrent Inc., NXP Semiconductors NV, Ossia Inc., Powermat Technologies Ltd., Renesas Electronics Corp., Salcomp PLC, Samsung Electronics Co. Ltd., Semtech Corp., TDK Corp., Wi Charge, and WiTricity Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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