The global wireless power transmission market is witnessing some noteworthy growth trends for market participants to benefit from wireless power transmission technology which is still nascent. Key players in the market are hard focused on research and development to explore the technology better and make it mainstream. These players are also entering into carefully-crafted business alliances with global technology providers so as to expand their outreach and gain competitive advantage.

According to Transparency Market Research (TMR), a market intelligence and research firm, the global wireless power transmission market is expected to expand at a cracking 19.2% CAGR for the forecast period between 2017 and 2025. At the pace, the market will become worth US$17.15 bn by the end of 2025, which was evaluated at US$3.6 bn in 2016.

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Given below are some of the questions answered by TMR analysts on the global wireless power transmission market:

What are the key factors stoking growth of the global market for wireless power transmission?

At the forefront of stoking growth of the wireless power transmission market is negligible chances of energy loss at the time of transmission. Being fast and reliable, wireless power transmission can be used for both short and long range transmission. The low maintenance cost of wireless power transmission is another key advantage over wired power transmission.

Globally, wireless power transmission is gaining traction due to several tangible benefits. In particular, developed countries such as the U.S. are making hefty investments for the adoption of wireless power transmission technology, to leverage their state-of-the-art power network system networks and reduce costs associated with overhead and underground cables.

In developed parts of the world, infrastructural development has reached the next level that includes smart lighting, bullet trains, and wireless charging points for electric vehicles. This is leading to the increased usage of wireless power transmission technology. Therefore, wireless power transmission technology providers are focused to develop newer products and solutions.

What are the factors restricting the wireless power transmission market’s growth?

The high initial investment involved for the deployment of wireless power transmission technology is proving to be a roadblock to the growth of wireless power transmission market. However, the rising demand for wireless charging in consumer electronics, automotives, and medical devices is helping to counterbalance the high initial costs. Robots in defense operations and sensors used in submarines are some of the applications of wireless power transmission technology.

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Which region is expected to be the most promising in the overall wireless power transmission market in the upcoming years?

Asia Pacific stood as the leading regional market in 2016 garnering 40% share in the overall market. The revenue share of the market is expected to become US$5.1 bn by the end of 2025 clocking a 15.8% CAGR between 2017 and 2025.

However, North America is expected to lead in the upcoming years by registering a CAGR of 20.5% from 2017 to 2025.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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