Asia Pacific is accounted to have a market share of 38.24% in 2013, and is expected to grow at a CAGR of 62.95% from 2014 to 2020.
(PRWEB) August 27, 2014
According to a new market research report "Wireless Power Transmission Market by transmission technology (Induction, Radiation), type, and range; by application (consumer electronics, industrial, automotive, healthcare, and defense), and by geography - forecast and analysis (2013-2020)", published by MarketsandMarkets, Wireless Power Transmission Market is expected to reach $17.04 Billion by 2020, growing at a CAGR of 60.49% from 2014 to 2020.
Browse 87 market Tables and 33 Figures spread through 260 Pages and in-depth TOC on "Wireless Power Transmission Market".
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Wireless power transmission has gradually started developing in the market and poses a huge potential in the coming future. The Wireless Power Transmission Market is mainly driven by the consumer electronics segment for the near terms, where it is mainly used for charging the portable device which includes smart phones, tablets and wearable electronics. However, in longer terms, huge scope of opportunity can be expected from the development and integration of wireless power transmission in other application which includes healthcare, automotive and defense. With the resolution in the standards for wireless power transmission, varieties of other products can be expected in the future. It has been estimated that magnetic resonance technology will dominate the wireless power transmission market. In future almost all the device will be working based on magnetic resonance as it helps in larger charging field.
The Wireless power technology, in last few years has been involved in many applications like consumer electronics, automotive, healthcare, and industrial sector; especially, the smartphones and tablets manufacturers have integrated wireless power functionality directly into their products. In consumer electronics sector the wireless technology has already got a huge popularity, thus the wireless power technology is being seen as a next big thing in consumer electronics. The technology in consumer electronics is evolving rapidly. The overall consumer electronics market is growing rapidly in all major regions of the world, thus, wireless power market in consumer electronics is expected to grow with a higher CAGR.
One of the major and evolving segments in the wireless power transmission market is the automotive sector. The world is dealing with the problem of CO2 emission and global warming, thus some of the developed countries are encouraging electric vehicles. Electric vehicles produce lower global warming emissions and cost less to fuel than the average vehicle. The wireless power technology has the huge potential to increase the driving range of electric vehicles and transform the highway travel drastically. The major drawback of electric vehicles is their limited driving range; it can be addressed with the help of the wireless power technology.
The Wireless Power Transmission Market is segmented on the basis of transmission technology, transmission type, transmission range, application and geography. All these segments are separately classified in the report. The wireless power transmission market is expected to reach up to $17.04 Billion by 2020, at an estimated CAGR of 60.49% from 2014 to 2020. Application segment, under the wireless power transmission, has been segmented into consumer electronics, industrial, automotive, healthcare and defense. Consumer electronics is further sub-segmented into mobile phones, tablets, computers, peripherals, and wearable electronics. Consumer electronics is expected to account a total market share of 67.89% for 2013, and is estimated to grow at a CAGR of 61.18% from 2014 to 2020. Majority the wireless power products currently being developed for consumer electronics, however product for application such as; defense and healthcare has also started being developed.
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Leading players involved in Wireless Power Transmission Market includes Convenient Power HK Ltd. (Hong Kong), Energizer Holdings Inc. (U.S.), Integrated Device Technology, Inc. (U.S.), Leggett & Platt, Inc. (U.S.), Murata Manufacturing Co., Ltd. (Japan), Powermat Technologies Ltd. (Israel), Plugless Power (U.S.), QUALCOMM Inc. (U.S.), Texas Instruments Inc. (U.S.), and Witricity Corp. (U.S.).
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