Wireless power transfer is transmission of electrical energy or power, from a power source to an electrical load without interconnecting wires. Wireless transmission is useful in cases where interconnecting wires are inconvenient, hazardous, or impossible. The most common form of wireless power transmission is carried out using direct induction or by resonant magnetic induction.
Rapid urbanization and industrialization, increasing penetration on Internet of Things (IoT), and increasing digitization are major factors driving growth of the global wireless power transmission market. In addition, changing standards of living and increasing disposable income are other factors driving growth of the global wireless power transmission market. Increasing adoption of smart lightning, wireless charging for consumer electronics and vehicles, and in sectors such as medical, automotive, and military & defense are factors further propelling growth of the global wireless power transmission market. Moreover, increasing need for energy conversion and energy efficient solutions is expected to fuel growth of the global wireless power transmission market during the forecast period.
High cost of devices and high capital cost are major factors hampering growth of the global wireless power transmission market. In addition, issues associated with wireless power devices is another factor hampering growth of the global wireless power transmission market.
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Major automobile manufacturers such as Nissan, Toyota Motors, and Honda have started focusing on development of electric charged vehicles as an alternate to conventional vehicles. Wireless power transmission is used in fuel-free aircrafts, robots, fuel-free electric automobiles, and fuel-free rockets. In addition, integration of solar energy in wireless power transmission is expected to create lucrative opportunities for major players during the next 10 years.
The global wireless power transmission market is segmented on the basis of application, technology, transmission type, and region.
North America accounts for highest revenue share in the global market and is expected to register a CAGR of XX.X% during the forecast period. The market is Asia Pacific is expected to witness significant growth during the forecast period and is expected to register a CAGR of XX.X% during the forecast period. This growth is attributed to presence of major vendors in countries such as South Korea, China, and Japan.
Key players in the global wireless power transmission market are Convenient Power HK Ltd., Qualcomm Technologies, LG Electronics Inc., Energizer Holdings Inc., Integrated Device Technology Inc., Murata Manufacturing Co. Ltd., Samsung Electronics Co. Ltd., Leggett & Platt Inc., Texas Instruments, Powermat Technologies Ltd.
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