Portland, OR -- (SBWIRE) -- 10/03/2017 -- Wireless Charging Market Report, published by Allied Market Research, forecasts that the global market is expected to reach $37.2 billion by 2022, growing at a CAGR of 44.7% from 2016 to 2022. Wireless charging is an emerging technology that provides enhanced durability of electronic devices & electric vehicles (EVs) and ease of charging.
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Inductive charging technology is an innovative and most preferred EV and electronic device charging technique as compared to other wireless charging technologies. Inductive wireless charging is anticipated to drive the market significantly by 2022, maintaining its dominance in the market. On the other hand, other technologies such as radio frequency (RF), microwave, and laser are expected to exhibit a faster growth, owing to its accurate sensing of the object feature.
This technology involves the transmission of energy without wires or cables from a power source to a consuming device. It comprises a charging station (or transmitter) that transmits the energy, and a receiver (integrated inside a device) that receives the energy and charges the battery. It is a reliable, convenient, and safe technology to power and charge electrical devices. In addition, it provides multiple efficient, cost-effective, and safety advantages over the traditional charging systems by eliminating the use of physical connectors and cables.
The demand for wireless charging is globally expected to rise during the forecast period due to ascending sales of electric vehicles, constantly evolving portable electronics & wearable device market, and necessity of harvesting ambient RF. However, technology being expensive to integrate and comparatively slower charging rate restrain the market growth. Moreover, high research in far-field wireless charging technologies and trending Internet of Things (IoT) creates lucrative opportunities in the market. The incompatibility of the technology with the existing electronic devices and certification problem for high range and power rated wireless charging units are the challenges faced by the wireless charging devices.
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Key findings of the Wireless Charging Market study:
- In the year 2015, inductive wireless charging accounted for the highest share of 57.3% in the overall market
- Upcoming wireless charging technologies such as radio frequency (RF), microwave, and laser are expected to exhibit a faster growth
- Automotive industry contributed over 36.2% of the overall market in 2015, and is expected to grow with a CAGR of 45.2% during the forecast period
- LAMEA is expected to be the fastest growing wireless charging market, and is expected to grow at a CAGR of 48.2% during the forecast period