ID: MRFR/SEM/1725-HCR | February 2021 | Region: Global | 100 pages
Wireless power transfer is the process of transfer of electrical energy from the power source to the load and is transferred in the absence of wires and batteries. This transmission takes place when the interconnecting wires are not dangerous. North America covers a great area of the market share of the wireless power transmission market and is expected 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, but some of the places in European regions tend to grow at a faster pace in the forecast period of 2016-2022.
COVID 19 ANALYSIS
Advanced technology has helped in the robust development of the market. The outbreak of COVID has had a negative impact on the economic conditions of the wireless power transmission market throughout the world. The launching of labor-savings techniques was hindered. Regular complaints were marked in consumer demand and more change in consumer behavior was marked. Wireless power of low battery conditions along with low security and non-ability was marked. The out team of the pandemic has helped to increase the demand for using more of the latest wireless technology. To fulfill the needs and demands, the government took safety steps for the production of the equipment and devices.
The wireless power transmission market is highly benefitted to the end-users or extending the longevity of the battery, consuming less energy and many more is driving the wireless power transmission market. Increase in expansion in consumer electronics in emerging countries like in South Korean regions and some of the Japanese regions and the willingness for using battery-powered devices which helps in increasing the wireless power transmission market growth. The wireless power transfer market has shown its developments in the wireless charging unit as several initiatives have been developed based on laser and microwave technology.
The ability of the wireless types of equipment or using the devices having strong electromagnetic power helps in wireless power transmission market size. The rise in the inefficiency of the equipment increases the chances of the wireless power transmission market. Incorporation of solar energy for wireless power transfer and wireless transmission. Many vehicular industries like Nissan, Honda, and many more give priority to the electrically charged vehicles thus increasing the expansion of the market size.
The most challenging factor is the growth of the market for the user’s electronics wireless devices. But it has been marked that wireless technology has faced certain limitations. This limitation acts as a major drawback to the manufacturers. The devices being less efficient and less safe are very much harmful to the environment. The most challenging factor is the initiative taken by the wireless power transmission companies which launch certain wireless products.
Rise in the growth of consumer wireless electronics in the regions of Japan, Russia, and South Korea shows the area covered by them. During the outbreak, the wireless power transmission companies showed market expansion where the wireless globally helped in virtual learning. Adopting the IoT and the advanced use of the internet is nowadays very much helpful in the growth of the wireless power transmission market. Thus transmission technology has reformed so much and has made the consumers interact with these devices. The need to transfer the power to distant places is the driving factor of the wireless power transmission market.
High expenses of the transmission technology and wireless electricity technology is the major restraining factor for the growth of the wireless power transmission market. Lack of infrastructure of the wireless pieces of equipment act as a restraining factor for the expansion of wireless power transmission market size. If in case the types of equipment have any queries, then market growth is simply hindered. The devices which are not certified by the government, and which have no standards hinder the wireless power transmission market growth.
Based on type, it has been marked that the wireless power transmission industry is classified into with battery segment and without battery segment. Along with this division, the segment has been marked about the division into short-range and long-range parameters. The wireless power transmission market, based on technology, is classified into near-field technology and far-field technology. The wireless power transmission market based on application is divided into the wireless industry, automotive, defense, healthcare unit, and consumer electronics. Here, the defense unit is in high use because of the countering actions of global tourism units. Based on geography, the wireless power transmission market is classified into the regions of North America, Asia Pacific, and the rest of the world. Asian regions cover the highest market share as here you can mark more opportunities which help in the growth of the wireless power transmission market.
Due to advances in technology, wireless power transfer has become more convenient and accessible and has made wireless devices safer. With the development of wireless power transmission technology, inductive coupling has gained importance in the wireless power transmission market. This radiative technique helps in long-distance wireless power transfer. Advanced batteries have been developed and have been used in the market. This technology has been used in the defense and healthcare sectors. Nowadays this technology is also implemented in solar power satellites and wireless aircraft.
The continuously developing supply chain has given insights into the wireless power transmission market players. Experts have the technological framework and have evaluated the supply chain frameworks. This supply chain makes you confident and helps in building different business strategies to succeed in a competitive advantage.
North America holds the largest and dominant part of the world. The North American region covers a large area of the long-range wireless power transmission market and its projects at a high percentage of the market during the forecast period. Some of the European regions grow at high speed during the forecast period of 2016-2022. This was the early region where the use of technology and power transmission was implemented. Some of the markets in Europe have taken the fabrics and some of the wireless contracts. Regionally, it has been marked that the United States is covering a large area due to it investing a huge sum for technology. The installation of a wireless power transmitter and receiver is carried out at a very cheap rate.
Wireless power transmission companies have used innovative ideas and taken the help of advanced technology. Some of the important market players operating in the wireless power transmission market are Ossia Inc. of the United States, Wi-Charge Ltd of Israel, Energous Corporation of the United States, Humarvous Ltd of the United States, Fulton Innovation LLC, Qualcomm Inc. of the United States, Semtech Corporation of the United States, Toshiba Corporation of Japan and Texas Instruments Inc, Integrated device Technology of the United States and many more. These wireless power transmission companies focus on making their portfolio and try to reach the top. They believe in building partnerships, mergers, and acquisitions with other companies.
The report gives a piece of holistic information about the market. It also analyzes the key segments are done in the market, the market trends that have a great impact on wireless electricity technology and wireless power transmission technology. It signifies the market players operating in the market who play a substantial role in fulfilling the needs. It provides in-depth analysis about the value chain analysis and gives information about the growth opportunities of the market. It gives details about the current as well as the future outlook of the wireless power transmission market scenario.
Frequently Asked Questions (FAQ) :
The wireless market is expected to grow at a CAGR of 20.9% in the forecast period of 2020-2027. Malaysia and Indonesia owe major portions in growth. The wireless power transmission industry has grown from USD 2.5 billion in 2016 to USD 11.3 billion by 2022.
The demand for the use of wireless connectivity motivates marketing dynamics. This technology has a widespread impact on commercialization. It is an available offering for personal communication and is also used for fast exchange of im\nformatio in an emergency. It is also used in remote areas where satellite communication is used. It is vitally used in video communication and for real-time text messaging. In business, sectors it is used to keep track of the company’s traveling activities. Bluetooth is a wireless usage where the exchange of data can be done. In the traveling industry, GPS is helpful to find an efficient route.
A significant range of progress is shown depending on the functional category and in the case of energy technology depending on the technical approach of the industry. The progress rates have exceeded for various fields. An income level of USD 20 billion has to be used by 2022.
The crucial contestants in the market are Humavox Ltd (Israel), Energous Corporation (U.S.), Qualcomm Inc. (U.S.), Texas Instruments Inc. (U.S.), and Fulton Innovation LLC (U.S.) gardens up the market.
The fall in installation costs affects the growth in the forecast period