The wireless power transmission market is expected to generate $35.1 billion by the end of 2021. The wireless power transmission market is predicted to reach US$ 293.5 billion by 2032, growing at a CAGR of 21.4% between 2022 and 2032. Wireless power transmission is a new method of charging electronic supplies, which can be either consumer or industrial in nature. This technology uses electromagnetic waves to power electronic devices, eliminating the need for wires.
The wireless power transmission technology introduces capabilities such as allowing power transfer to several devices from the same charging unit and recognising which device needs to be charged for how long. The wireless power transmission market accounts for approximately 20% of the total power transmission market.
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Forecast of Wireless Power Transmission Market Demand for 2017-2021 vs. 2022-2032
The wireless power transmission market is expected to grow at a CAGR of 21.4% between 2022 and 2032. The reasons for this expansion are that wireless power transmission technologies are becoming more widely available for consumer applications and various types of electronic devices.
IMDs (Implantable Medical Devices) that are miniaturised and multifunctional are becoming increasingly significant because they enable continuous monitoring, early identification, and initial therapy of damaged organs. However, the power requirements of some of these gadgets provide a significant barrier. Percutaneous wire-based power is a medically unsatisfactory solution for deeper IMDs since it causes severe scarring on the tissue surrounding the IMD.
Because of technological developments in wireless power transmission technologies, people’s discretionary money has improved.
The proliferation of Internet of Things (IoT) applications such as smart cities, homes, industrial IoT (IIoT), and machine-to-machine (M2M) communications is driving the market forward. Wireless power transfer has grown in popularity due to advantages such as portability, convenience, increased reliability, and the absence of batteries or cables.
The benefits of wireless power transmission, which eliminates cables while providing clutter-free charging, are driving demand. Wireless chargers can detect how much power each electronic device requires, preventing overcharging of the consumer’s battery.
Furthermore, because there are no AT&C losses in wireless power transmission, it has less power loss than wired power transmission. This is expected to increase wireless power transfer adoption and expand the global wireless power transfer market.
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Regional Examination
With a market share of 32.9% in 2021, North America is the region with the biggest market share. South Asia & Pacific, with a CAGR of 22.5%, is the fastest growing region.
People in North America own a huge number of smartphones. This region is home to several large electronic companies, and it is frequently the region where any new technological advancement occurs before any other region on the planet. Because people have a variety of consumer electronic devices, the presence of people with disposable income contributes to the growth of the wireless power transmission market.
The development and adoption of wireless power transmission technology in Germany is expected to accelerate.
Germany is Europe’s pivotal location. Germany is one of the largest European economies, with several technological developments occurring as well as the implementation of these emerging technologies.
This country also has several large industries that implement developing technologies. For these reasons, the implementation of wireless power transmission technologies is estimated to be adopted quicker as well as earlier in this region.
Competitive Landscape
Wireless power transmission technology is currently being offered by various companies which specialise in the development of electronic devices like computer processors and integrated circuits. Apart from these, companies which offer consumer electronic devices are entering this market as well.
- In May 2022, Ossia partnered with Sunway a RF product supplier to develop Cota Real Wireless Power. The intention is to completely utilize Ossia’s wireless technologies to develop new wireless power transmission solution which cloud be used by other companies
- In February 2022, WiTricity announced that the company intends to offer an aftermarket wireless EV charging upgrade to specific electric vehicles. The initial offering will be a limited beta version, known as WiTricity Halo which will deliver 11kW wireless charging and 35-40 hours of range per hour charging time.
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Wireless Power Transmission by Category
By Product Type:
- Mobile Charging Pads
- EV Chargers
- Laptop/Notebook Charging Pads
- Industrial Charging Systems
- Others
By Technology:
- Near-field Technology
- Far-field Technology
By End Use Industry:
- Consumer Electronics
- Automotive
- Industrial
- Medical Devices
- Home & Building Automation
- Others
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