Portland,OR, Aug. 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wireless power transmission market generated $5.71 billion in 2020, and is estimated to reach $35.23 billion by 2030, witnessing a CAGR of 21.3% from 2021 to 2030. The report provides a comprehensive analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in application of wireless power transmission in consumer electronics, surge in need for battery-powered equipment, and ongoing developments in long-range transmission drive the growth of the global wireless power transmission market. However, high costs associated with wireless power technology hinder the market growth. On the other hand, integration of wireless charging with electric vehicle charging applications creates new opportunities in the coming years.
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COVID-19 Scenario:
- Production activities in the electronics and semiconductors sector have been halted during the lockdown across the globe. This led to decrease in the demand for the wireless power transmission.
- Significant drop in manufacturing utilization in various industries, travel bans, and facility closures led to reduced demand for wireless power transmission.
- Production activities of equipment used in wireless power transmission have been stalled due to lockdown. Market players have been assessing their strategies, devising quick responses for stabilizing the supply chain, and starting production with full capacity.
The report offers detailed segmentation of the global wireless power transmission market based on technology, type, application, and region. Based on technology, the near-field technology segment contributed to the largest share in 2020, accounting for nearly 87% of the total share, and is expected to maintain its leadership status during the forecast period. However, the far-field technology segment is estimated to manifest the largest CAGR of 22.4% from 2021 to 2030.
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Based on application, the receiver segment held the highest share in 2020, contributing to nearly four-fifths of the global wireless power transmission market, and is projected to continue its lead position during the forecast period. However, the transmitter segment is estimated to witness the fastest CAGR of 22.1% from 2021 to 2030.
Based on region, North America accounted for the highest share in 2020, holding more than one-third of the total share, and is projected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is expected to generate the highest CAGR of 23.1% during the forecast period.
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Leading players of the global wireless power transmission market analyzed in the research include Analog Devices Inc., Koninklijke Philips N.V., Energous Corporation, Powermat Technologies Ltd., NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Renesas Electronics Corporation, TDK Corporation, Semtech Corporation, and WiTricity Corporation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
