Tokyo, Japan, May 08, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Wireless Power Transmission Market Research Report: By Type, Applications, End-Users - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 28.6 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 20.40% during the assessment timeframe.
The concept of wireless power transfer has been around for many decades. A key factor in wireless power transmission technology is efficiency. The technology can effectively transmit a large amount of energy to various devices using near-field wireless transfer. Also, it can offer greater transmitting efficiency at relatively long distances while reducing energy losses during the transfer of energy.
Wireless power transmission can be directly used to power devices, such as LED lights and TVs, and recharge mobile devices' batteries. This technology also enables communication between implanted medical devices and external equipment, as well as powers them. Wireless power transmission can charge lithium-ion batteries of implanted medical devices.
Over recent years, the application of WPT technology has extended to the sustainable e-mobility field. Electric vehicles need connectors and electrical sockets for battery recharging. Wireless power transmission enables the automatic recharging of EV batteries eliminating the need for electric connectors and sockets.
In telemetry, radio frequency identification (RFID) tags, and satellite communications, WPT technology allows low-power transmission in the range of microwatts to milliwatts. For higher-power applications, wireless power transmission enables the supply of a few watts to several kilowatts over moderate distances using the inductive coupling method.
Wireless power transmission offers several benefits over wired connections. It is applied in various wearable electronics, medical devices, and vehicles. Recent developments in the industrial sector and the semiconductor industry, alongside the rise in high-frequency and high-power applications, create significant market demand.
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Key Players
Key players in the global Wireless Power Transmission Market are
- Wi-Charge Ltd.,
- Texas Instruments Inc.,
- Toshiba Corporation, and
- Qualcomm Inc., among others.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 28.6 Billion |
| Growth Rate | CAGR of 20.40% from 2023 to 2030 |
| Base Year | 2022 |
| Study Period | 2023-2030 |
| Key Market Opportunities | Significant opportunities in industrial applications and robotics market |
| Key Market Drivers | The convenience offered by and consumer preference for wireless connectivity. Need for effective charging systems |
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Industry Trends
The market witnesses continual demand from the utilities, industrial, commercial, and residential sectors. Besides, investments in expanding wireless power transmission worldwide stimulate the market size. With the continually rising refurbishing activities of aging grid infrastructures worldwide, the market is projected to grow even faster during the next six years.
Additionally, the increasing electrification activities worldwide substantiate the consumption of wireless power transmission cables. Technological advances and increasing demand for cabling technology boost the wireless power transmission market shares. The increasing energy infrastructure development projects, T&D lines, and infrastructure development projects also boost the market size, creating vast market demand.
Growing dependence on renewable energy generation and infrastructural activities influences market revenues. Robust growth in the construction industry and distributed energy resources create substantial market demand. Furthermore, the increase in renewable energy generation and rising investments in wireless power generation boost market growth.
The lack of expertise in developing wireless power transmission technologies is a major factor likely to impede market growth. Nevertheless, the increasing demand for electricity and integration of the sustainable electrical network for supporting ongoing infrastructural activities would support the market during the assessment period. Also, developments in transmission & distribution networks would accelerate the growth of the market.
Segments
The wireless power transmission market report is segmented into technologies, receivers, and regions. The technology segment is sub-segmented into inductive, magnetic resonance, conductive RF, and others. Of these, the magnetic resonance segment dominates the market. Magnetic resonance wireless power transmission technology can supply up to 11kW.
The extensive use of this technology in vacuum cleaners, laptops, computers, and electric cars drives the market share of the segment. It enables electric vehicles to utilize any wireless capability/wireless charger. Inductive is the second-largest segment due to its high coupling factor. Inductive pads improve fuel economy, need less time to charge, and can store power to be used when no charging stations are nearby.
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The receiver segment is sub-segmented into smartphones, tablets, wearable electronics, notebooks, and others. Of these, the smartphone segment dominates the market, witnessing increasing deployments of inductive wireless power transmission. The proliferation of smartphones makes them a more prevalent receiver application.
Also, the electric vehicles (EVs) segment holds a significant market share in the wireless power transmission market. By regions, the power transmission market is segmented into the Americas, Europe, Asia-Pacific, and the rest of the world. Of these, North America holds the largest wireless power transmission market share.
Regional Analysis
North America dominates the global wireless power transmission market. Factors such as stringent norms for enhanced energy efficiency and the expansion of smart grid networks drive the wireless power transmission market growth. Besides, increasing retrofit and reimbursement of existing grid infrastructure in the region boost the wireless power transmission market size. The huge expansion of micro-grid networks is another key factor propelling the region's wireless power transmission market shares.
Competitive Analysis
The wireless power transmission market is experiencing several strategic approaches, such as collaborations, mergers & acquisitions, expansion, and product launches. Industry leaders are making huge investments in research & development activities and fostering their expansion plans.
For instance, on Feb. 25, 2023, Renesas Electronics presented its wireless power transmitter tech at International Solid-State Circuits Conference (ISSCC), held during Feb.19-23 in San Francisco. Renesas' new wireless charging technology improves efficiency, measurement accuracy, and user safety while reducing electromagnetic interference (EMI).
Its single-chip wireless power transmitter solution measures AC and DC transmitter power for improved accuracy and safety. At ISSCC, Renesas also presented advancements in charging technology for mobile devices, including adaptive Zero-Voltage Switching (ZVS) that achieves reduced EMI and higher power transmission efficiency. These wireless technical capabilities enable power transmission up to 15W with a Qi power receiver (PRx), which can be further up to 40W with proprietary PRx solutions.
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The wireless power transmission market in Japan is a growing market with a range of applications, from consumer electronics to industrial and automotive sectors. Wireless power transmission technology is becoming increasingly popular in Japan, as it offers a convenient and efficient way to power devices without the need for cables or wires.
The major players in the wireless power transmission market in Japan include companies such as Panasonic, Sony, and Toshiba, among others. These companies offer a range of wireless power transmission solutions, from inductive charging pads for smartphones to wireless charging systems for electric vehicles.
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