Which Factors Are Driving The Global Wireless Power Transmission Market?
Global Wireless Power Transmission Market: Snapshot
Prominent market players in the global wireless power transmission market have been leveraging carefully-considered strategic alliances with global technology providers in order to bolster their positions. The market, at present, is being benefitted by a number of growth drivers. Most prominent among them is the widespread industrialization and urbanization, which has uplifted the standard of living and spending capacity of people, worldwide. This has resulted in increased digitization, which is serving to up demand for wireless power transmission as the technology does away with the need for cables and provides clutter-free charging.
Demand for digitization and uptake of smart lightning, wireless charging roads for electric vehicles and bullet trains is serving to catalyze growth in the market. Some of the unique perceived benefits of wireless power transmission serving to boost its uptake are operational efficiency and minimization of electric loss.
The initial cost of investment for wireless power transmission is high. Growing demand for wireless charging in consumer electronics, medical devices, and automotive industries, however, helps to counter-balance the high initial costs. Wireless power transmission are used in military applications, such as robots, wireless charging tech to help soldiers, and sensors used in submarines.
Owing to so many growth drivers, the global wireless power transmission market is predicted to expand at a cracking pace. A report by Transparency Market Research projects the market to register a CAGR of 19.2% from 2017 to 2025 to become worth US$17.15 bn by 2025 from US$3.6 bn in 2016.
Affordability Drives Demand for Inductive Coupling Segment
The global wireless power transmission market can be segmented based on various parameters such as application, technology, and range. Depending upon technology, for example, the wireless power transmission market can be divided into inductive coupling, resonant inductive coupling, capacitive coupling, and others, including microwave, laser beam, radio frequency, etc. Of them, the segment of inductive coupling grossed maximum revenue in 2016, owing to its reliability, cost, and ease in availability. In the upcoming years too, the segment is predicted to retain its leading share vis-à-vis revenue. In terms of growth rate, on the other hand, the segment of radio frequency technology is predicted to rise at steady pace in the foreseeable future because of its demand in small devices such as wearable and medical devices.
North America to Overtake Asia Pacific Market Vis-à-vis Revenue by 2025
Based on geography, the key segments of the global wireless power transmission market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific accounted for a leading share of 40.0% in the market in 2016. By clocking a CAGR of 15.8% from 2017 to 2025, the revenue in the region will likely become US$5.1 bn by 2025.
However, North America is expected to lead the wireless power transmission market during the forecast period by registering a CAGR of 20.5% between 2017 and 2025. At this rate, the revenue in the market will reach US$5.6 bn. Europe is another key market. The superiority of the three regions stems from the fact that the Middle East and Africa and Latin America lack qualified manpower and depend on the three for technological progress.
Some of the prominent participants in the global wireless power transmission market are Qualcomm Technologies, LG Electronics Inc., SAMSUNG ELECTRONICS Co., Ltd., Inc., Murata Manufacturing Co., Ltd., and Texas Instruments Inc.