Wireless Power Transfer (WPT) Market Size, Share, Growth, and Industry Analysis, By Type (Near-Field Power Transfer, Far-Field Power Transfer), By Application (Smart Phones and Tablets, Electric Vehicles, Wearable Electronics, Others) and Regional Forecast to 2033

WIRELESS POWER TRANSFER (WPT) MARKET REPORT OVERVIEW

The Global Wireless Power Transfer (WPT) Market size was USD 3179.41 million in 2024 and the market is projected to touch USD 39313.7 million by 2033, exhibiting a CAGR of 27.6% during the forecast period.

Like its name suggests, wireless power transmission deals with contactless transmission system of electric power using electromagnetic waves or others as a medium instead of cables. It excels in contactless transmission and exchanging information among users. Cellphones, mobile and portable device charging, especially in the consumer electronics sector holds a major role of wireless power communication. The growing global need for consumer electronics, particularly smartphones, tablets, and wearable technology makes it a want for consumers. Most pf the users’ electronics that require continuous power or charging are corded to the wall can be upgraded to this wireless technological innovation. Moreover, the technology allows users to operate and charge their electrical devices without sacrificing style or the need for cords.

In brief, upgradation of existing power transmission infrastructure with advanced system is a key trend leading market expansion. The advancement of wireless transmission technology has made it possible to incorporate it into even the smallest gadgets. WPT excels in many other advantages, from safer and less expensive power transfer to dramatically higher efficiency across the board in all human endeavors. Its cutting-edge technology in the industry, efforts are always being made to create large-scale, efficient wireless power transmission systems.

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COVID-19 Impact

"Market Growth Restrained by Pandemic due to Supply Chain Disruptions"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The covid 19 pandemic has a huge impact of the demand and supply of wireless power transmission system. The vision has utility during production and inspection process to evaluate product quality. Manufacturing activity has been declined in the sectors such as electronics, automotive and others, due to shortage of labor and government restriction due to pandemic. Manufacturers reacted by emphasizing the development of safety measures and sanitation processes that boosted the confidence of the customers. An innovation that can meet the need for convenience and efficiency while trying to match the latest green and active transport technologies. After the safety measures and hygiene protocols have been improved, vision system has also become a highly reliable and preferred option for manufacturers who value it for its flexibility and sustainability.

LATEST TRENDS

"Increasing Use Wireless Power Transmission In Robotics Leading Market Expansion"

The creation of tiny and micro robots for wireless power transfer has made use of the technology of wireless power transmission. There are several ongoing research projects involving drones that run on wireless power. Robots' receivers are expected to receive power transmitted at a higher frequency by a transmitting coil. A wireless drone that can function above five inches of wireless power transmitter has been successfully demonstrated by Imperial College of London. The United States company ZiiEnergy, Inc. is creating a wireless drone receiver that complies with Open Dots Alliance (ODA) specifications and has a 45 watt capacity. The demand for efficient power delivery solutions is growing, and this is leading to a major expansion in the wireless power transmission industry. Infrastructure for wireless charging is becoming more and more important as IoT gadgets and electric cars proliferate. Technological developments in radio frequency and resonant induction further broaden the possible uses of wireless power transfer in a variety of industries.

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WIRELESS POWER TRANSFER (WPT) MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Near-Field Power Transfer, Far-Field Power Transfer.

• Near-Field Power Transfer: This segment includes Near-Field Power Transfer, which holds the major market share. In Near-Field Power Transfer Power is transferred using magnetic fields over short distances, and is best for charging devices close together and offers users more flexibility and convenience.

• Far-Field Power Transfer: This segment includes Far-Field Power Transfer, which allows for remote charging of devices using electromagnetic waves to transfer power over greater distances, because they provide an easy and effective way to charge electronic devices without the need for physical connectors, these kinds of WPT are boosting the market growth for WPT in the market.

By Application

Based on application the global market can be categorized into Smart Phones and Tablets, Electric Vehicles, Wearable Electronics, Others.

• Smart Phones and Tablets: Wireless Power Transmission allows for wireless charging in cellphones, which is convenient for users. This wireless charging systems are used by electric vehicles, doing away with the necessity for conventional plug-in charging.

• Electric Vehicles: Electric cars represent the application segment with the fastest growth rate in terms of WPT revenue, reflecting the growing demand for environmentally friendly transportation options. Electric vehicles are the application segment with the fastest rate of revenue growth. As demand for electric automobiles grows internationally, effective and convenient charging solutions are becoming more and more necessary.

• Wearable Electronics: Electronic gadgets may be charged with ease thanks to furniture that has been connected with WPT. WPT technology helps wearable devices by offering continuous power supply without requiring large, cumbersome batteries.

