Global Wireless Power Transmission Market to Reach US$52.4 Billion by 2030

The global market for Wireless Power Transmission estimated at US$12.3 Billion in the year 2023, is expected to reach US$52.4 Billion by 2030, growing at a CAGR of 23.0% over the analysis period 2023-2030. Near-Field, one of the segments analyzed in the report, is expected to record a 22.6% CAGR and reach US$42.0 Billion by the end of the analysis period. Growth in the Far-Field segment is estimated at 24.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$2.5 Billion While China is Forecast to Grow at 24.8% CAGR

The Wireless Power Transmission market in the U.S. is estimated at US$2.5 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$11.0 Billion by the year 2030 trailing a CAGR of 24.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 19.8% and 20.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.3% CAGR.

Global Wireless Power Transmission Market - Key Trends & Drivers Summarized

Wireless power transmission (WPT) is a technology that enables the transfer of electrical energy from a power source to an electrical load without the need for physical connectors or cables. The technology (near-field or far-field) utilizes electromagnetic fields to transmit power over short and long distances, providing a convenient and flexible solution for powering and charging devices. WPT is being increasingly adopted in various applications, including consumer electronics, electric vehicles, medical devices, and industrial automation. The convenience and safety offered by wireless power transmission make it an attractive alternative to traditional wired power solutions.

The development of wireless power transmission technology has seen significant advancements, particularly in the areas of efficiency, range, and safety. Techniques such as inductive coupling, resonant inductive coupling, and radio frequency (RF) energy harvesting are being refined to enhance the performance of WPT systems. Innovations in materials and circuit design are also contributing to improved power transfer efficiency and reduced energy losses. Furthermore, standardization efforts and regulatory frameworks are being established to ensure the interoperability and safety of wireless power transmission systems across different applications and devices.

The growth in the wireless power transmission market is driven by several factors. Firstly, the increasing adoption of wireless charging solutions in consumer electronics, such as smartphones and wearable devices, is a significant driver. Secondly, advancements in WPT technology and the development of efficient and safe power transfer methods are enhancing its applicability. Thirdly, the rising demand for electric vehicles and the need for convenient and reliable charging infrastructure are boosting the adoption of wireless power transmission. Additionally, the integration of WPT in medical devices and implants is providing new opportunities for innovation in healthcare. Furthermore, the trend towards smart homes and the Internet of Things (IoT) is driving the need for wireless power solutions to power a multitude of connected devices. Lastly, supportive government policies and industry standards are fostering the development and commercialization of wireless power transmission technologies.