Wireless Power Transmission Market

Wireless Power Transmission Market Outlook – 2030 

The global wireless power transmission market size was valued at $5,705.1 million in 2020, and is projected to reach $35,226.4 million by 2030, registering a CAGR of 21.3% from 2021 to 2030. North America was the highest revenue contributor, accounting for $2,088.1 million in 2020, and is estimated to reach $11,871.3 million by 2030, with a CAGR of 20.5%.   

The automotive segment in the receiver application impacted negatively, due to COVID-19.

Wireless power transmission is a process that occurs in a system, where power source transmits electromagnetic energy to electric load with no wires. This wireless transmission transmits power to remote locations. It has great demand in the consumer electronics, for example laptop, tablets, smartphones and other devices. Furthermore, the technology is rapidly being implemented in sectors such as defense and healthcare. 

On the basis of technology, the near-field technologies segment dominated the growth of the market in 2020. Near field technologies with a limited range, serves most applications that typically requires contact or close proximity of about a few centimeters between the power source and its destination. However, the far-field technology segment is projected to witness highest growth rate during the forecast period. Increase in innovation in the far-field technologies for power transmission primarily drives the growth of this segment. For instance, in the New Zealand, Emrod, a start-up developing revolutionary long-range wireless power transmission is working alongside Powerco, the leading gas and largest electricity distributor in New Zealand.

Segment Overview

The global wireless power transmission market is segmented on the basis of technology, type, application, and region. On the basis of technology, the wireless power transmission market is bifurcated into near-field technology and far-field technology. By type, the market is classified into devices with battery and devices without battery. On the basis of application, it is divided into receiver and transmitter.

Region wise, the wireless power transmission market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to develop at highest growth rate during the conjecture time frame. Increase in trends such as industrialization and urbanization along with the surge in disposable income of the population across the developing countries in Asia-Pacific has led to the upsurge in demand for consumer electronic devices and appliances in the region. In addition, developments in the automobile industry in China, Malaysia and Indonesia further fuels growth of the market.

Leading wireless power transmission market players such as Samsung Electronics Co. Ltd., Energous Corporation, WiTricity Corporation, and Analog Devices, Inc. are focusing their investment on improving their portfolio by various strategies. For instance, in July 2021, Energous Corporation launched 5.5W Active Energy Harvesting Developer Kit, to support at-a-distance wireless charging for the growing ecosystem of industrial IoT and other connected devices. It helps wireless devices developers in incorporating active energy harvesting into their solution. Moreover, the companies aim for business expansion through mergers & acquisitions and partnerships to prevent the new entrants from capturing/entering the market.

Top Impacting Factors

Factors such as increase in application of wireless power transmission in the consumer electronics and rise in need for battery powered equipment mainly drive the wireless power transmission market growth. In addition, ongoing developments in the long-range wireless power transmission further boosts the growth of the market. However, high cost associated with wireless power transmission technology hamper the growth of the market during the forecast period. On the contrary, integration of wireless charging with electric vehicle charging applications is expected to create lucrative opportunities for the wireless power transmission market. 

Competition Analysis

Competitive analysis and profiles of the major market players such as Analog Devices Inc., Energous Corporation, Koninklijke Philips N.V., NXP Semiconductors N.V., Powermat Technologies Ltd., Renesas Electronics Corporation, Samsung Electronics Co. Ltd., Semtech Corporation, TDK Corporation, and WiTricity Corporation. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

COVID-19 Impact Analysis

The global wireless power transmission market has been significantly impacted by the COVID-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to decrease in the growth of the wireless power transmission industry in 2020. 

The Asian and European countries under lockdown have suffered major loss of business and revenue, due to the shutdown of manufacturing units in the region. The operations of the production and manufacturing industries have been heavily impacted by the outbreak of the COVID-19 disease; thereby, leading to decrease in the growth of the wireless power transmission market in 2020.  

However, the negative impact of COVID-19 on the wireless power transmission market is expected to remain for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for wireless power transmission products during the post pandemic period. This is due to the surge in number of market players reassessing their strategies and coming up with quick responses to stabilize their supply chain.

Key Benefits For Stakeholders

• This study comprises analytical depiction of the global wireless power transmission market size along with the current trends and future estimations to depict the imminent investment pockets.
• The overall wireless power transmission market analysis is determined to understand the profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
• The current wireless power transmission market forecast is quantitatively analyzed from 2019 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and the wireless power transmission market share of key vendors.
• The report includes the market trends and the market share of key vendors.

Wireless Power Transmission Market Key Segments

By Technology

• Near-Field Technology
• Far-Field Technology 

By Type

• Devices with Battery 
• Devices without Battery

By Application

• Receiver 
• Transmitter 

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China 
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East 
  • Africa

Key Market Players

• Analog Devices Inc.
• Energous Corporation 
• Koninklijke Philips N.V.
• NXP Semiconductors N.V.
• Powermat Technologies Ltd. 
• Renesas Electronics Corporation 
• Samsung Electronics Co. Ltd. 
• Semtech Corporation 
• TDK Corporation 
• WiTricity Corporation