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Global Wireless Power Revenue Expected to Reach $17.9B in 2024
November 3, 2015 | Navigant ResearchEstimated reading time: 1 minute
A new report from Navigant Research analyzes the global market for wireless power across seven applications, with global market forecasts, segmented by region, receiver and transmitter application, and technology, through 2024.
The increased reliance on electronics and the need to power them is expected to drive the adoption of wireless power, despite challenges associated with consumer awareness and competing industry standards. More than 100 million mobile phones are expected to be integrated with wireless charging functionality in 2015, and growth is expected to continue, as technology enables more power and greater freedom while current inroads create network effects that make future adoption more attractive. Click to tweet: According to a new report from Navigant Research, global wireless power revenue is expected to grow from $1.3 billion in 2015 to $17.9 billion in 2024.
“Wireless power is starting to gain widespread adoption in mobile phones, which in turn is slowly pushing the adoption of wireless power functionality in automobiles and public spaces,” says Benjamin Freas, senior research analyst with Navigant Research. “However, the expansion of wearable electronic devices and Internet of Things (IoT) devices coupled with technological advances are poised to transform the market.”
Inductive coupling is the predominant wireless power technology currently in the market, according to the report, although it is limited in the amount of power and spatial freedom provided. Magnetic resonance addresses these limitations, though its commercialization has been delayed, with products expected to hit the market by the end of 2015.
The report, Wireless Power, examines the global market for wireless power, with a focus on mobile consumer electronics, appliances and stationary consumer electronics, automotive, and industrial, military, and medical applications. The study analyzes the current market conditions and technology issues and trends that affect the adoption and success of wireless power systems. Global market forecasts, segmented by region, receiver and transmitter application, and technology, extend through 2024. The report also examines the key technologies (inductive power, magnetic resonance, radio frequency, or RF, power transmission, ultrasound, infrared, and microwave) and applications related to wireless power systems, as well as the competitive landscape.
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