Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Wireless Power Transmission Market Research Report.
Market Research Future (MRFR)’s latest study reveals that the global wireless power transmission market is set to thrive at an exponential CAGR of 24% during the forecast period 2016 to 2022. The valuation of the global market is poised to reach USD 12 Bn by the end of 2022. Wireless power transmission offers certain benefits such as convenience, prolonged battery life, lower energy consumption, etc. which is likely to fuel demand for the technology.
The shift in consumer behavior toward wireless technology is estimated to have a favorable impact on the proliferation of the market. Furthermore, the excessive need for efficient charging systems, reliability, low maintenance cost, etc. has intensified the adoption of wireless power transmission solutions. The trend is poised to perpetuate in the upcoming years.
The growth of the consumer electronics industry directly reflects on the expansion of the wireless power transmission market. Additionally, the increasing awareness about battery technology is another major factor influencing the growth of the global market positively. However, high cost associated with wireless power technology remains an impediment to the proliferation of the wireless power transmission market.
By technology, the global wireless power transmission market has been segmented into inductive, magnetic resonance, conductive, RF, and others.
By receiver, the wireless power transmission market is segmented into smartphones, gadgets and wearable electronics, and others.
By transmitter, the global wireless power transmission market has been segmented into standalone charger, electric vehicle charging, industrial and others.
By transmitter, the wireless power transmission market is segmented into automotive, industrial, banking, healthcare, consumer electronics, and others. Among these, the automotive segment accounted for the largest market share and is likely to retain a significant share of the market over the next couple of years. The growth can be ascribed to the launch of innovative products in the market owing to technological advancements.
By region, the global wireless power transmission market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share and is projected to hold a substantial share of the market towards the end of the forecast period. The factors responsible for catalyzing the expansion of the regional wireless power transmission market include massive investments in technology, reduction of the overhead installation costs, early adoption of the technology, etc. The presence of major key players in the U.S. is anticipated to favor the growth of the market in the forthcoming years.
Europe is a promising market for wireless power transmission and is forecasted to remain highly lucrative market through the assessment period. The thriving automotive sector coupled with rising demand for electric cars is likely to propel the expansion of the wireless power transmission market in the region. Furthermore, the technology is projected to be widely used in the production of wearable devices, which is likely to augment the wireless power transmission market across the review period. Meanwhile, Asia Pacific resonates strong growth opportunities for the market participants. The growth of the consumer electronics market in countries such as South Korea and Japan are expected to catapult the market on an upward trajectory.
Some of the key players profiled in the report are Ossia, Inc. (U.S.), Energous Corporation (U.S.), Humavox Ltd. (Israel), Wi-Charge Ltd. (Israel), Fulton Innovation LLC (U.S.), Texas Instruments Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), Qualcomm Inc. (U.S.), Semtech Corp. (U.S.), and Toshiba Corp. (Japan).
In October 2018, Atmosic Technologies that deal in lowest power wireless technologies has launched M2 and M3 series wireless internet of things (IoT) chips that have self-sustaining battery power.
In October 2018, South Korea based Hyundai has panoramic sunroof and wireless charging to its SUV, Tucson.
In October 2018, Google has launched fast wireless charging for its new phones- Pixel 3 and Pixel 3 XL.
In October 2018, the researchers from Department of Energy's Oak Ridge National Laboratory have exhibited a 120-kilowatt wireless charging system for vehicles.