Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Global Wireless Power Transmission Market Report by Type, Technology, Implementation, Receiver Application, End-Use Industry, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global wireless power transmission market has attained a value of US$ 18.3 billion as of the year 2023. Projections indicate a robust growth trajectory with an anticipated market size of US$ 149.6 billion by 2032, expanding at an impressive compound annual growth rate (CAGR) of 26.30% from 2023 to 2032. This significant growth is attributed to heightened demand for reliable and efficient power transmission systems and an uptick in demand for electricity in remote areas, alongside advancements in power transmission technology.
A notable factor propelling the market forward is the escalating global demand for electricity, spurred by population growth, urbanization, and industrialization, particularly in emerging economies. The rise in consumption necessitates the development of both reliable and efficient power transmission systems and infrastructure. Additionally, attention to sustainability is fuelling the development of new infrastructures compatible with modern power transmission technologies.
Governments across the globe have been implementing regulatory policies and initiatives premised on promoting energy efficiency and sustainable infrastructure, indirectly contributing to growth within the market. Concurrently, extensive research and development activities have enabled key market players to enhance wireless power transmission technology, thereby contributing to a positive market outlook.
Trends Leading Market Progression
The proliferation of wireless charging-enabled devices across consumer electronics and the automation industry is playing an instrumental role in shaping market trends. As technology adoption increases, so does the need for the supporting infrastructure, leading to growth within the wireless power transmission sector. Increased convenience and the ability to charge multiple devices wirelessly add to the technology's appeal.
Similarly, advancements in the electrification of remote and under-served locations and the desire to integrate seamless power supply solutions for smart homes, smart cities, and industrial IoT applications are key drivers. There is a clear trend towards enhancing user experiences through product differentiation, as companies increasingly invest in wireless power transmission to attract and retain customers.
Comprehensive Market Segmentation Analysis
In-depth segmentation analysis provided by the market report demonstrates that devices with batteries currently lead the market in the wireless power transmission space. Near-field technology, encompassing inductive and magnetic resonance methods, accounts for the largest share of market technologies employed, while aftermarket solutions dominate the implementation segment.
Smartphones are the leading receiver application in the market, and consumer electronics marks the most significant end-use industry adopting wireless power transmission. The Asia Pacific region holds the largest market share and is a significant contributor to the global market's current stance.
Competitive Landscape
The competitive analysis indicates a vibrant market with key players continuously investing in technological advancements to refine wireless power transmission capabilities. Prominent players in the market continue to innovate, aiming to cater to the increasing demands of an energy-conscious customer base that seeks convenience, reliability, and efficiency.
Conclusion
The wireless power transmission market is on a path of rapid growth and expansion, with innovations and investments driving the increase in market value. The integration of wireless power technology across multiple industries and applications ensures a dynamic and compelling future for market growth and development.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $18.3 Billion |
| Forecasted Market Value (USD) by 2032 | $149.6 Billion |
| Compound Annual Growth Rate | 26.3% |
| Regions Covered | Global |
Companies Featured
- Energous Corporation
- Humavox Ltd.
- Integrated Device Technology Inc. (Renesas Electronics Corporation)
- Leggett & Platt
- Murata Manufacturing Co. Ltd.
- NuCurrent Inc.
- MothersonOssia
- Qualcomm Incorporated
- Samsung Electronics
- TDK Corporation
- Texas Instruments
- Wi-Charge Ltd.
- WiTricity Corporation
For more information about this report visit https://www.researchandmarkets.com/r/sd7vk2
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