The increasing demand for wireless charging in industries is projected to promote the growth of the global wireless power transmission market. Wireless power transmission is the transmission of electric energy starting with one spot then onto the next, without the utilization of conduits like wires and links. In wireless power transmission, electric energy is sent from a power source to electric loads like cell phones and workstations. The utilization of wireless power transmission has expanded. It has opened new roads for energy the executives, bother free charging and proficient power move.
Consumer Electronics segment to Witness Highest Growth Rate on Account of Increasing Demand worldwide
Based on classification by application, the global wireless power transmission market is dominated by the consumer electronics segment since wireless chargers can estimate the need for energy which is different for every electronic device. The increasing disposable incomes of people, the rising popularity of electronic devices, and the growing demand for wireless connections in such devices are likely to help this segment continue dominating the market in the coming years as well.
According to a report by Transparency Market Research, the global wireless power transmission market is projected to reach a value of USD 20000 Million by the end of 2026. In 2017, the value of this market was USD 4,000 million and is likely to be expanding at a CAGR of 15% during the forecast period, 2018 to 2026.
Growing Adoption of Wireless Technology to Bolster Growth
The worldwide wireless power transmission market gets huge development from the utilization of wireless power transmission in energy the board and productive exchange of power. It additionally gains strikingly from the mechanical progressions and the ascent in digitization. The rising mindfulness about the advantages of wireless power transmission, for example, giving mess-free charging without the link, is filling its interest generously. Purchaser electronic gadgets that need charging have become its key end clients. Since wireless chargers can decide the measure of power needed by each electronic gadget, trying not to cheat on batteries, their utilization has expanded manifolds. Besides, as there is no AT&C misfortune, the misfortune in power is significantly less in wireless power transmission in correlation with wired power transmission. This factor is probably going to fuel the utilization of wireless power transmission further, boosting the overall wireless power transmission market in the forecast years.
Headways in wireless power transmission are expanding as far as advancements like thunderous inductive coupling and radio recurrence. Variables driving the interest for wireless power transmission are highly functional productivity, minimization of power misfortune, ascend in the utilization of organization correspondences, digitization, and advancement of foundation. The underlying expense of the venture for wireless power transmission is high. In any case, this innovation takes out the utilization of links while giving mess-free charging. Rising interest for wireless charging in ventures like purchaser hardware, clinical gadgets, and auto offsets high introductory expenses. Moreover, wireless power transmission is utilized in military applications, for example, robots and wireless charging innovation to help troopers. It is likewise applied in sensors utilized in submarines.
Geographically, Asia Pacific earned the lion’s share in the global wireless power transmission market in the year 2016 with a 40% share. The steady ascent in the wireless power transmission in numerous Asian nations has empowered shoppers to have a simple admittance to power even in distant regions. This pattern has transformed into an impetus for the shift from customary power transmission to a wireless one. On the contrary, North America is projected to emerge dominant in the forecast period on account of the growing inclination towards energy consumption, rising investments in product development and innovative launches, and the presence of major players.
Players operating in the global wireless power transmission market are indulging in collaborative agreements to gain an upper hand in the overall market competition. Besides this, players are also investing in the production and launch of better quality power transmission systems to create and maintain a high brand presence, thereby creating intense competition in the overall market.