Wireless Power Transmission Market is Expected to Grow at the Highest CAGR by 2022
[163 Pages Report] The wireless power transmission market was valued at $2.50 billion USD in 2016 and is expected to reach $11.27 billion USD by 2022, at a CAGR of 23.15% between 2017 and 2022.
The growth of this market is propelled by the factors such as the convenience offered by and consumer preference for wireless connectivity and need for effective charging systems. The inductive technology in the growth stage, while the magnetic resonance technology is entering the introductory stage; both the markets are expected to grow in the coming years.
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Inductive technology captured the largest share of the wireless power transmission market. However, the magnetic resonance has a competitive advantage over the inductive technology as it offers long range power and multiple devices charging capabilities. Along with these two technologies, far-field technologies such as microwave (RF) and laser/infrared-based power transmission would expect to revolutionize the market for wireless power transmission in the near future.
Microwave (RF) and laser/infrared-based power transmission is at the nascent research and development stage and expected to be commercialized in the next one or two years. The inductive technology is in the growth stage, while the magnetic resonate technology is in the introductory phase; however, the market for both is expected to grow in the future.
Various start-ups in the wireless power transmission market include Ossia, Inc. (U.S.), Wi-Charge Ltd. (Israel), Energous Corporation (U.S.), Humavox Ltd. (Israel), and Fulton Innovation LLC (U.S.). On the other hand, Qualcomm Inc. (U.S.), Texas Instruments Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), Semtech Corp. (U.S.), Toshiba Corp. (Japan), Panasonic Corp. (Japan), and Rohm Co., Ltd. (Japan) provide the wireless power transmitter and receiver ICs.
Smartphones is the largest receiver application for wireless power transmission technology owing to the adoption of inductive wireless power transmission in various smartphones in the past years. Samsung Galaxy Series, Motorola Droid phones, and Google Nexus phones are some notable smartphones, which have wireless charging capabilities. Samsung Electronics Co., Ltd. (South Korea) has a major product portfolio of smartphones integrated with wireless charging receiver capabilities.
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APAC held the largest market share of the global wireless power transmission market in 2016. APAC is considered as the manufacturing hub for consumer electronic products such as smartphones, tablets, laptops, and wearable devices. It’s huge population and rapid urbanization in the past has led to the significant demand for devices. Thus, the presence of large consumer electronics industries in the counties such as China, Japan, India, and South Korea has attributed to the huge market size of the APAC region in the global wireless power transmission market.
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