New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- As per the research report global wireless power transmission market published by Reports Insights, market is expected to grow at a CAGR of 20.5% from 2022 to 2030, driven by advancements in near-field and far-field technology. The increasing demand for automation across various industries such as automotive, consumer electronics, construction, material handling, mining, and others is expected to further drive the market's growth. The market was valued at USD 7.3 billion in 2022 and is projected to reach over USD 32.6 billion by 2030.
Wireless Power Transmission Market Size, Share & Trends Analysis, By Technology (Near-Field Technology, Far-Field Technology), Application (Gateways, Transceivers, Receiver, and Transmitter), End Use (Automotive, Consumer Electronics, Construction, Material Handling, Mining, and Others), By Region and Segment, Forecast Period 2022 – 2030.
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Wireless power transmission (WPT) is referred to the transfer of electrical energy from a power source to an electrical load without the use of interconnecting wires. Instead of using wires to transmit power, WPT uses electromagnetic fields such as radio waves or magnetic fields to transmit energy through the air from a power source to a receiving device such as a smartphone or a battery. Such wireless transmission enables the delivery of power without the need for a physical connection to the power source. Thus, WPT is anticipated to witness increased demand, especially in remote areas with reduced numbers of wired transmission networks.
Further, wireless power transmission is anticipated to become mandatory to use upcoming period of time due to the large-scale technology adoption among consumers as well as businesses. Also, the scope of upgrading existing charging infrastructures in terms of electronic vehicles and consumer electronics is anticipated to create lucrative opportunities for market growth during the forecast period. the factors attributed to the emergence of such wireless power transmission are expected to revolutionize the existing modes of electricity transmission in terms of reliable and efficient wireless charging of various electronic devices without the burden of electrical loads and wirings within the infrastructure.
Wireless Power Transmission Market Report Coverage:-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 32.6 Billion |
| Forecast Period | 2022-2030 |
| CAGR (2022-2030) | 20.5% |
| Base Year | 2021 |
| Study Timeline | 2016-2030 |
| Key Players | TDK Corporation, Infineon, NXP Semiconductors N.V., Analog Devices Inc., Koninklijke Philips N.V., Texas Instruments Incorporated, MaXentric technologies LLC, Renesas Electronics Corporation, Emrod, Integrated Device Technology, Inc., Alcon Electronics, TOSHIBA CORPORATION, RRC, Semtech, WiTricity Corporation, Fulton Innovation LLC |
| By Technology | Near-Field Technology, Far-Field Technology |
| By Application | Gateways, Transceivers, Receivers, and Transmitter |
| By End Use | Automotive, Consumer Electronics, Construction, Material Handling, Mining, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | Asia-Pacific [China, Southeast Asia, Japan, India, Korea, Western Asia] South America [Brazil, Argentina, Columbia, Chile, Peru] Europe [Germany, UK, Spain, Turkey, France, Italy, Russia, Netherlands, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] |
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Key Market Highlights
- The global wireless power transmission market size is projected to exceed USD 32.6 billion by 2030 and grow at a CAGR of 20.5% during the forecast period (2022-2030).
- Globally, wireless power transmissions are categorized based on the technology into near-field technology, and far-field technology.
- In the context of the application, the market is separated into gateways, transceivers, receivers, and transmitters.
- The market is also categorized as per end use: automotive, consumer electronics, construction, material handling, mining, and others.
- The market is geographically segregated into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- North America and Asia Pacific are estimated to support the market growth during the forecast period in terms of technological advancements in wireless charging technology and the increased focus on sustainability to reduce dependability on conventional charging methods.
Wireless Power Transmissions Market Segmentation Details:
Based on technology, the near-field technology segment accounted for the largest share contribution to the market growth in 2021. Also referred to as Near Field Communication (NFC), the technology is used for wireless power transmission, where power is transferred between two devices in close proximity to each other. Thus, the wide adoption of NFC technology due to easy compatibility with electronic devices and charging solutions supports segment growth along with the reduced risks of electrical hazards associated with conventional charging methods.
Based on the application, the transmitter segment is anticipated to contribute substantial shares to the market growth during the forecast period. The large-scale integration into a range of devices such as smartphones, laptops, and wearable devices along with the standalone units which are used to charge multiple devices simultaneously supports the demand for transmitters. Further, such transmitters find increased demand in such devices due to the ability to operate at different frequencies, ranging from low-frequency (LF) to high-frequency (HF) bands. The choice of frequency depends on the intended application and the distance over which the power needs to be transmitted, which results in increased demand for transmitters.
Based on end use, the consumer electronics segment contributed the largest shares to the market growth in 2021. WPT is typically used in consumer electronics for charging devices such as smartphones, earbuds, and wearable devices. The high usage of numerous WPT technologies including resonant magnetic coupling, and radio frequency (RF) charging, especially the inductive in consumer electronics supports the market demand. The inductive charging creates an electromagnetic field between the charging pad and the device to be charged. Thus, the adoption of technology is attributed to convenience as the device needs to be placed near the charging pad to start charging.
Based on region, North America is estimated to support the market growth in terms of the largest share contribution. Increased expenditures on research and development of innovations in wireless power transmission especially in terms of smart cities, electric vehicle infrastructure, and public infrastructure support the market demand in the North American region. Further, growing awareness and adoption among the population, especially wireless charging supports the market growth due to large access to technologically advanced consumer electronics.
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Recent Developments
- In 2021, Ericsson and PowerLight Technologies jointly showcased the world's first 5G base station that operates without being connected to a power source.
- In October 2022, the European Space Agency, Airbus, and New Zealand start-up named Emrod collaborated to display a system for transferring power wirelessly.
- In December 2022, Reach Power, a start-up based in Silicon Valley, secured $30 million in funding to commercialize their wireless electricity technology.
List of Major Wireless Power Transmissions Market Players
The market research report analyses various market factors to determine the significant drivers, restrictions, and opportunities impacting market players. The report also includes a SWOT analysis, regional analysis, and segment analysis to provide a comprehensive view of the market landscape. Such evaluation helps to identify potential growth areas through the adoption of technology, product usage, business plans, and introduction of new products. Moreover, the following are the major market players currently operating in the market circumstances —
- TDK Corporation
- Infineon
- NXP Semiconductors N.V.
- Analog Devices Inc.
- Koninklijke Philips N.V.
- Texas Instruments Incorporated
- MaXentric technologies LLC
- Renesas Electronics Corporation
- Emrod
- Integrated Device Technology, Inc.
- Alcon Electronics
- TOSHIBA CORPORATION
- RRC
- Semtech
- WiTricity Corporation
- Fulton Innovation LLC
Global Wireless Power Transmissions Market Segmentation:
- By Technology
- Near-Field Technology
- Far-Field Technology
- By Application
- Gateways
- Transceivers
- Receiver
- Transmitter
- By End Use
- Automotive
- Consumer Electronics
- Construction
- Material Handling
- Mining
- Others
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