Wireless Power Transmission Market - Forecast(2024 - 2030)
Wireless Power Transmission Market Overview
The Wireless Power Transmission Market size is
forecast to reach US$26.3 billion by 2027, after growing at a CAGR of 20.5%
during the forecast period 2022-2027. Wireless power
transmission is primarily based on near-field and far-field technologies that
employ the principle of inductive coupling, electrodynamic induction, laser
transmission, and more. They
are used in a wide range of applications which include consumer electronics, automotive
charging, biomedical implants, charging portable devices, solar power satellites,
wireless powered drone aircraft, and other similar applications According
to recent insights from the Semiconductor Industry Association, China accounted
for 35% of the world’s electronic devices and was responsible for 30% to 70% of
the global PC, TV, and mobile phone exports in 2020. The increasing demand for
wireless power transmission from the electronics industry along with an
increase in the production of electric vehicles acts as the major driver for
the market. On the other hand, limitations associated with the use of wireless
power transmission may act as a major constraint for the market.
COVID-19 Impact
There is no doubt that the COVID-19 lockdown
has significantly reduced construction, and production activities as a result
of the country-wise shutdown of construction sites, shortage of labor, and the
decline of supply and demand chain all over the world, thus, affecting the
market. Studies show that the outbreak of COVID-19 sharply declined the
production of raw materials in 2020 due to a lack of operations across multiple
countries around the world. However, a slow recovery in the electronic industry
has been witnessed across many countries around the world since 2021. An
increase in work from home and e-learning practices during COVID-19 has
significantly led to high demand for laptops, tablets, and smartphones which have
resulted in the higher production of these electronics. For instance, according
to the Retailers Association of India (RAI), consumer electronics net sales
increased by 2% in September and 8% in October 2020, in comparison to 2019,
owing to the increase in electronic devices for remote practices during
COVID-19.
In this way, an increase in demand and
production of consumer electronics which include smartphones, laptops, tablets,
and more is expected to increase the demand for wireless charging, owing to its
ease of use and convenience. This, in turn, is expected to create opportunities
for the growth of the wireless power transmission market in the upcoming years.
Report Coverage
The “Wireless Power Transmission Market Report– Forecast (2022-2027)”,
by IndustryARC covers an in-depth analysis of the following segments of the Wireless Power Transmission Industry.
By Technology: Near-Field Technology, and Far-Field
Technology.
By Range: Short-Range, Mid-Range, Long-Range.
By Application: Consumer Electronics, Electric
Vehicle Charging, Biomedical Implants, Charging Portable Devices, Solar Power
Satellite, Wireless Powered Drone Aircraft, Others.
By Geography: North America (USA, Canada, and
Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia,
Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South
Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of
Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest
of South America), the Rest of the World (the Middle East, and Africa).
Key Takeaways
- Near-Field Technology held a significant share in the Wireless Power Transmission Market in 2021, owing to its increasing demand and benefits over far-field technology such as microwave and laser transmission technologies.
- Consumer Electronics held the largest share in the Wireless Power Transmission Market in 2021. The major reason behind this is the increasing demand for wireless charging in electronic gadgets such as smartphones, tablets, laptops, and other portable devices.
- Asia-Pacific dominated the Wireless Power Transmission Market in 2021, owing to its increasing demand from the electronic sectors of the region. For instance, domestic electronic production by the Japanese electronics industry increased by 11% in 2021, in comparison to 2020.
Figure: Asia-Pacific Wireless Power Transmission Market Revenue, 2021-2027 (US$ Billion)
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Wireless Power Transmission Market Segment Analysis – By Technology
Near-Field Technology held a significant share
in the Wireless Power Transmission Market in 2021, owing to its increasing
demand due to the benefits it offers in comparison to far-field technologies
such as microwave and laser transmission techniques. Near-Field Technologies such as inductive
coupling, capacitive coupling, and magneto dynamic coupling offer discretion
and reduced emissions, along with spontaneous device pairing in
comparison to far-field technology. It can easily automate and secure the pairing
of an appliance’s wireless interface with the mobile phone. It also provides transaction
security and better optimization of power consumption as compared to far-field
technology. Moreover, near-field technologies such as inductive coupling, capacitive
coupling, and magneto dynamic coupling are easier, secure, and lower-cost mediums
for wireless power transmission among electronic systems as opposed to far-field
technologies which include microwave and laser transmission techniques. Hence,
all of these benefits are driving its demand over far-field technology, which
in turn, is expected to boost the market growth during the forecast period.
