The Wireless Power Transmission Market is expected to be worth USD 11.27 Billion by 2022, growing at a CAGR of 23.15% between 2017 and 2022.
The factors that are driving the growth of the wireless power transmission market include the convenience offered by and consumer preference for wireless connectivity and need for effective charging systems. The market has also witnessed significant developments for wireless charging as many start-ups have developed the products based on laser and microwave technologies, which can charge multiple devices at a time.
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Magnetic resonance technology is expected to make inroads in the wireless power transmission market
The companies and researchers have invested significantly in the development of resonance technology. This technology has growth potential in applications such as smartphone charging, electric vehicle charging, wearable electronics charging, and industrial. Due to its user friendliness, the market for this technology is expected to witness the highest growth between 2017 and 2022.
Electric vehicle charging application is expected to surge the wireless power transmission market between 2017 and 2022
The wireless charging technology is considered as the best solution for charging electric vehicles and hybrid electric vehicles. Wireless electric vehicle charging is possible through inductive technology, and many companies are providing the complete wireless charging solution for the electric vehicles; however, wireless charging yet to realize its full potential and come to the mainstream. In 2017, Mercedes-Benz (Germany) is expected to launch the luxurious hybrid-powered sedan car (probably from S-Class series) that is enabled with the wireless charging technology. BMW AG (Germany) is also on the list of future wireless charging car manufacturers. Toshiba Corporation also had a trail run for 45-seaters electric bus for wireless charging. The contactless charger based on the magnetic resonance technology is designed in association with the Waseda University.
European market is expected to grow at the highest rate between 2017 and 2022
Europe, being one of the early adopters of this technology, is expected to grow at a high rate. Europe is the automotive hub, and the developments in the European market, especially in electric vehicles and wearable electronics, are expected to boost the growth of the wireless power transmission market in this region. The European Green Vehicles Initiative Association (EGVI), a Europe-based company, has undertaken UNPLUGGED and FABRIC projects on wireless charging of electric vehicles.
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The major players involved in the wireless power transmission market include Samsung Electronics Co., Ltd. (South Korea), Qualcomm Inc. (U.S.), Texas Instruments Inc. (U.S.), TDK Corp. (Japan), Witricity Corp. (U.S.), and Integrated Device Corp. (U.S.).
Various start-ups in the wireless power transmission market include Ossia, Inc. (U.S.), Wi-Charge Ltd. (Israel), Energous Corporation (U.S.), Humavox Ltd. (Israel), and Fulton Innovation LLC (U.S.).