Wireless Power Transmission Market to Reach $35,226.4 Million By 2030

According to a new report published by Allied Market Research, titled, “Wireless Power Transmission Market By Technology, Type, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global wireless power transmission market size was valued at $5,705.1 million in 2020, and is projected to reach $35,226.4 million by 2030, registering a CAGR of 21.3% from 2021 to 2030.

North America region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and Asia-Pacific

Wireless power transmission is a process that occurs in a system, where power source transmits electromagnetic energy to electric load with no wires. This wireless transmission transmits power to remote locations. Wireless power transmission has great demand in the consumer electronics, for example laptop, tablets, smartphones and other devices. Furthermore, the technology is rapidly being implemented in sectors such as defense and healthcare.

The global wireless power transmission market is anticipated to witness significant growth over the period of forecast. Factors such as increase in application of wireless power transmission in the consumer electronics and rising need for battery powered equipment mainly drives the wireless power transmission market growth. In addition, ongoing developments in the long-range wireless power transmission further boosts growth of the market. However, high cost associated with wireless power transmission technology may hamper growth of the market during the forecast period. On the contrary, integration of wireless charging with electric vehicle charging applications will create lucrative growth opportunities for the market growth.

The global wireless power transmission market is segmented on the basis of technology, type, application, and region. On the basis of technology, the market is bifurcated into near-field technology and far-field technology. By type, the market is classified into devices with battery and devices without battery. On the basis of application, it is divided into receiver and transmitter.

Region wise, the wireless power transmission market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed significant revenue in 2020. Significant technological advancements in the field of wireless power transmission in North America primarily drives growth of the market. In addition to this, the extensive presence of consumer electronics manufacturing companies in this region fuels the market growth. Europe holds the prominent share in the global wireless power transmission industry, and is expected to witness significant growth during the forecast period.

Upsurge in demand for applications ranging from future Internet of Things (IoT) and fifth-generation (5G) systems to high-power electric vehicle charging in the Europe mainly contributes for wireless power transmission market.

COVID-19 Impact Analysis

The COVID-19 has impacted severely on the global electrical and electronics sector, due to which production facility as well as new projects have stalled which in turn have the significant demand in the industries. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to slowdown in the growth of the market in 2020.

Key Findings of the Study

• The near field technology segment is projected to be the dominant offering over the forecast period.
• APAC and North America collectively accounted for more than 62.4% of the wireless power transmission market share in 2020.
• Devices without battery segment is anticipated to witness highest growth rate during the forecast period.
• China was the major shareholder in the Asia-Pacific wireless power transmission market analysis, accounting for approximately 38.4% share in 2020.

The key players profiled in the report include Analog Devices Inc., Energous Corporation, Koninklijke Philips N.V., NXP Semiconductors N.V., Powermat Technologies Ltd., Renesas Electronics Corporation, Samsung Electronics Co. Ltd., Semtech Corporation, TDK Corporation, and WiTricity Corporation. These players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the industry.