Wireless Power Transmission Market Segment Analysis – By Application
The consumer electronics application held
the largest share in the Wireless Power Transmission Market in 2021 and is expected
to grow at a CAGR of 20.6% between 2022 and 2027, owing to an increase in demand
for the production of electronic gadgets across the globe. For instance, according
to recent insights published on Growth from Knowledge (GRK) in September 2021,
the global consumer electronics industry obtained a total sales growth of US$ 42.8
billion during the first quarter of 2021, an increase of 18% in comparison to
2020. It further states that the GDP growth rate of consumer electronics which
includes electronic appliances and gadgets such as washing machines,
televisions, computers, laptops, smartphones, tablets, and more in countries
like India, China, the U.S, and regions like Europe is expected to increase up
to 8.1%, 5.7%, 1.4%, and 1.7% respectively by the end of 2022.
Wireless power transmission is
primarily used to provide direct power to devices such as LED lights, TV and to
recharge batteries of mobile phones, tablets, and other electronic gadgets without
the need for cables by simply placing them aboard. Thus, an increase in the production
of consumer electronics is expected to increase the demand for wireless power
transmission, leading to market growth during the forecast period.
Wireless Power Transmission Market Segment Analysis – By Geography
The Asia Pacific held the largest share in the Wireless Power Transmission Market in 2021 up to 30%. The consumption of wireless power transmission is particularly high in this region due to its increasing demand from the electronic sector. For instance, according to a recent study published in the Economic Times (Telecom) in 2021, electronic manufacturing and production were valued at around US$ 100 billion in India. It further states that mobile manufacturing in India surpassed INR 90000 crore (US$ 12 trillion) in 2021, as per the statement made by the Indian IT Minister. According to the annual reports published by Samsung during the fourth quarter of 2020, the total revenue of the consumer electronics division was valued at KRW 13.6 trillion (US$ 11.3 billion) with an operating profit of KRW 0.8 trillion (US$ 668 million). Furthermore, according to the Statistical Handbook of Japan 2021, the production and shipments of electronic gadgets reached up to US$ 52.6 billion during the fourth quarter of 2020. Thus, such increasing production of consumer electronics is expected to increase the demand for wireless power transmission, owing to its ease of use and convenience for directly recharging batteries of mobile phones, tablets, and other electronic gadgets. This is expected to boost the growth of the Wireless Power Transmission Market during the forecast period.
Wireless Power Transmission Market – Drivers
An increase in demand from the electronic industry is most likely to increase demand for the product
According to the
Japan Electronics and Information Technology Industries Association, the global
electronics production by Japanese electronics and IT companies reached up to
¥37,300 billion (US$ 339.7 billion) in 2021, an increase of 8% in comparison to
2020. It further states that the electronics production by the global
electronics and IT industries is expected to increase by 5% and reach up to US$
3,536.6 billion by the end of 2022 as compared to 2021. Furthermore, Lenovo
Group, a leading brand in consumer electronics and media, published the annual
report for the fiscal year that ended in March 2021, which stated that the
total revenue of the company reached up to US$ 60,742 million in the fiscal
year 2020/21, an increase by 20% in comparison to the fiscal year 2019/20.
Wireless power
transmission based on the principle of inductive
coupling, electrodynamic induction, and laser transmission is primarily
used to provide direct power to electronic devices such as LED lights, TV and
to recharge batteries of electronic gadgets without the need of connecting it
through a wired medium. Hence, an increase in global consumer electronics production
activities is expected to increase the demand for wireless power transmission,
leading to the growth of the market in the upcoming years.
An increase in production of electric vehicles is most likely to increase demand for the product
The demand for wireless power transmission has
been increasing rapidly as it is used for wireless inductive charging of electric
vehicles, which allows an electric vehicle to charge automatically without the
need for cables. According to recent insights published by the International
Netherlands Group (ING), the demand for the production and development of
electric vehicles has been increasing since the pandemic. It states that the
global sales of new electric vehicles have increased by 50% in 2021, and it is
expected to increase by 8% in 2022. It further states that the sales of
electric vehicles have increased by 14% in Europe, 9% in China, and 4% in the
US respectively. According to International Energy Agency (IEA), in 2020, the
global electric car shares increased by 43% in comparison to 2019. It states
that around 3 million new electric cars were registered in 2020. Furthermore, recent
insights from Forbes state that the global production of electric vehicles
increased up to 30% in 2021, as compared to 2020. In this way, the increasing demand and
production of electric vehicles is expected to increase the demand for wireless power transmission for use in wireless
inductive charging of electric vehicles, thus, accelerating the growth
of the market in the upcoming years.