Driving Factors

"Increasing Wireless Connectivity's Convenience And Customers' Preference For It Will Lead To Market Expansion"

One of the major trends augmenting Wireless Power Transfer (WPT) Market growth is the increasing adoption of wireless communication technologies.  Despite of their complexity, the users today anticipate reliable wireless services for all devices, including digital cameras, MP3 players, and cellphones. Wireless power transmission technology is widely used in consumer gadgets like smartphones, tablets, and wearables because it provides consumers with mobility freedom, quick and simple synchronization, and convenient operations. The integration of smart technologies such as internet of things and artificial intelligence in vision system reflects the industry's drive towards meeting consumer demands for cutting-edge and technologically advanced storage solutions, making them a sought-after trend in the global market. The market for wireless power transmission technologies is being driven by consumers' growing inclination to ""go wireless."" Numerous businesses are offering inexpensive, user-friendly, and long-lasting gadgets with wireless charging capabilities, with a lifespan of 10 to 15 years.

"Increasing consumers preference for electric vehicles and rising charging station will Expand the Market"

Another major factor propelling Wireless Power Transfer (WPT) Market growth is the rising need for wireless charging solutions due to rising consumers preference for electric vehicles. The reason for this sudden shift is rising environmental concerns and rising carbon emissions. WPT technology is a popular option for powering devices without the need for conventional cable connections because of its efficiency and ease. The rising popularity of electric cars and the demand for quick and easy charging options are significant additional factors driving the expansion of the WPT industry. WPT technology is in high demand in the automotive industry because it provides a practical means of wirelessly charging electric automobiles. The industry is also expanding as a result of improvements in WPT technology, which include increased power transfer efficiency, longer transmission lengths, and device compatibility. In the upcoming years, the market is anticipated to increase significantly as more businesses allocate resources to research & development aimed at enhancing WPT technology. Additionally, the industry is seeing an increase in infrastructure construction for wireless charging systems, which is expanding the chances for WPT technology to thrive. Building a strong wireless charging environment is a priority for governments and organizations, and this will likely drive industry expansion in the near future.

Restraining Factor

"Poor User Experience Is Caused By The Effect Of Non-Standardized And Uncertified Items On The Coherence Of The Industry Impede Market Growth"

The successful integration of wireless power transmission technology into consumer electronics goods has made it increasingly significant in today's world. In order to meet the growing demand, a number of players are entering the market to provide wireless power transmission technologies, including start-up businesses with their creative ideas. This puts more pressure on suppliers of products based on wireless power transfer technologies to compete. As a result, the delivery of such uncertified goods impedes the expansion of the wireless power transmission technology market. Moreover, small healthcare institutions which often work on thin margins may not conveniently afford the fees of purchasing and preserving the latest medical software. Besides that, these limited budgets are a barrier to the implementation of technological innovations in both small and medium sized enterprises, thus the chances to have a better transmission system are not accomplished.

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WIRELESS POWER TRANSFER (WPT) MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Dominating The Market Due To Due To Excessive Users Of Technological Devices"

Asia Pacific will dominate the wireless power transmission (WPT) market share during forecast period due to excessive users of technological devices in the region. The region is a hub for the manufacturing for consumer electronics like as laptops, tablets, smartphones, wearable technology, and so on, APAC is expected to account for the biggest geographical share of the wireless power transmission market over the projected period. In addition, the region's market will expand more quickly due to heightened R&D efforts, advancements in the car industries in China, Malaysia, and Indonesia, as well as advantageous laws and incentives from the government to promote renewable energy and raw material availability. Innovation and technology adoption strengthen the region and create its overall market dominance. Alongside other regions, Asia Pacific plays a core role in the ongoing growth of the market however, the regions robust infrastructure and academic environment solidifies its role as a major hub for the deployment and utilization of wireless power transmission software for research and other practices.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Wireless Power Transfer (WPT) Market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Through their efforts to innovate, they are aimed at the fast-growing market for transmission equipment which utilizes the technology to improve the effectiveness of power transmission as well as communication processes. With the development of these cutting-edge software solutions, industry leaders are putting in efforts to meet the constantly changing requirements of users. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Renesas Electronics (Japan)
• Samsung Electronics (South Korea)
• NXP (Netherlands)
• Analog Devices (U.S.)
• Witricity (U.S.)
• STMicroelectronics (Switzerland)
• ConvenientPower (U.K.)
• Powermat Technologies (Israel)
• TDK Corporation (Japan)
• Nucurrent (U.S.)
• Plugless Power (U.S.)
• Texas Instruments (U.S.)
• Powerbyproxi(Apple) (New Zealand)
• Murata Manufacturing (Japan)

INDUSTRIAL DEVELOPMENT

September 2021: American Technology Components Inc. collaborated with NuCurrent to combine NuCurrent's superior wireless charging technologies with ATC's expertise and high standards in producing electronic subsystems. The collaboration represents ground-breaking innovation in recently emerging product areas like boating, marine, and RV.

REPORT COVERAGE

The Study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The Research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.