Global Wireless Power Transmission Market Research Report: Forecast (2024-2030)

Market Definition

Wireless Transmission technology refers to power transmission with no wired connectivity in a system, where the source of power allows the transmission of electromagnetic energy & eliminates the need for batteries and wires. This power transmission offers a fast speed and can be used over remote locations. It also offers convenience, mobility, enhanced reliability, and less loss of energy as compared to traditional methods for energy transfer.

Market Insights & Analysis: Global Wireless Power Transmission Market (2024-30)

The Global Wireless Power Transmission Market is projected to grow at a CAGR of around 21% during the forecast period, i.e., 2024-30. The market is swiftly driven by the growing consumer in the electronics sector for smartphones, laptops, tablets, wireless chargers, and other electronic devices. It has the ability to transmit power both short & long distances. The latest technology of wireless power is being used over conventional energy-transferring methods, acting as a promoter for the market.

Wireless power transmission has gained significant traction due to its advantages, such as enhanced mobility, convenience, and reliability while eliminating the reliance on batteries & wires. Its applications span across diverse industries like automotive, heating & ventilation, consumer electronics, and industrial engineering. This technology not only enhances mobility & convenience but also eradicates the necessity for wires & batteries. With a rise in disposable income, individuals are more inclined to invest in cutting-edge technology-driven devices such as entertainment gadgets, smartphones, and laptops, thus driving the demand for wireless power transmission systems & facilitating market expansion.

Additionally, the growing need for more dependable & efficient energy distribution systems is prompting electric grid operators to explore solutions like smart grids, comprising smart meters, appliances, and renewable resources. These advancements aid in the more effective management of energy resources, consequently amplifying the demand for wireless power transmission systems and propelling industry growth in the projected period. Moreover, the automotive industry's increasing emphasis on integrating this technology for electric vehicle charging would also compel the demand graph.

Also, supplemented investments and involvement from industry players aiming to enhance these systems by integrating advanced features and promoting their use across various applications would be a key driver of Wireless Power Transmission Market growth throughout the prediction period.

Global Wireless Power Transmission Market Driver:

Surging Adoption of Consumer Electronics to Augment Market Growth – In recent years, the adoption of smartphones, laptops, tablets, wearable devices, and other portable electronic devices has increased, thus enhancing the demand for wireless solutions for charging due to convenience, mobility, easy accordance, and handy operations. Over the past years, smartphones have been one of the largest receiver electronic devices for wireless power transmission technology due to the inductive wireless power transmission in several smartphones. Google Nexus phones, Motorola Droid phones, and Samsung Galaxy Series are a few major smartphones that provide wireless charging abilities.

Moreover, wireless connectivity technologies are being used at the maximum rate. Consumers expect wireless services everywhere, such as digital cameras, smartphones, notebooks, and MP3 players. Furthermore, consumer’s increasing tendency to “go wireless” aids in driving the Global Wireless Power Transmission Market during the forecast period.

Global Wireless Power Transmission Market Possible Restraint:

Challenges in Wireless Transmission Capabilities Pose Obstacles to the Expansion of the Wireless Power Transmission Market – Wireless transmission presents a viable solution to address heightened power usage, but it is limited by battery capacity and runs actively for only a short period of time. As a result, the endurance or minimal power usage associated with wireless power transfer continues to be a key commercial barrier. Moreover, any obstructions between the transmitter and receiver can disrupt the functionality of wireless transmission. Therefore, despite advancements in battery and energy-efficient technologies, employing wireless power transfer to energize sensor nodes remains a challenge.

Inductive coupling is most efficient over short distances, but obtaining longer ranges requires durable coupled magnetic resonance, which incurs significant infrastructure costs. These factors are expected to have a negative influence on market growth over the forecast period.

Global Wireless Power Transmission Market Key Trend:

Rising Wireless Charging with Electric Vehicles Acts as a Key Trend in the Market – Wireless power technology is also becoming popular in electric vehicles like bicycles, mopeds, e-rickshaws, and scooters, especially in the Asia-Pacific. The growing demand for electric vehicles associated with wireless power technology encourages companies to produce new technologies in the market. This further increases the Wireless Power Transmission Market size around the globe.

Global Wireless Power Transmission Market (2024-30): Segmentation Analysis

The Global Wireless Power Transmission Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on End Users:

• Consumer
  • Smart Home Devices
  • Home Security
  • Consumer Electronics
• Automotive
  • Convenience (Hand-free Charging)
  • Sensors
• Industrial IoT
  • Supply Chain
  • Factory Floor
  • Security & Safety
  • Others (Healthcare, Defense, etc.)

Consumer electronics under the segment consumer account for a substantial share of the Wireless Power Transmission Market, as they are mass-produced and have stable global demand. The ability to charge multiple devices, eliminating the inconvenience of incompatible charging points and cable management, and the inherent allure of embracing technological advancements all contribute to the popularity of wireless charging among this consumer segment.

Furthermore, wireless charging extends to numerous consumer products, with smartphones and electric vehicles (EVs) emerging as dominant electronic devices within the wireless power transmission market. Both these products, being consumer electronics are pivotal contributors to the market's anticipated growth in the forthcoming years.

Global Wireless Power Transmission Market: Regional Projection

Geographically, the Global Wireless Power Transmission Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia Pacific

Asia-Pacific is anticipated to dominate the Wireless Power Transmission Market during the estimated years. The regional market embraces a range of technological advancements & innovations in wireless charging, impacting diverse sectors like consumer electronics, automotive, healthcare, and more. Nations like China, Japan, South Korea, and India actively propel this market forward through extensive research & development and widespread integration of wireless power transmission technologies.

Moreover, the escalating adoption of smartphones, the rapid expansion of electric vehicle usage, and the surging demand for efficient & user-friendly charging solutions serve as primary drivers for the growth of wireless power transmission across the Asia-Pacific region. Additionally, the region's emphasis on technological progress and the establishment of supportive infrastructure for wireless charging technologies further strengthens the market's potential for expansion.

Gain a Competitive Edge with Our Global Wireless Power Transmission Market Report

• Global Wireless Power Transmission Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Wireless Power Transmission Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.