Wireless Power Transmission Market – Challenges
Limitations of wireless power transmission may confine the market growth
Wireless power transmission technologies have
numerous limitations such as higher costs, and limited coverage as compared to
wired technology. Moreover, wireless power transmission is more open to
interference and has an increased risk of jamming, which makes it
comparatively slower than wired power transmission technologies. Furthermore, it
is very susceptible to interference, thus, radio signals, radiation, and any
other similar kind of interference may cause the wireless power transmission
network to malfunction. Hence, such limiting factors of wireless power
transmission technologies may confine the market growth.
Wireless Power Transmission Industry Outlook
Technology launches, acquisitions, and R&D
activities are key strategies adopted by players in the Wireless Power
Transmission Market. Wireless Power Transmission top 10 companies are:
- Texas Instruments, Inc.
- Qualcomm, Inc.
- Integrated Device Technology, Inc.
- Semtech Corporation
- Toshiba Corporation
- Panasonic Corporation
- Rohm Co., Ltd.
- Convenient Power HK
- Powermat Technologies Ltd.
- Murata Manufacturing Co.
Recent Developments
- In December 2021, Neotes Co., Ltd. launched its new wireless power transfer technology. The launch of the new technology aims at solving some of the major issues associated with conventional wireless transfer. This technology is capable of maintaining high-efficiency charging regardless of misalignment between coils or changes in distance.
- In
August 2021, Realme launched its magnetic wireless charging system called
MagDart, for Android phones. The new technology is
designed with an
array of magnets around the wireless charging coil that is optimized for
alignment as well as efficiency.
- In
August 2020, EMROD launched it's first long-range, high-power, wireless power
transmission as a substitute to the company’s existing copper line technology. The
new technology works by making use of electromagnetic waves in order to
efficiently transmit energy wirelessly over huge distances.
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LIST OF TABLES
1.Global Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 ($M)2.Global Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 ($M)
3.Global Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 (Volume/Units)
4.Global Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 (Volume/Units)
5.North America Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 ($M)
6.North America Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 ($M)
7.South America Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 ($M)
8.South America Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 ($M)
9.Europe Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 ($M)
10.Europe Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 ($M)
11.APAC Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 ($M)
12.APAC Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 ($M)
13.MENA Wireless Power Transmission Market Analysis and Forecast, by Technology, Market 2023-2030 ($M)
14.MENA Wireless Power Transmission Market Analysis and Forecast, by Range, Market 2023-2030 ($M)
LIST OF FIGURES
1.US Wireless Power Transmission Market Revenue, 2023-2030 ($M)2.Canada Wireless Power Transmission Market Revenue, 2023-2030 ($M)
3.Mexico Wireless Power Transmission Market Revenue, 2023-2030 ($M)
4.Brazil Wireless Power Transmission Market Revenue, 2023-2030 ($M)
5.Argentina Wireless Power Transmission Market Revenue, 2023-2030 ($M)
6.Peru Wireless Power Transmission Market Revenue, 2023-2030 ($M)
7.Colombia Wireless Power Transmission Market Revenue, 2023-2030 ($M)
8.Chile Wireless Power Transmission Market Revenue, 2023-2030 ($M)
9.Rest of South America Wireless Power Transmission Market Revenue, 2023-2030 ($M)
10.UK Wireless Power Transmission Market Revenue, 2023-2030 ($M)
11.Germany Wireless Power Transmission Market Revenue, 2023-2030 ($M)
12.France Wireless Power Transmission Market Revenue, 2023-2030 ($M)
13.Italy Wireless Power Transmission Market Revenue, 2023-2030 ($M)
14.Spain Wireless Power Transmission Market Revenue, 2023-2030 ($M)
15.Rest of Europe Wireless Power Transmission Market Revenue, 2023-2030 ($M)
16.China Wireless Power Transmission Market Revenue, 2023-2030 ($M)
17.India Wireless Power Transmission Market Revenue, 2023-2030 ($M)
18.Japan Wireless Power Transmission Market Revenue, 2023-2030 ($M)
19.South Korea Wireless Power Transmission Market Revenue, 2023-2030 ($M)
20.South Africa Wireless Power Transmission Market Revenue, 2023-2030 ($M)
21.North America Wireless Power Transmission By Application
22.South America Wireless Power Transmission By Application
23.Europe Wireless Power Transmission By Application
24.APAC Wireless Power Transmission By Application
25.MENA Wireless Power Transmission By Application
26.Technology Mapping, Sales /Revenue, 2015-2018 ($Mn/$Bn)