Wireless Power Transmission Market is expected to grow at a CAGR of 19.03% through 2029

Global Wireless Power Transmission Market is expected to grow owing to rise of AR and VR technologies across industries throughout the forecast period

According to TechSci Research report, “Wireless Power Transmission Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029F”, the Global Wireless Power Transmission Market was valued at USD 6.25 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 19.03% through 2029. Global Wireless Power Transmission Market is positioned for significant expansion in the forthcoming period, underpinned by a convergence of factors driving demand and innovation within the industry. As technological advancements continue to accelerate, the landscape of wireless power transmission undergoes a transformative evolution, unlocking new opportunities and applications across various sectors. This surge in innovation not only enhances the efficiency and reliability of wireless power transmission systems but also broadens their scope of utility, catering to diverse consumer and industrial needs.

The proliferation of wireless technologies in everyday life, coupled with the increasing consumer preference for convenience and mobility, fuels the adoption of wireless power transmission solutions on a global scale. Businesses operating within this market are poised to capitalize on this trend by developing innovative products and services that meet the evolving demands of consumers and industries alike. Furthermore, strategic partnerships and collaborations among industry players, along with ongoing investments in research and development, are expected to further propel market growth, fostering a conducive environment for innovation and market expansion.

The growing emphasis on sustainability and energy efficiency amplifies the significance of wireless power transmission technologies, as they offer greener alternatives to traditional wired power delivery systems. This heightened awareness regarding environmental concerns drives the adoption of wireless power transmission solutions across various sectors, including automotive, consumer electronics, and healthcare. As such, the Global Wireless Power Transmission Market stands at the forefront of a transformative wave, poised to reshape the way power is transmitted and utilized in the digital age.

 

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Based on application, receiver segment dominated the Global Wireless Power Transmission Market in 2023. This segment's dominance can be attributed to its essential function in receiving and converting wirelessly transmitted power into usable energy for a wide range of applications. As businesses and consumers increasingly embrace wireless charging solutions, the demand for efficient and reliable receivers has surged, driving the growth of this segment. The receiver segment encompasses a diverse array of devices and applications, spanning consumer electronics, automotive, healthcare, and industrial sectors. In the realm of consumer electronics, smartphones, tablets, wearables, and other portable devices constitute a significant portion of the receiver market. Consumers seek the convenience of wireless charging, driving manufacturers to integrate receiver technology into their products to meet evolving demands for seamless and hassle-free charging experiences.

The automotive industry represents a burgeoning market for wireless power transmission receivers, particularly in the electric vehicle (EV) segment. As the shift towards electrification accelerates, automakers are increasingly adopting wireless charging solutions to enhance the convenience and efficiency of EV charging. Wireless receivers integrated into EVs enable effortless charging without the need for physical connectors, offering a compelling value proposition for consumers and driving market growth in this segment. In the healthcare sector, wireless power transmission receivers find applications in medical devices, implants, and wearable health monitoring systems. These receivers enable the wireless charging of medical devices, such as hearing aids, insulin pumps, and cardiac implants, enhancing patient comfort and convenience while minimizing the risk of infection associated with wired connections. Additionally, in industrial settings, receivers are utilized in machinery, sensors, and IoT devices, facilitating wireless power transfer for monitoring, control, and automation purposes.

The dominance of the receiver segment underscores its critical role in enabling the widespread adoption of wireless power transmission technology across diverse applications and industries. As technological advancements continue to drive innovation and improve the efficiency of receiver solutions, the segment is poised for continued growth and expansion in the Global Wireless Power Transmission Market, shaping the future of wireless charging ecosystems worldwide.

Key market players in the Global Wireless Power Transmission Market are:-

• 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

 

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“A notable trend in the Global Wireless Power Transmission Market is the increasing adoption of wireless charging technologies in industrial applications. Industries are leveraging these technologies to enhance operational efficiency, minimize downtime, and improve workplace safety. This trend is particularly significant in manufacturing, where wireless power solutions are crucial for powering automated machinery, robots, and other equipment, thereby reducing clutter and tripping hazards while enabling more flexible manufacturing processes. This integration supports the advancement of Industry 4.0 by facilitating the seamless operation of sensors, actuators, and IoT devices, leading to more interconnected and intelligent manufacturing ecosystems. As automation and digital transformation continue to advance, the demand for efficient wireless power solutions is expected to grow, driving the evolution of the global market”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Wireless Power Transmission Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Technology (Near-Field Technology and Far-Field Technology), By Application (Receiver and Transmitter), By Type (Devices with Battery and Devices without Battery), By Region & Competition 2019-2029F”, has evaluated the future growth potential of Global Wireless Power Transmission Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Wireless Power Transmission Market.

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