Apart from smartphones, other consumer electronics products such as laptops, tablets, cameras, gaming consoles and wearables are likely to support the segment to grow
The global wireless power transmission market is estimated to reach US$ 20,000 million by 2026, according to a study by Transparency Market Research (TMR).
The market was valued at around US$ 4,000 million in 2017 and is anticipated to expand at a CAGR of more than 15 percent from 2018 to 2026, the report said.
Wireless power transmission is transfer of electric energy from one place to another, without the use of conductors such as wires or cables.
On the basis of application, the market is segregated into health care, automotive, industrial, consumer electronics and others (Drones, SPS, etc). Of these consumer electronics is expected to hold the major share during the forecast period due to increasing penetration of smartphones throughout the world.
Other consumer electronics products such as laptops, tablets, cameras, gaming consoles and wearables are likely to support the segment to grow.
In recent years, consumer electronics segment held the leading share followed by healthcare segment.
Asia Pacific likely to experience strong growth
On the basis of geography, the market is spread across Europe, North America, Latin America, Middle East and Africa, and Asia Pacific. Amongst these, North America currently holds the major share due to presence of well-established players and booming healthcare industry.
However, Asia Pacific is likely to experience a strong growth in the coming years as the region is anticipated to provide lucrative growth opportunities to the players.
Factors driving market growth
As per the TMR report, technological advancements such as clutter-free and cable-less charging and minimization of electricity loss are driving the market.
The advantage in terms of elimination of cables, while providing clutter-free charging is especially driving the development of consumer electronics devices that can be wirelessly charged.
In addition, electricity loss in wireless power transmission is less in comparison to the wired power transmission, because it lacks in AT&C loss in wireless power transmission.
Other factors driving the market include high operational efficiency, rise in the use of network communications, digitization, and development of infrastructure.
Strategic alliances with technology providers
The study further predicted that players present in the market are likely to witness profit by forming alliance with technology providers.
Major players which dominates the market include Samsung Electronics Co., Ltd., LG Electronics Inc., Texas Instruments Inc., Murata Manufacturing Co., Ltd., and Qualcomm Technologies, Inc.
Some of the players benefit immensely by working along with government agencies such as the National Aeronautics and Space Administration (NASA), SPACE Canada, and Japan Aerospace Exploration Agency (JAXA). These agencies have developed a particular interest to work with these players, as wireless power transmission technology is used by these agencies to power solar power satellites.
Governments are also trying to harness the wireless power technology to help overcome global energy crisis. Thus, the rising need for efficient power transfer methods is anticipated to drive the wireless power transmission market in the next few years, the report added.