Wireless Power Transmission Market (Updated Version Available)

Key Market Overview:

Wireless power transmission market size was worth over USD 7.3 Billion in 2022 and is estimated to reach over USD 32.6 Billion by 2030, growing at a CAGR of 20.5% during the forecast period (2022-2030).

Wireless Power transmission or WPT involves transmitting electrical energy from a source to a device without the use of any wired connections such as cables or wires. WPT is achieved through several technologies, including electromagnetic induction, magnetic resonance, and radio frequency (RF) energy. Moreover, such WPT is typically preferred in consumer electronics as electromagnetic induction which uses magnetic fields to transfer energy between two coils. In this method, a charging pad or mat creates a magnetic field. Further, the coil in the device, which needs to be charged, converts such magnetic energy into electrical energy to charge its battery. Magnetic resonance WPT uses resonant inductive coupling between two coils to transfer energy wirelessly. Thus, such technology in wireless power transmission allows for attaining a greater distance between the power source and the device being charged.

The ability to charge devices without the need for physical cords or wires mainly supports the large demand for WPT within applications such as automotive, consumer electronics, construction, and others. The applications in such industries include wirelessly charging smartphones, electric vehicles, security equipment, industrial machines, and others. Moreover, the growing demand for wireless charging solutions and advancements in technology offer significant growth opportunities for manufacturers. The increasing popularity of smartphones and other electronic devices, along with the growing demand for electric vehicles, has created a growing demand for wireless charging solutions, providing manufacturers with a growing market to target. However, manufacturers have the opportunity to invest in research and development to stay ahead of the curve and develop innovative products that meet the needs of consumers. Also, such manufacturers are required to navigate regulatory requirements and certifications to ensure their products meet safety and quality standards.

Report Attributes	Report Details
Study Timeline	2016-2030
Market Size in 2030 (USD Billion)	32.6 Billion
CAGR (2022-2030)	20.5 %
Base Year	2021
By Technology	Near-Field Technology, and Far-Field Technology
By Application	Gateways, Transceivers, Receiver, and Transmitter
By End Use	Automotive, Consumer Electronics, Construction, Material Handling, Mining, and Others
By Geography	Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru]
Key Players	TDK  Corporation, Infineon , NXP Semiconductors N.V. , Analog Devices Inc. , Koninklijke Philips N.V. , Texas Instruments Incorporated , MaXentric technologies LLC , Renesas Electronics Corporation , Emrod , Integrated Device Technology, Inc. , Alcon electronics, TOSHIBA CORPORATION, RRC, Semtech , WiTricity Corporation, Fulton Innovation LLC

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Market Dynamics:

Driver:

The increasing popularity of smartphones and other electronic devices results in rising demand for wireless power transmission in terms of convenience and effectiveness within wireless charging solutions. Also, the growing innovations as technological advancements drive the wireless power transmission market demand in terms of increased efficiency and range of transmission. Moreover, government support in the form of expenditures, subsidies, and incentives also promotes the adoption of wireless power transmission technology.

Restraint:

The high costs of wireless power transmission technology and equipment are major restraint that limits the widespread adoption of the technology. Further, technical limitations such as the limited range of transmission and the need for a direct line of sight between the transmitter and receiver mainly limit the versatility and usefulness of wireless power transmission, hampering the market growth. Also, safety concerns such as the risk of electrical shock or fire restrict market adoption, especially in applications where safety is a critical concern.

Opportunities:

The scope of improvements in terms of utilization of WTP in charging infrastructures in terms of technology and implementation is anticipated to offer lucrative opportunities for market growth. The development of standardized protocols and specifications for WPT is expected to offer opportunities to improve the interoperability of various wireless charging devices and systems, making it convenient for consumers to use and integrate WPT into their lives. Further, the integration of WPT with renewable energy sources such as solar and wind power is also estimated to increase the sustainability and efficiency of charging infrastructures which result in a reduction of the environmental energy consumption impacts.

