Wireless Power Transmission Market - Forecast(2023 - 2028)

Wireless Power Transmission Market Overview

The Wireless Power Transmission Market size is forecast to reach US$26.3 billion by 2027, after growing at a CAGR of 20.5% during the forecast period 2022-2027. Wireless power transmission is primarily based on near-field and far-field technologies that employ the principle of inductive coupling, electrodynamic induction, laser transmission, and more. They are used in a wide range of applications which include consumer electronics, automotive charging, biomedical implants, charging portable devices, solar power satellites, wireless powered drone aircraft, and other similar applications According to recent insights from the Semiconductor Industry Association, China accounted for 35% of the world’s electronic devices and was responsible for 30% to 70% of the global PC, TV, and mobile phone exports in 2020. The increasing demand for wireless power transmission from the electronics industry along with an increase in the production of electric vehicles acts as the major driver for the market. On the other hand, limitations associated with the use of wireless power transmission may act as a major constraint for the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced construction, and production activities as a result of the country-wise shutdown of construction sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, a slow recovery in the electronic industry has been witnessed across many countries around the world since 2021. An increase in work from home and e-learning practices during COVID-19 has significantly led to high demand for laptops, tablets, and smartphones which have resulted in the higher production of these electronics. For instance, according to the Retailers Association of India (RAI), consumer electronics net sales increased by 2% in September and 8% in October 2020, in comparison to 2019, owing to the increase in electronic devices for remote practices during COVID-19.

In this way, an increase in demand and production of consumer electronics which include smartphones, laptops, tablets, and more is expected to increase the demand for wireless charging, owing to its ease of use and convenience. This, in turn, is expected to create opportunities for the growth of the wireless power transmission market in the upcoming years.

Report Coverage

The “Wireless Power Transmission Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Wireless Power Transmission Industry.

By Technology: Near-Field Technology, and Far-Field Technology.
By Range: Short-Range, Mid-Range, Long-Range.
By Application: Consumer Electronics, Electric Vehicle Charging, Biomedical Implants, Charging Portable Devices, Solar Power Satellite, Wireless Powered Drone Aircraft, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

• Near-Field Technology held a significant share in the Wireless Power Transmission Market in 2021, owing to its increasing demand and benefits over far-field technology such as microwave and laser transmission technologies.
• Consumer Electronics held the largest share in the Wireless Power Transmission Market in 2021. The major reason behind this is the increasing demand for wireless charging in electronic gadgets such as smartphones, tablets, laptops, and other portable devices.
• Asia-Pacific dominated the Wireless Power Transmission Market in 2021, owing to its increasing demand from the electronic sectors of the region. For instance, domestic electronic production by the Japanese electronics industry increased by 11% in 2021, in comparison to 2020.

Wireless Power Transmission Market Segment Analysis – By Technology

Near-Field Technology held a significant share in the Wireless Power Transmission Market in 2021, owing to its increasing demand due to the benefits it offers in comparison to far-field technologies such as microwave and laser transmission techniques. Near-Field Technologies such as inductive coupling, capacitive coupling, and magneto dynamic coupling offer discretion and reduced emissions, along with spontaneous device pairing in comparison to far-field technology. It can easily automate and secure the pairing of an appliance’s wireless interface with the mobile phone. It also provides transaction security and better optimization of power consumption as compared to far-field technology. Moreover, near-field technologies such as inductive coupling, capacitive coupling, and magneto dynamic coupling are easier, secure, and lower-cost mediums for wireless power transmission among electronic systems as opposed to far-field technologies which include microwave and laser transmission techniques. Hence, all of these benefits are driving its demand over far-field technology, which in turn, is expected to boost the market growth during the forecast period.

Wireless Power Transmission Market Segment Analysis – By Application

The consumer electronics application held the largest share in the Wireless Power Transmission Market in 2021 and is expected to grow at a CAGR of 20.6% between 2022 and 2027, owing to an increase in demand for the production of electronic gadgets across the globe. For instance, according to recent insights published on Growth from Knowledge (GRK) in September 2021, the global consumer electronics industry obtained a total sales growth of US$ 42.8 billion during the first quarter of 2021, an increase of 18% in comparison to 2020. It further states that the GDP growth rate of consumer electronics which includes electronic appliances and gadgets such as washing machines, televisions, computers, laptops, smartphones, tablets, and more in countries like India, China, the U.S, and regions like Europe is expected to increase up to 8.1%, 5.7%, 1.4%, and 1.7% respectively by the end of 2022.

Wireless power transmission is primarily used to provide direct power to devices such as LED lights, TV and to recharge batteries of mobile phones, tablets, and other electronic gadgets without the need for cables by simply placing them aboard. Thus, an increase in the production of consumer electronics is expected to increase the demand for wireless power transmission, leading to market growth during the forecast period.

