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Wireless Power Transmission Market Estimated to Reach $17.15 Billion by 2025
August 7, 2017 | PRNewswireEstimated reading time: 2 minutes
Transparency Market Research has released a new market report titled "Wireless Power Transmission Market (Technology, Range, Application, and Region) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -- 2017-2025." According to this report, the wireless power transmission market was valued at US$ 3.6 Bn in 2016 and is projected to reach US$ 17.15 Bn by 2025, at a CAGR of 19.2% from 2017 to 2025.
Wireless power transmission, is the transfer of electrical energy from one place to another, without the use of conductors, such as wires or cables. Under wireless power transmission, electrical energy is transferred/transmitted from a power source to electrical loads such as electric power grids. In wireless power transmission, a wireless transmitter is connected to a power source. This wireless transmitter transmits the field energy, generated in the power source, to one or more receivers. The field energy, in the receivers, are converted back to an electric current and then used. The use of wireless power transmission has increased and enabled new possibilities for energy management, hassle free charging, and efficient power transfer. Technological advancements and hype about digitization is expected to drive the market of wireless power transmission across the globe. Developments in wireless power transmission are expanding with respect to resonant inductive coupling and radio frequency technologies.
Factors driving the demand for wireless power transmission are operational efficiency, minimization of electric loss, rise in network communications, digitization, and infrastructural development, etc. The initial cost of investment for wireless power transmission is high. However, this technology eliminates the use of cables, while providing clutter-free charging. Growing demand for wireless charging in consumer electronics, medical devices, and automotive industries counter-balances the high initial costs. The additional benefits of wireless power transmission are its use in military applications, such as robots, wireless charging tech to help soldiers, and sensors used in submarines.
The wireless power transmission market has been segmented into three categories: technology, range, and application. In terms of technology, the wireless power transmission market has been classified into Inductive Coupling, Resonant Inductive Coupling, Capacitive Coupling and others (Microwave, Laser Beam, Radio Frequency, etc.). In terms of revenue, Inductive Coupling held the largest share in 2016, owing to its reliability, cost, and ease in availability.
By range, the wireless power transmission market has been segregated into near field and far field. In terms of revenue, the near field segment held the largest market share in 2016. By application segment, the wireless power transmission market has been further broken down into: consumer electronics, healthcare, automotive, industrial, and others (drones, SPS, etc.). Consumer electronics segment constituted major share in 2016, followed by the healthcare segment.
Key players in the wireless power transmission market are expected to benefit from the formation of strategic alliances with global technology providers in the wireless power transmission market. Prominent players in the wireless power transmission market are LG Electronics Inc., SAMSUNG ELECTRONICS Co., Ltd., Qualcomm Technologies, Inc., Texas Instruments Inc., Murata Manufacturing Co., Ltd, and others.
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