The Wireless Power Transmission Market is expected to grow at a CAGR of 30.96% to reach USD 29612.2 million by 2028. In the utility sector, smart grids represent a significant advancement, enabling the provision of dependable and continuous power to end-users. The increasing demand for real-time responsiveness to local power consumption fluctuations has resulted in the widespread adoption of smart grids. Notably, China and North America are at the forefront of this implementation. Smart grids facilitate the efficient distribution of eco-friendly, secure, and economical electricity through transmission lines. Some of these transmission lines are integrated with wireless networks, delivering real-time pricing data to consumers. Empowered by this information, consumers can adjust their electricity usage accordingly, fostering energy efficiency and cost savings.
APAC dominates the regional market because of The wireless power transmission market represents a significant growth opportunity for businesses seeking to revolutionize energy transfer technology. This sector encompasses the development and deployment of innovative solutions that enable the transmission of electrical power without the use of physical cords or wires. Key players in this industry focus on advancing technologies such as magnetic resonance, magnetic induction, and radio frequency to deliver efficient, convenient, and contactless power transfer systems. The market is expected to expand substantially due to increasing demand for wireless charging solutions in various industries, including consumer electronics, automotive, and healthcare.
There are various factors that drive the Wireless Power Transmission Market market which are as following: In the utility sector, the surge in demand for high-voltage transmission has led to increasing exploration of wireless power transmission solutions. This innovative technology enables the transmission of electricity without the need for physical wires or contact. Although utility-scale wireless power transmission is currently in its infancy, the growing emphasis on cost-effective transmission is expected to propel the expansion of the global wireless power transmission market. Traditional power transmission entails substantial infrastructure costs due to the high equipment costs. Moreover, it necessitates additional devices, including electrical and mechanical auxiliaries, pole control, and valve control. By eliminating the need for these components, wireless power transmission presents a more cost-effective and efficient alternative for utilities.
Be the first one to get the industry updates. Request for a sample report
Wireless Power Transmission Market Segmentation
The market witnesses several challenges, which are as follows The wireless power transmission market presents an innovative solution to address increasing energy consumption concerns, yet faces significant challenges. Limited battery capacity and operational time for wireless devices are major concerns, as power consumption and lifespan remain key challenges. Obstacles between transmitters and receivers can also hinder wireless transmission efficiency. Inductive coupling, a common wireless power transmission method, is effective only over short distances. To expand its range, robust coupled magnetic resonances can be employed, but this requires additional infrastructure investments. Enhancements in battery technology and energy-efficient techniques are crucial to mitigate these challenges and drive market growth.
Stay ahead of your competitors. Download the Free PDF report
Some of the key companies that have been profiled in the report include:
The electric utilities sector encompasses entities involved in the generation, transmission, and distribution of electricity to consumers. These entities can be publicly owned, investor-owned, nationalized, or cooperatives, and may engage in all or some aspects of the industry. Electric utilities are capital-intensive companies, responsible for the reliable and safe provision of electricity, as well as associated services such as wastewater treatment and electricity generation. In contrast, the water utilities market value chain comprises infrastructure developers, water treatment service and technology providers, water treatment equipment manufacturers, quality testing organizations or laboratories, and distribution to end-users. Water utilities play a crucial role in ensuring the timely and safe delivery of water to consumers. Both electric and water utilities are essential industries, with significant infrastructure requirements and a focus on delivering essential services to consumers. - The Wireless Power Transmission Market is experiencing significant growth, fueled by the Rapid growth in wireless transmission. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Wireless Power Transmission (WPT) market is experiencing significant growth due to the increasing demand for wireless chargers for various electronic devices, including computers, mobile phones, appliances, and connected devices in the Industrial IoT sector. WPT systems are revolutionizing power distribution systems by enabling seamless and contactless charging, eliminating the need for cords and cables. Two primary WPT technologies are gaining popularity: far-field technology, which uses magnetic resonance to transmit power over long distances, and near-field technologies, which use electromagnetic induction for short-range charging. WPT-based smart grids are also emerging as a promising solution for efficient power distribution and management in industries and smart homes. Leading players in the WPT market are investing in research and development to expand their portfolios and stay competitive. Strategies include collaborations, partnerships, and acquisitions. As the market continues to evolve, it is essential for investors to keep abreast of the latest trends and technologies to maximize their returns. Overall, the WPT market is poised for significant growth, driven by the increasing adoption of wireless charging in various applications and the integration of WPT systems into power distribution networks and smart grids.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/