Wireless Power Transmission Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Increasing use of wireless electronic appliances is fueling the growth of wireless power transmission market

Globally, the wireless power transmission market is expected to grow with a CAGR of more than 15.5% during the forecast period from 2021 to 2029, starting from US$ 6.2 Bn in 2020.

Wireless power transmission is a way to transfer power without the use of wire and connect the areas where people are unable to get a suitable power source. This technique is highly based on technologies using time-varying electric, magnetic, or electromagnetic fields. With the help of wireless power transmission technology, the use of electric wire made of copper and aluminum metal is reduced. This technology is highly beneficial in cases where interconnecting wires is difficult and hazardous. Factors such as changing consumer preference towards wireless connectivity, increasing demand for more effective charging devices and features including efficiency, reliability, fast, low maintenance cost are primarily driving the growth of wireless power transmission market.

Furthermore, rapid growth in the consumer electronics market and awareness about battery technology is also fueling the growth of this market. Moreover, low maintenance cost, growing need for faster charging, high demand for battery-operated devices, and the surge in application of drones, solar-powered satellites and sensors are other major factors expected to boost the wireless power transmission market during the forecast period.

However, rising cost of wireless power technology, lack of infrastructure associated with wireless power devices, high initial cost of investment, government regulations, and issues associated with wireless power devices are some factors that can hinder the market growth during the forecast period.

Consumer electronics segment is expected dominate the end user segment of wireless power transmission market

Based on application, consumer electronics segment dominated the market by holding a huge chunk of the global market. Tremendous growth in consumer electronics market in major developed and developing countries is primarily driving the wireless power transmission industry. In consumer electronic, the wireless power transmission technology is used to charge portable devices, such as tablets, smartphones, and wearable devices. The demand for consumer electronics is rapidly increasing due to changing lifestyle choices and growing spending capabilities of people. Moreover, technological advancements in this segment now propel the growth of wireless power transmission technology during the forecast period.

Asia-Pacific to dominate the wireless power transmission market

Asia-Pacific dominates the wireless power transmission market with a share of nearly 40% of the total revenue generated worldwide. Asia-Pacific is a base for manufacturing various electronic products such as tablets, smartphones, laptops, and wearable consumer electronics. As the manufacturing cost and labor cost is low in this region, most of the consumer electronic products are developed here. The huge population base and rapid growth in urbanization in this region, has led to the significant demand for electronic devices. Moreover, penetration of the internet has also enhanced the utilization of electronic appliances such as smartphones, laptops, ipads, and so on.

The presence of a large number of consumer electronics companies in India, Japan, South Korea, and China is contributing to the large market size of the APAC region in the global wireless power transmission market. North America and Europe also witness significant growth in the global wireless power transmission market during the forecast period.

Some of the prominent players operating in the wireless power transmission market include Samsung Electronics Co., Ltd., Qualcomm Technologies, Inc., LG Electronics Inc., Murata Manufacturing Co., Ltd., WiTricity Corporation, Wi-Charge, uBeam, Inc., Texas Instruments Inc., Fulton Innovation LLC, Energous Corporation, Humavox Ltd., Ossia, Inc., and Koninklijke Philips N.V.

Historical & Forecast Period

This research report presents the analysis of each segment from 2019 to 2029 considering 2020 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2021 to 2029.

Key questions answered in this report

• What was the market size of wireless power transmission in 2020 and forecast up to 2029?
• Which is the largest regional market for consumer electronics segment?
• What are the major trends followed in wireless power transmission market across different regions?
• Who are the key wireless power transmission companies leading the market?
• What are the key strategies adopted by the leading wireless power transmission companies in market?

Unique data points of this report

• Statistics on wireless power transmission penetration and spending worldwide
• Recent trends across different regions in terms of adoption of wireless power transmission for various applications in various industries
• Notable developments going on in wireless power transmission industry
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2020 (actual) and 2029 (forecast)

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