(MENAFN - America News Hour) Kenneth Research has recently added a report titled Global Wireless Power Transmission market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Global Wireless Power Transmission market is further anticipated to grow with a CAGR of 20.7% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Global Wireless Power Transmission Market Overview
Wireless power transmission refers to the transfer of energy from the transmitter device to the receiver device without the need of wire. Power transfer took place across the air. It offers the advantages of convenience and no energy loss over the conventional energy transfer methods. Consumers worldwide prefer wireless power transmission products such as wireless smartphone charger, wireless car charger and others. Wireless power transmission technology was developed by Nicola Tesla in 1890. But, the technology was not widely adopted owing to its low efficiency. Further, fear of electromagnetic waves and radiation among the people restricted the commercialization of wireless power transmission.
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Wireless power transmission has vast range of application in consumer goods, automotive, healthcare, defense, Industrial and others. Further, consumer electronics segment is heavily adopting wireless power transmission device for the charging of the smartphones and wearable devices.
'Final Report will add the analysis of the impact of COVID-19 on this industry.'
Market Size and Forecast
The global wireless power transmission market is anticipated to witness a substantial compound annual growth rate (CAGR) of 20.7% over the forecast period. Further, global wireless power transmission market is projected to reach USD 12.43 Billion by the end of 2024. In 2016, the revenue generated from wireless power transmission products accounted for USD 2.43 Billion. This significant growth of the market can be attributed to various factors such as rising disposable income of the population and rapid technological advancement of wireless power transmission devices .
Geographically, Asia-Pacific dominated the global wireless power transmission market and is expected to continue its dominance over the forecast period owing to the penetration of electronic industries and rising electronic business in the region. Rising disposable income of the population has resulted in the increased demand for the wireless power transmission devices and products. Further, rising automotive industry is making inroads for the growth of wireless power transmission market.
Europe accounts for the second highest market share in overall market of wireless power transmission across the globe. Europe is expected to showcase a modest growth rate over the forecast period due to the surge in the electric vehicle market in the region. Further, increasing market of hybrid vehicles, electric vehicles and mobile devices such as smartphones, wearable technology and others is expected to positively impact the growth of wireless power transmission market in the region.
North America is expected to witness a robust growth over the forecast period as they are early adopters of the technology. Further, massive research and development projects in wireless power transmission have been observed in North American region. Moreover, increasing adoption of wireless power transmission by healthcare and defense sector in the U.S is escalating the wireless power transmission market.
Pure energy solution
Leggett & Platt
Murata Manufacturing Co. Ltd.
Scope and Context
Growth Drivers and Challenges
Rising disposable income coupled with increasing penetration of consumer electronics are two major factors which are expected to drive the global wireless power transmission market over the forecast period. Further, the consumers' preference for the wireless power transmission products over wired transmission products as it offers convenience features has increased the growth of wireless power transmission market over the past few years. Apart from this, penetration of new wireless power transmission technologies such as laser charging technology, multi charging technology and others are gaining traction among users.
Increasing demand and sale of hybrid and electric vehicles is expected to intensify the growth of wireless power transmission market. Wireless power transmission chargers have witnessed an increase in its usage in public transports such as bus owing to the government regulation in order to curb the environment pollution. For instance, in March 2017, Ministry of Environment's Law Carbon Technology planned to test the Toshiba's wireless bus charger to replace the diesel buses and curb the CO2 emission in the region.
However, high cost associated with the wireless power transmission technology is anticipated to hinder the development of the wireless power transmission market. Further, availability of low priced and cheap wireless chargers from the local vendors is projected to dampen the growth of global wireless power transmission market.
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Our in-depth analysis segmented the global power transmission market in the following segments:
By Transmission Range
Global wireless power transmission market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
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