According to a new market research report "Wireless Power Transmission Market by transmission technology (Induction, Radiation), type, and range; by application (consumer electronics, industrial, automotive, healthcare, and defense), and by geography - forecast and analysis (2013-2020)", published by MarketsandMarkets, Wireless Power Transmission Market is expected to reach $17.04 Billion by 2020, growing at a CAGR of 60.49% from 2014 to 2020.
Browse 74 market Tables and 41 Figures spread through 260 Pages and in-depth TOC on "Wireless Power Transmission Market".
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Wireless power transmission has gradually started developing in the market and poses a huge potential in the coming future. The Wireless Power Transmission Market is mainly driven by the consumer electronics segment for the near terms, where it is mainly used for charging the portable device which includes smart phones, tablets and wearable electronics. However, in longer terms, huge scope of opportunity can be expected from the development and integration of wireless power transmission in other application which includes healthcare, automotive and defense. With the resolution in the standards for wireless power transmission, varieties of other products can be expected in the future. It has been estimated that magnetic resonance technology will dominate the wireless power transmission market. In future almost all the device will be working based on magnetic resonance as it helps in larger charging field.
Wireless power transmission market has witnessed huge technological developments and advancement in recent times, especially in terms of efficiency of the power transmission. The efficiency of the transmission for the wireless power transmission was upto 65% at the initial stage of the development forthis technology, but with the advancement in the technology, the efficiency has increased upto 85%. The conventional method of charging the batteries of portable devices like: mobile phones, tablet computers, are expected to reach obsolescence with the advancement of wireless power transmission. The market is showing rapid growth because of its ease of use and limitations of wired transmission of the power. The demand for the products is huge in consumer electronics segment followed by automotive segment. The major driving factor for the market is the enormous demand by the battery operated devices all over the world.
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Wireless power transmission market is being seenas a new uprising technology in terms of innovative products for applications such as;consumer electronics, automotive, industrial, healthcare and military. It was first introduced by Nikola Tesla in 1899 where he demonstrated transmission of 100 million volts of electricity across 26 miles.Wireless power technology is very useful in harsh environment where wiring cannot be possible. Currently, it is mostly used in consumer electronics for the charging of electronics devices like mobile, tablets, Laptops and others and automotive sector for the charging of electric vehicle. Several experiment are being conductedso as to implement wireless power technology in industrial, healthcare (for the charging of implantable devices wirelessly) and military (for the charging of gadgets and equipment used by soldiers in the battle fields as well as in the unmanned vehicles).
The Wireless Power Transmission Market is segmented on the basis of transmission technology, transmission type, transmission range, application and geography. All these segments are separately classified in the report. The wireless power transmission market is expected to reach up to $17.04 Billion by 2020, at an estimated CAGR of 60.49% from 2014 to 2020. Application segment, under the wireless power transmission, has been segmented into consumer electronics, industrial, automotive, healthcare and defense. Consumer electronics is further sub-segmented into mobile phones, tablets, computers, peripherals, and wearable electronics. Consumer electronics is expected to account a total market share of 67.89% for 2013, and is estimated to grow at a CAGR of 61.18% from 2014 to 2020. Majority the wireless power products currently being developed for consumer electronics, however product for application such as; defense and healthcare has also started being developed.
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Players involved in Wireless Power Transmission Market includes Convenient Power HK Ltd. (Hong Kong), Energizer Holdings Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), Leggett & Platt, Inc. (U.S.), Murata Manufacturing Co., Ltd. (Japan), Powermat Technologies Ltd. (Israel), Plugless Power (U.S.), QUALCOMM Inc. (U.S.), Texas Instruments Inc. (U.S.), and Witricity Corp. (U.S.).
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