Wireless Power Transmission Market Expected to Reach $50 Billion by 2032

According to a new report published by Allied Market Research, titled, “Wireless Power Transmission Market, By Type, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2024-2033" The wireless power transmission market was valued at $9.6 billion in 2023, and is estimated to reach $50 billion by 2032, growing at a CAGR of 20.7% from 2024 to 2032.

Wireless power transmission is a modern method of delivering electricity without the need for physical wires in the medium. This technology enables the transfer of power from the generation source to the end-user without relying on traditional towers or transmission lines. Wireless Power Transfer (WPT) involves transmitting electrical energy across an air gap from a power source to a load using induction coils. These coils create an electromagnetic field that facilitates energy transfer from a charging station (transmitter) to a coil in a portable device (receiver) while maintaining full galvanic isolation. The receiver coil captures the energy from the electromagnetic field and converts it into usable electrical power.

Serbian scientist, Nikola Tesla, first proposed the concept of wireless power transfer (WPT) in 1899, laying the groundwork for a revolutionary technology. Over the years, researchers have made significant strides to realize Tesla's vision. in recent years, WPT has evolved as a crucial innovation, transitioning from conventional wired systems to meet growing demand. Although it presents immense potential, the technology faces challenges like interference and security risks that must be addressed for full adoption. Experts foresee WPT continuing to transform technology, potentially replacing wired charging within the next decade. Artificial intelligence (AI) is playing a crucial role in WPT. Artificial Neural Networks (ANN), a branch of AI, have gained prominence for optimizing wireless power transmission systems. By leveraging ANN algorithms such as back propagation (BP), performance metrics can be evaluated more efficiently, reducing design complexities and speeding up calculations.

Wireless power transmission has vast applications, from smartphones and wearables to electric vehicles and home devices. It is standard in many smartphones and is steadily integrated into daily life, with homes and workplaces adopting wireless charging stations built into furniture, eliminating cable clutter. Rapid advancement of consumer electronics has further expanded the applications of WPT.

An example of WPT technology in consumer electronics is the Philips Sonicare toothbrush, which uses a dedicated wireless charging station. Other devices employing WPT include wireless chargers for mobile phones, electric vehicles, and LED televisions, as well as wireless peripherals such as keyboards and speakers. For long-range WPT, technologies such as laser beam and microwave power transmission are being explored, especially for applications such as transferring energy from satellites to Earth. In space systems, WPT could address challenges like contamination and pin misalignment in connector operations. Traditional connectors are unsafe to issues such as lunar dust or mechanical wear, which could jeopardize mission success. Microwave power transfer experiments in space have shown promising results, with low transmission losses of under 1%, paving the way for future innovations.

Wireless charging offers numerous advantages, including streamlined device designs, reduced maintenance, and enhanced durability due to the elimination of cords. Sealed devices are better protected from environmental damage, reducing the need for replacements. However, high initial costs remain a barrier compared to wired charging. As manufacturing improves and adoption increases, costs are expected to decrease, making WPT more accessible and transformative. Overcoming these challenges will be critical for wireless charging to achieve widespread use and reshape modern technology.

The wireless power transmission market analysis is segmented into technology, type, application, and region. By technology, the wireless power transmission market demand is segmented into near field technologies and far field technologies. By type, the wireless power transmission market share is segmented into device with battery and devices without battery. By application, the wireless power transmission market overview is segmented into receiver application, and transmitter application. Region-wise, the wireless power transmission market research is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

KEY FINDINGS OF THE STUDY

• In 2023, the near field technologies segment accounted for maximum revenue and is projected to grow at a notable CAGR during the forecast period
• The device with battery segment was the highest revenue contributor to the market in 2023
• The receiver application segments collectively accounted mare than half of the market share in 2023
• Asia-Pacific acquired a major share in wireless power transmission analysis in the year 2023

The key players in the wireless power transmission market include Murata Manufacturing Co., Ltd., Renesas Electronics Corporation, Samsung Electronics Co. Ltd., Qualcomm Technologies, Inc., Powermat, Texas Instruments Incorporated, Energous Corporation, WiTricity Corporation, NXP Semiconductors, and TDK Corporation.