Wireless Power Transmission Market is Expected to Reach $21,352 Million by 2026

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OVERVIEW

Wireless Power Transmission Market is valued at USD XX million in 2019 and is expected to reach USD 21,352 million by the end of 2026.

Bizlytik analysts forecast the global Wireless Power Transmission market to grow at a CAGR of 18.3% during the forecast period, according to their latest market research report.

Wireless Power Transfer (WPT) is a technology that allows the transfer of power over the air. It is capable of supplying power from a standard AC source to batteries and devices which are compatible, without any physical connectors. Wireless Power Transfer utilizes electromagnetic field generated by the charged particles in order to transfer energy over the air, which is further converted into usable domestic current by the receiver. WPT technology is used for the functioning or re-charging of devices such as smartphones, tablets and laptops.

The rising increase in sales of wireless consumer electronics such as smart wearables, wireless chargers, and headphones have influenced the development of wireless power transmission. The shift in consumer preference plays a vital part in the demand, with wireless products gaining significant market traction owing to convenience and portability factors. The companies are thus interested in launching innovative products that use wireless transmission technology as electric charging solutions. For instance, Fujitsu has introduced the FWM7BLZ20B series of Bluetooth 5.0 Low Energy wireless modules to meet the high communication speed requirements of IoT devices and applications. The product is powered by Nordic Semiconductor’s nRF52832 SoC and features lower power consumption than classic Bluetooth (BR/EDR), increased communication speed (X2 speed), 255 bytes LE advertising extensions and other expansions to Bluetooth 4.x. The symbol rate and data rate accommodate both 1Mbps and improved 2Mbps to facilitate communication speed with other Bluetooth devices.

Moreover, Sony Electronics Inc. has introduced a new Wireless Remote Commander (model RMT-P1BT) via Bluetooth wireless technology that provides a reliable, responsive solution.

Near Field Technology (Inductive, Magnetic resonance, Capacitive coupling), and Far Field Technology (Microwave, Laser/Infrared) are covered in the Technology segment of the market scope, the Application segment is categorized into Receiver Application (Consumer Electronics, Electric vehicles, Industrial, Others), and Transmitter Applications (Standalone Chargers, Automotive chargers, Furniture, Industrial). The report covers value of the global market by Technology, and Application.

The market value of Near Field Technology was USD XX Million in 2019, and it is expected to reach USD XX Million by 2026, growing at a CAGR of 19.4% during 2020-2026. The commercialization and integration of near field wireless power would propel the growth of the segment.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration at the global Wireless Power Transmission Value figures. While North America is further categorized into enhancing United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America Wireless Power Transmission market was USD XX Million in 2019, and it is predicted to reach USD XX Million by 2026, growing at a CAGR of 16.3% during the forecast period. The commercialization of new products, strategic partnership between companies to expand their business, and regulatory approval for wireless power transmission would improve the growth prospects of the market.

Major players operating in the Wireless Power Transmission industry include Semtech Corporation, Toshiba Corporation, Panasonic Corp., ROHM Co., Ltd., Qualcomm Technologies, Inc., LG Electronics Inc., Samsung Electronics Co., Ltd., Inc., Murata Manufacturing Co., Ltd., Texas Instruments Incorporated, Energous Corporation.

Formation of strategic collaborations and commercialization of approved products are the few business strategies adopted by the key companies, with a focus on maintaining a competitive advantage over others. The companies are focused on product approvals and expansion of business activities on a global scale.