Global Wireless Power Transmission Market Size, Share, Growth Analysis, By Technology(Near field technology, and Far-field technology), By Application(Receiver, and Transmitter) - Industry Forecast 2024-2031

Global Wireless Power Transmission Market size was valued at USD 8.52 Billion in 2022 and is poised to grow from USD 10.22 Billion in 2023 to USD 43.96 Billion by 2031, at a CAGR of 20% during the forecast period (2024-2031).

The worldwide market for wireless power transmission is primarily driven by the growing need for easy-to-use, cordless charging options. The demand for effective and convenient charging solutions has increased due to the widespread use of electronic gadgets, which include wearables, electric cars, smartphones, and Internet of Things devices. The market for wireless power transfer is expanding as a result of several significant factors. Wireless charging solutions are in high demand due to the growing use of smartphones and other portable electronic devices. The industry is growing because consumers are looking for ways to charge their gadgets that are more convenient and easy to use. There are various obstacles facing the industry for wireless power transfer. Reaching greater power transfer efficiency is one of the main obstacles. In order to maximize energy transfer and reduce energy losses during wireless charging, efficiency is essential.

There are many of chances for innovation and expansion in the wireless power transmission sector. Potential markets for wireless charging solutions include developing sectors including medical devices, industrial automation, and electric cars as technology continues to improve power transmission efficiency. The goal of the worldwide wireless power transmission industry is to offer a variety of electronic gadgets easy, cord-free charging options. The market is being pushed by the demand for effective charging techniques, the expansion of IoT applications, and the growing adoption of portable devices. Nonetheless, there are still obstacles that must be resolved, including limited efficiency and range, compatibility problems, and a lack of global standards.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Wireless Power Transmission Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Wireless Power Transmission Market Segmental Analysis

The market for wireless power transmission is divided into three segments: technology, application, and geography. The market is divided into two categories based on technology: near field technology and distant field technology. Market segmentation is based on application, with receivers and transmitters. The market is divided into Latin America, Middle East and Africa, Asia Pacific, North America, and Europe.

Drivers of the Global Wireless Power Transmission Market

In 2022, the market for wireless power transfer was mostly driven by the rising demand for electric cars. As EVs became more and more popular across the globe, it became clear that effective and practical charging options were required. For electric car charging, wireless power transfer technology is a viable alternative to physical connectors and wires. For instance, BMW stated in 2022 that their electric cars will now have wireless charging technology. This will allow consumers to easily charge their cars by parking them over a wireless charging pad.

Restraints in the Global Wireless Power Transmission Market

In 2022, the efficiency and restricted range of wireless power transfer technology served as a hindrance. The limited charging range of current wireless charging methods is caused by the need for devices to be positioned close to transmitters or charging mats. Furthermore, when the distance between the transmitter and receiver increases, the efficiency of energy transfer may also decrease. In 2022, the market continued to face difficulties in overcoming these constraints, with continuous research and development activities aimed at enhancing range and efficiency.

Market Trends of the Global Wireless Power Transmission Market

Integration of Wireless Charging in Public settings: Including wireless charging capabilities in public settings was a major trend in 2022. The goal of this trend was to give consumers who are constantly on the go easy ways to charge. In order to allow customers to wirelessly charge their devices while using their services, establishments such as coffee shops, airports, and restaurants started installing wireless charging pads or transmitters into their infrastructure.

Technological Developments in Long-Range Wireless Power Transmission: In 2022, significant progress was made in the field of long-range wireless power transmission. Companies and researchers concentrated on creating technology that would allow for longer-distance wireless power transfer. These developments have the potential to completely transform sectors where wireless power transmission over longer distances is essential, like healthcare, industrial automation, and the charging of electric vehicles.