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The wireless power transmission market size is forecast to increase by USD 29.61 billion at a CAGR of 30.96% between 2023 and 2028. The market is experiencing significant growth due to the increasing adoption of Inductive charging technology in various industries. Inductive pads are becoming increasingly popular in powering Industrial IoT devices and industrial sensors, streamlining the process of charging these devices without the need for physical connections. The trend towards automation and the Internet of Things (IoT) is driving investment in wireless power transmission solutions. Near-field technologies, on the other hand, are ideal for charging smaller devices like mobile phones and medical sensors. However, there are limitations to this technology, including the need for precise alignment between the transmitter and receiver, and the potential for interference from other wireless signals. Infrared and magnetic resonance are alternative wireless power transmission technologies that offer greater flexibility in terms of alignment and distance, but face their own challenges in terms of efficiency and cost. Overall, the market for wireless power transmission is poised for continued growth, as industries seek to reduce the complexity and cost of charging their IoT devices and sensors.
The wireless power transmission (WPT) market is experiencing significant growth due to the increasing adoption of near-field and far-field technologies. These technologies enable the transfer of electrical energy between two objects through the air, eliminating the need for physical connections. Near-field technologies, such as magnetic resonance and magnetic induction, have gained popularity in the market due to their ability to transfer power over short distances. Applications of near-field technologies include industrial IoT (Internet of Things) and connected devices, such as smartphones, computers, and wireless chargers. Far-field technology, also known as power at a distance, is gaining traction due to its ability to transmit power over long distances.
Furthermore, this technology is expected to revolutionize power distribution systems, particularly in the context of WPT-based smart grids. The integration of WPT systems in smart grids will enable efficient power distribution and reduce energy losses. Investment in the WPT market is on the rise, as companies recognize the potential of this technology to transform various industries. A well-diversified portfolio in this market can yield significant returns. Strategies for investment include focusing on research and development of new technologies, partnerships with key players, and expanding the application areas of WPT. The integration of WPT technology in industrial IoT and connected devices is expected to drive market growth.
Also, the increasing number of smart meters and appliances in homes and offices is also contributing to the market's growth. The adoption of WPT technology in mobile phones and computers is expected to increase, as manufacturers seek to eliminate the need for wired charging. In conclusion, the market is poised for growth due to the technological advancements in near-field and far-field technologies. Investment in this market can yield significant returns, particularly in the areas of industrial IoT, connected devices, and power distribution systems. Companies that focus on research and development, partnerships, and expanding application areas are expected to succeed in this market.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The consumer electronics segment is estimated to witness significant growth during the forecast period. The market for wireless power transmission is gaining traction in the US, particularly in the realm of lifestyle devices such as mobile phones and medical devices. Two primary technologies are driving this trend: magnetic resonance and near-field technologies. Magnetic resonance enables the transmission of power over longer distances, making it suitable for charging electric vehicles and powering home appliances. In the consumer electronics sector, devices such as smartphones, laptops, and wearables are increasingly relying on wireless power transmission for data exchange and charging.
Furthermore, the adoption of these technologies is fueled by the growing number of commercial and industrial applications. For instance, the industrial Internet of Things (IIoT) is creating new opportunities for wireless power transmission in industrial settings. Moreover, the increasing automation of industries is driving the demand for industrial PCs, which require wireless power transmission for optimal performance.
In conclusion, wireless power transmission is becoming an essential technology for various industries and consumer electronics. Its ability to enable seamless and efficient power transfer without the need for cords or wires is making it increasingly popular. As the market for wireless power transmission continues to grow, we can expect to see new applications and innovations in this space.
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The consumer electronics segment was valued at USD 2.66 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Wireless power transmission, also known as wireless charging, is a technology that enables the transfer of power between devices without the need for physical connections. WPT systems have gained significant traction in various industries, including wireless charging for consumer electronics and electric vehicles. In the North American region, China and Japan are leading consumers of WPT systems, driven by the strong demand from the automotive and consumer electronics sectors. The Chinese electric vehicle market is experiencing rapid growth, making it a significant contributor to the market's expansion in the region. Additionally, the Asia Pacific (APAC) region is expected to remain a major consumer of consumer electronics during the forecast period. With major electronic device manufacturers based in APAC, this region is a hub for the production of flat-panel displays, smartphones, tablets, and wearable devices, all of which are major consumers of wireless power transmission technology.
Our researchers analyzed the data with 2023 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.
