Wireless Charging Market Overview, Challenges and Growth Opportunities Analysis till 2022

Posted on 2020-11-23 by researchinsights in Technology, Telecommunications // 0 Comments

Felton, Calif., USA, Nov. 23, 2020 — /EPR Network/ —

The global Wireless Charging Market size was valued at USD 1.87 billion in 2014 and is expected to reach USD 22.25 billion by 2022. Future growth opportunities seem to positive on account of increasing adoption of consumer electronic devices such as laptops and smartphones that employ the new technology of wireless charging. Rising need for wireless and hassle-free methods to power different devices amongst end users in industrial sectors including healthcare, automotive, defence and industrial markets is expected to propel market growth in the next eight years. This market is in the growing phase and is observed to experience a wide range of innovations and provide several opportunities to new entrants.

In order to improve existing operations and functionalities, heavy investments are made by major market players on research and development. Key emphasis is laid on enhancing and refining the power transmission range that can enable wireless charging of devices for long distances.

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Nearly 60% of the overall revenue share was occupied by consumer electronics in 2014. This is expected to continue in the coming years and become the most dominant segment until 2022. Unavailability of electric sockets at public places and the need to eliminate the trouble caused by wired chargers are expected to trigger growth in this market over the forecast period and gain prominence.

Defence and healthcare are anticipated to surface as one of the most promising application sectors over the forecast period. Continuous efforts in research and development at Stanford University has resulted in a new way to charge sensors wirelessly in addition cybernetic implants, making way for new generation ultra-small gadgets that can penetrate deep inside the body.

Wireless Charging Technology Outlook (Revenue, USD Million, 2012 – 2022)

Inductive
Resonant
RF
Others

Wireless Charging Application Outlook (Revenue, USD Million, 2012 – 2022)

Automotive
Consumer Electronics
Industrial
Healthcare
Defense
Others

Key market players in this domain include Qualcomm, WiTricity Corporation, Integrated Device Technology (IDT) and Power by Proxi. Latest developments by various companies include a new launch by Qualcomm in November 2015 that showcases a wireless docking station 802.11ad WiGig dock that is coupled with Snapdragon 820 processor. This device has the potential to initiate power back up when docked on the station.

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Hybrid electric vehicle market is anticipated to be a promising segment for the wireless charging market. Additionally, it is expected to gain prominence over the forecast period in the consumer electronics industry owing to the growing demand for laptops and smartphones. As of 2014, Asia Pacific contributed to approximately 35% of the global revenue.

U.S emerged as the major regional market in North America on account of consumers’ growing inclination towards spending more for powering options, particularly for tablets, laptops and smart devices. Untapped markets such as Africa and Latin America are anticipated to experience a growing adoption of cordless charging over the forecast period hence opening new avenues for wireless charging networks industry.

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