Wireless Power Transmission Market Set to Reach USD 47 Billion by 2030, Driven by Technological Advancements and Increased Demand for Mobility

Wireless Power Transmission Market Set to Reach USD 47 Billion by 2030, Driven by Technological Advancements and Increased Demand for Mobility

Market Growth & Overview:

According to Next Move Strategy Consulting, the global Wireless Power Transmission (WPT) Market, is projected to reach USD 47 billion by 2030, with a robust Compound Annual Growth Rate (CAGR) of 22% by 2030. Wireless power transmission, also known as wireless power transfer (WPT), utilizes electromagnetic fields to transmit energy without the need for physical wiring, offering immense benefits in terms of mobility and convenience. With applications ranging from consumer electronics to electric vehicle (EV) charging, this technology is poised for exponential growth.

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 Technological Advances & Key Market Drivers:

The growing demand for mobility and the desire to eliminate the limitations of wired connections are key factors driving the market’s growth. Consumers are increasingly embracing wireless solutions for their ease of use, flexibility, and convenience. Furthermore, the rise of the Internet of Things (IoT) and advanced internet technologies are fueling the expansion of wireless power systems, allowing businesses and consumers to leverage cutting-edge, wireless-powered devices.

Countries like the United States, Japan, and South Korea are investing heavily in research and development to improve wireless power transmission technology. This trend is expected to further drive the market by reducing installation costs for power systems and expanding the range of wireless energy applications.

Noteworthy Industry Developments:

In February 2022, the U.S. government, under Governor Gretchen Whitmer’s leadership, awarded a contract for the development of a public wireless in-road charging system in Detroit. This innovative project, which allows electric vehicles (EVs) to charge while in motion or stationary, is set to be a game-changer for the industry and is anticipated to drive growth in the wireless power transmission market.

Challenges and Opportunities:

Despite the promising growth outlook, the market faces challenges such as a lack of widespread infrastructure and the introduction of uncertified, low-cost wireless products. However, these hurdles are expected to be mitigated through ongoing technological developments, including the emergence of wireless-powered drones and miniaturized robots. These innovations offer substantial growth potential for market players in the coming years.

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Segmentation & Market Dynamics:

The wireless power transmission market is segmented into various categories, including:

  • By Type: Devices with battery and devices without battery.
  • By Technology: Near-field (magnetic resonance, inductive technology, and conductive coupling) and far-field (laser/infrared, microwave/RF) technologies.
  • By Application: Receiver and transmitter, with applications spanning consumer electronics, EV charging, industrial use, and more.

Geographically, the Asia Pacific region dominated the market in 2021, with growth expected to continue through the forecast period. The region's growing middle-class population, high demand for wireless consumer electronics, and surge in electric vehicle adoption are all contributing factors. Additionally, North America is anticipated to see substantial growth, driven by government initiatives to support clean energy storage and the increasing presence of key manufacturers like Qualcomm and WiTricity.

Competitive Landscape:

The wireless power transmission market includes several prominent players, such as Energizer Brands, Qualcomm Technologies, WiTricity Corporation, Samsung Electronics, Powermat Technologies, and NXP Semiconductors. These companies are engaged in strategic partnerships, product launches, and advancements in wireless power technology to maintain their competitive edge.

Notable developments include:

  • WiTricity's 2022 plan to offer a wireless charging upgrade package for selected EVs.
  • Energous Corporation's launch of a 5.5W Active Energy Harvesting Developer Kit in July 2021 for IoT-connected devices.

Conclusion:

The wireless power transmission market is on a growth trajectory fueled by the increasing demand for wireless technologies and innovations in energy transfer systems. As the technology matures and becomes more widely adopted, significant opportunities will emerge for industry stakeholders, offering both challenges and rewards in equal measure.

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Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

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