Wireless Power Transmission Market Segmentation:



By Technology

The technology segment is bifurcated into near-field technology and far-field technology. Near-field wireless power transfer utilizes close proximity electromagnetic coupling between coils to transfer energy over short distances, similar to the size of the coupled coils. The transfer range can be extended by incorporating flat resonators as intermediaries. Thus, such technology is used in applications that require the transmission of power at short distances. The applications include wireless charging of personal devices for smartphones, tablets, and smartwatches, medical devices such as implantable devices, hearing aids, and drug delivery systems, and automotive applications, such as charging electric vehicles or powering in-car infotainment systems. Thus, the favorable adoption of consumer electronics, medical devices, and electric vehicles supports the segments growth. Further, such technology is popularly used in industrial automation and robotics for battery-powered devices along with residential applications such as smart homes for powering IoT devices.

By Application

The application segment is separated into gateways, transceivers, receivers, and transmitters. The transmitter segment is anticipated to support the wireless power transmission market growth in terms of substantial shares. A transmitter IC is a compact, single-chip solution that helps simplify system design, reduce PCB routing difficulties, and streamline the component list. Such transmitters are highly integrated within systems to minimize the overall complexity of the system. Thus, increased demand for wireless power transmission technology to reduce dependence on physical connections, especially in smart homes or buildings aids in improving the efficiency of the system due to minimal power loss. Moreover, receivers are also projected to support the market growth in terms of volume. The receivers are considered effective alternatives in terms of safety functions. Thus, such receivers are incorporated with transmitters within microcontrollers used in kits of various applications for the adaptation of specific requirements.

By End Use

The end-user segment is categorized into automotive, consumer electronics, construction, material handling, mining, and others. The consumer electronics segment contributed for largest share contribution in 2021. WPT is typically used in the consumer electronics industry for charging small electronic devices such as smartphones, wearable devices, and wireless earbuds. A few popular WPT technologies used in the industry include Qi Wireless Charging and the Power Matters Alliance (PMA) standard. WPT offers several benefits over conventional wired charging, such as convenience and increased mobility. Further, the construction industry is also anticipated to support the wireless power transmission market growth during the forecast period. Wireless power transmission technology has potential applications in the construction industry, particularly in the area of powering construction tools and equipment. Such technology offers opportunities in terms of increased mobility, reduced clutter, and improve safety on construction sites by eliminating the need for cords and wires.

By Region

The regional segment comprises Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. North America contributed the largest shares to the market growth in 2021. Growing technology advancements for the usage of wireless power transmission in innovations such as smart city, commercial buildings, and public infrastructure supports the market demand in this region. Moreover, the increased adoption of electric vehicles among the population also supports the demand for wireless power transmission for purpose of upgrades in existing charging infrastructures.



Also, Asia Pacific is anticipated to register the fastest CAGR growth during the forecast period. Rising expenditures by public and private ventures in terms of incentives to improve technology adoption among various industries support the market growth in this region.

Precision Resistor Market Competitive Landscape:

Market players operating in the wireless power transmission market compete with each other on the basis of factors such as technology, product innovation, pricing, and distribution network. In order to develop new and improved WPT products, such players invest heavily in R&D and also engage in strategic partnerships and collaborations to expand their reach and strengthen their positions in the market. Mentioned are market players that comprise current market circumstances–

TDK Corporation
Infineon
NXP Semiconductors N.V.
Analog Devices Inc.
Koninklijke Philips N.V.
Texas Instruments Incorporated
MaXentric technologies LLC
Renesas Electronics Corporation
Emrod
Integrated Device Technology, Inc.
Alcon Electronics
TOSHIBA CORPORATION
RRC
Semtech
WiTricity Corporation
Fulton Innovation LLC

Recent Developments:

In October 2021, Ericsson and PowerLight Technologies have jointly demonstrated the worlds first 5G base station powered wirelessly. In an effort to enhance the deployment of Radio Access Network (RAN) sites, Ericsson joined forces with PowerLight, a U.S. laser technology company, to accomplish the safe and completely wireless-powered 5G base station.

In October 2022, The European Space Agency and Airbus collaborated with New Zealand start-up named Emrod to demonstrate a wireless power transfer system.

In December 2022, a Silicon Valley based start-up business called Reach Power raised $30 million in funding to bring its wireless electricity technology to market. The company has developed high-power antennas that can accurately direct energy beams and has made improvements in control software, making it possible to create efficient wireless power transmission systems.