Convenience offered by and consumer preference for the wireless connectivity Driving the Growth of Wireless Power Transmission Market

(IT-NEWSWIRE.COM, March 13, 2020 ) According to the new market research report “Wireless Power Transmission Market by Technology (Induction, Magnetic Resonance), Implementation, Transmitter, and Receiver Application (Smartphones, Electric Vehicles, Wearable Electronics, and Furniture) and Geography - Global Forecast to 2022”, the wireless power transmission market is expected to be worth USD 11.27 Billion by 2022, growing at a CAGR of 23.15% between 2017 and 2022. The factors that are driving the growth of the wireless power transmission market include the convenience offered by and consumer preference for wireless connectivity and need for effective charging systems. The market has also witnessed significant developments for wireless charging as many start-ups have developed the products based on laser and microwave technologies, which can charge multiple devices at a time.

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Driver: Convenience offered by and consumer preference for the wireless connectivity

Currently, wireless connectivity technologies are being adopted at a high rate. The user wants to get rid of the wired connectivity because of its complexity. Nowadays, consumers expect robust wireless services everywhere including smartphones, notebooks, MP3 players, and digital cameras. Wireless connectivity offers users the freedom of mobility, quick and easy accordance, and handy operations which is why the wireless charging technology is highly deployed in consumer electronics such as smartphones, tablets, and wearable devices. This increasing “go-wireless” tendency of consumers is driving the market for the wireless power transmission technology. Many companies are providing wireless charging-enabled devices that are user friendly, cost effective, and has lifespan of 10 to 15 years. This results into the increasing demand for these devices in the market.

“European market is expected to grow at the highest rate between 2017 and 2022”

Europe, being one of the early adopters of this technology, is expected to grow at a high rate. Europe is the automotive hub, and the developments in the European market, especially in electric vehicles and wearable electronics, are expected to boost the growth of the wireless power transmission market in this region. The European Green Vehicles Initiative Association (EGVI), a Europe-based company, has undertaken UNPLUGGED and FABRIC projects on wireless charging of electric vehicles.

The major players involved in the wireless power transmission market include Samsung Electronics Co., Ltd. (South Korea), Qualcomm Inc. (U.S.), Texas Instruments Inc. (U.S.), TDK Corp. (Japan), Witricity Corp. (U.S.), and Integrated Device Corp. (U.S.).

Various start-ups in the wireless power transmission market include Ossia, Inc. (U.S.), Wi-Charge Ltd. (Israel), Energous Corporation (U.S.), Humavox Ltd. (Israel), and Fulton Innovation LLC (U.S.).

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Convenience offered by and consumer preference for the wireless connectivity Driving the Growth of Wireless Power Transmission Market