Wireless Power Transmission Market Segment Analysis – By Geography

The Asia Pacific held the largest share in the Wireless Power Transmission Market in 2021 up to 30%. The consumption of wireless power transmission is particularly high in this region due to its increasing demand from the electronic sector. For instance, according to a recent study published in the Economic Times (Telecom) in 2021, electronic manufacturing and production were valued at around US$ 100 billion in India. It further states that mobile manufacturing in India surpassed INR 90000 crore (US$ 12 trillion) in 2021, as per the statement made by the Indian IT Minister. According to the annual reports published by Samsung during the fourth quarter of 2020, the total revenue of the consumer electronics division was valued at KRW 13.6 trillion (US$ 11.3 billion) with an operating profit of KRW 0.8 trillion (US$ 668 million). Furthermore, according to the Statistical Handbook of Japan 2021, the production and shipments of electronic gadgets reached up to US$ 52.6 billion during the fourth quarter of 2020. Thus, such increasing production of consumer electronics is expected to increase the demand for wireless power transmission, owing to its ease of use and convenience for directly recharging batteries of mobile phones, tablets, and other electronic gadgets. This is expected to boost the growth of the Wireless Power Transmission Market during the forecast period.

Wireless Power Transmission Market – Drivers

An increase in demand from the electronic industry is most likely to increase demand for the product

According to the Japan Electronics and Information Technology Industries Association, the global electronics production by Japanese electronics and IT companies reached up to ¥37,300 billion (US$ 339.7 billion) in 2021, an increase of 8% in comparison to 2020. It further states that the electronics production by the global electronics and IT industries is expected to increase by 5% and reach up to US$ 3,536.6 billion by the end of 2022 as compared to 2021. Furthermore, Lenovo Group, a leading brand in consumer electronics and media, published the annual report for the fiscal year that ended in March 2021, which stated that the total revenue of the company reached up to US$ 60,742 million in the fiscal year 2020/21, an increase by 20% in comparison to the fiscal year 2019/20.

Wireless power transmission based on the principle of inductive coupling, electrodynamic induction, and laser transmission is primarily used to provide direct power to electronic devices such as LED lights, TV and to recharge batteries of electronic gadgets without the need of connecting it through a wired medium. Hence, an increase in global consumer electronics production activities is expected to increase the demand for wireless power transmission, leading to the growth of the market in the upcoming years.

An increase in production of electric vehicles is most likely to increase demand for the product

The demand for wireless power transmission has been increasing rapidly as it is used for wireless inductive charging of electric vehicles, which allows an electric vehicle to charge automatically without the need for cables. According to recent insights published by the International Netherlands Group (ING), the demand for the production and development of electric vehicles has been increasing since the pandemic. It states that the global sales of new electric vehicles have increased by 50% in 2021, and it is expected to increase by 8% in 2022. It further states that the sales of electric vehicles have increased by 14% in Europe, 9% in China, and 4% in the US respectively. According to International Energy Agency (IEA), in 2020, the global electric car shares increased by 43% in comparison to 2019. It states that around 3 million new electric cars were registered in 2020. Furthermore, recent insights from Forbes state that the global production of electric vehicles increased up to 30% in 2021, as compared to 2020. In this way, the increasing demand and production of electric vehicles is expected to increase the demand for wireless power transmission for use in wireless inductive charging of electric vehicles, thus, accelerating the growth of the market in the upcoming years.

Wireless Power Transmission Market – Challenges

Limitations of wireless power transmission may confine the market growth

Wireless power transmission technologies have numerous limitations such as higher costs, and limited coverage as compared to wired technology. Moreover, wireless power transmission is more open to interference and has an increased risk of jamming, which makes it comparatively slower than wired power transmission technologies. Furthermore, it is very susceptible to interference, thus, radio signals, radiation, and any other similar kind of interference may cause the wireless power transmission network to malfunction. Hence, such limiting factors of wireless power transmission technologies may confine the market growth.

Wireless Power Transmission Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Wireless Power Transmission Market. Wireless Power Transmission top 10 companies are:

1. Texas Instruments, Inc.
2. Qualcomm, Inc.
3. Integrated Device Technology, Inc.
4. Semtech Corporation
5. Toshiba Corporation
6. Panasonic Corporation
7. Rohm Co., Ltd.
8. Convenient Power HK
9. Powermat Technologies Ltd.
10. Murata Manufacturing Co.

Recent Developments

• In December 2021, Neotes Co., Ltd. launched its new wireless power transfer technology. The launch of the new technology aims at solving some of the major issues associated with conventional wireless transfer. This technology is capable of maintaining high-efficiency charging regardless of misalignment between coils or changes in distance.
• In August 2021, Realme launched its magnetic wireless charging system called MagDart, for Android phones. The new technology is designed with an array of magnets around the wireless charging coil that is optimized for alignment as well as efficiency.
• In August 2020, EMROD launched it's first long-range, high-power, wireless power transmission as a substitute to the company’s existing copper line technology. The new technology works by making use of electromagnetic waves in order to efficiently transmit energy wirelessly over huge distances.

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