The rapid growth in wireless transmission is the key driver of the market. The market has gained traction in recent years due to the increasing demand for efficient and cost-effective power solutions for appliances and battery-powered equipment. Unlike conventional power transmission methods that rely on wires and physical contact, wireless power transmission offers a reliable and contactless alternative. Although utility-scale wireless power transmission is still in its infancy, the growing importance of reducing infrastructure costs and the need for seamless charging solutions for connected devices and consumer electronics are expected to fuel its growth. Utilities, which provide essential services such as water, electricity, and natural gas, are continually seeking innovative ways to reduce costs and improve efficiency.
However, wireless power transmission eliminates the need for expensive equipment and additional devices, such as electrical and mechanical auxiliaries, pole control, and valve control, associated with traditional power transmission. As the market for wireless power transmission continues to evolve, it is poised to revolutionize the way we power our appliances and devices, offering a more convenient and cost-effective solution.
The evolution of smart grids is the upcoming trend in the market. In the utility sector, the adoption of smart grids is gaining momentum as a means to deliver sustainable, secure, and economical electricity to consumers. Inductive technologies, such as inductive pads, play a crucial role in this context by facilitating wireless power transmission. The Industrial Internet of Things (IIoT) is driving the demand for such technologies, as industrial sensors require a constant power source for optimal performance. Infrared and other wireless technologies are also being explored for their potential in powering IoT devices. The investment in smart grid infrastructure is expected to increase significantly in the coming years, with North America and China leading the way.
Furthermore, transmission lines in smart grids are being integrated with wireless networks to deliver real-time price information to consumers. This enables consumers to adjust their electricity consumption based on price fluctuations, promoting energy efficiency and cost savings. Technavio provides valuable insights into market trends, growth drivers, and competitive landscape. In conclusion, the integration of wireless power transmission technologies in smart grids is revolutionizing the utility sector by enabling efficient, real-time energy management and cost savings for consumers. The market for wireless power transmission is expected to grow significantly in the coming years, driven by the increasing adoption of IoT devices and the need for sustainable and secure energy solutions.
The limitations of wireless transmission is a key challenge affecting the market growth. Wireless power transmission is a significant solution for addressing energy consumption concerns in consumer goods, including electric vehicles (EVs) and electronic devices. However, the limited battery capacity and operational time of wireless transmission systems pose a challenge. Obstacles between transmitters and receivers can also hinder wireless transmission operations. Consequently, powering sensor nodes in wireless power transmission remains a significant hurdle, despite advancements in battery technology and energy-efficient methods.
However, inductive coupling is effective only over short distances, but extending its range involves additional infrastructure costs through the use of far-field technology, such as coupled magnetic resonances. Fitness trackers and feature phones are among the consumer goods that could benefit from wireless power transmission, contributing to improved fuel economy and convenience.
The market forecasting 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 market growth analysis strategies.
Customer Landscape
Companies 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 market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Wireless power transmission is revolutionizing the way we charge various appliances and battery-powered equipment. This technology is increasingly being adopted for a wide range of applications, from consumer electronics such as smartphones, tablets, and laptops to industrial IoT devices and electric vehicles (EVs). Wireless charging stations are becoming commonplace, with inductive and resonant technologies like magnetic resonance and far-field technology enabling seamless charging of connected devices. The market for wireless power transmission is expanding rapidly, driven by the growing demand for convenient and efficient charging solutions. Consumer goods, including appliances, consumer electronics, and lifestyle devices, are major contributors to this growth.
In addition, the integration of wireless charging technology in industrial sensors and medical devices is expected to boost the market's growth. Wireless power transmission systems are also being used in smart home devices, smart meters, and smartphone charging pads. The technology's performance levels are continually improving, with investment in research and development leading to advancements in user experience, standardization, and fuel economy. Wireless charging strategies are becoming essential for companies looking to stay competitive in the market. The adoption of WPT-based smart grids is expected to further drive the market's growth, as the technology becomes an integral part of the power distribution systems of the future.
In conclusion, wireless power transmission is transforming the way we charge our devices, from consumer electronics to industrial equipment. The market's growth is driven by the convenience, efficiency, and performance benefits of wireless charging, making it a key area of investment for companies and consumers alike.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 30.96% |
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Market growth 2024-2028 |
USD 29.61 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
22.69 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Analog Devices Inc., ConvenientPower Semiconductor, Energous Corp., Energysquare SAS, Humavox Ltd., Koninklijke Philips N.V., Leggett and Platt Inc., Murata Manufacturing Co. Ltd., Nucurrent Inc., NXP Semiconductors NV, Ossia Inc., PLUGLESS POWER INC., Powermat Technologies Ltd., Renesas Electronics Corp., Salcomp PLC, Samsung Electronics Co. Ltd., Semtech Corp., TDK Corp., Wi Charge, and WiTricity Corp. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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