Albany, NY -- (SBWIRE) -- 09/20/2017 -- Some of the prominent participants in the global wireless power transmission market are Qualcomm Technologies, LG Electronics Inc., SAMSUNG ELECTRONICS Co., Ltd., Inc., Murata Manufacturing Co., Ltd., and Texas Instruments Inc. A key strategy leveraged by them is carefully-considered strategic alliances with global technology providers in the wireless power transmission market.
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As per a report by Transparency Market Research, the global wireless power transmission market is slated to expand at a cracking pace by clocking a CAGR of 19.2% during the period between 2017 and 2025 to become worth US$17.15 bn by 2025 from US$3.6 bn in 2016.
Affordability of Inductive Coupling makes it Dominant Segment
The global wireless power transmission market can be segmented based on different parameters such as range, technology, and application. On the basis of basis of technology, for example, it can be segregated into inductive coupling, resonant inductive coupling, and capacitive coupling, among others such as microwave, laser beam, radio frequency, etc. Currently, the segment of inductive coupling accounts for maximum share in the market owing to its relative affordability, reliability, and easy availability. In the years ahead too, the segment is slated to maintain its dominant share.
Depending upon geography, the key segments of the global wireless power transmission market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among them, Asia Pacific leads the market. In held 40.0% share in 2016. North America, however, is slated to overtake Asia Pacific in the years to come. In the next couple of years, allocation of substantial funds by governments of nations such as India, Japan, and South Korea for industrialization and urbanization projects is anticipated to create substantial opportunities in the wireless power transmission market in the region. Rising demand for consumer electronics such as smartphones and laptops, especially in India, South Korea, Japan, and China has contributed to an overall shift in market trends.
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Industrialization and Urbanization Stoke Market Growth
The overall standard of living has improved worldwide, thanks to the swift face of industrialization and rampant urbanization. "Demand for digitization and infrastructural development such as smart lightning, wireless charging roads for electric vehicles and bullet trains has been increasing significantly. This has propelled the usage of wireless power transmission technology, thereby encouraging wireless power transmission technology providers and system manufacturers across the globe to develop efficient products and solutions," explains the lead analyst of the report.
Apart from the aforementioned growth driver, the global market for wireless power transmission is also being stoked by the increasing spending capacity of people worldwide, the high degree of suitability, operational efficiency, reduced maintenance cost, digitalization, growing infrastructural activities, and innovation of numerous technologies to form a complete wireless power transmission solution for various applications, such as consumer electronics, healthcare devices, and automotive.
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One drawback in the wireless power transmission market is the initial cost of investment, which is high. The growing demand for wireless charging in consumer electronics, medical devices, and automotive industries is helping to overcome this challenge.
This review is based on the findings of a TMR report, titled, "Wireless Power Transmission Market (Technology - Inductive Coupling, Resonant Inductive Coupling, and Capacitive Coupling; Range - Near Field and Far Field; Application - Consumer Electronics, Healthcare, Automotive, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."