According to a report by MarketsandMarkets research firm, the wireless-power-transmission market will reach $17.04 billion by 2020, growing at a combined annual growth rate (CAGR) of 60.49 percent from 2014 to 2020.
As the report indicates, wireless-power transmission poses a huge potential for the future. In the near term, the consumer electronics segment is driving this market, where it is primarily used for charging portable devices, including smartphones, tablets and wearable electronics. Wearable devices, also called tech togs or fashion electronics, are clothing and accessories incorporating computers and advanced electronics. Wearable Devices magazine estimates that 90 million wearable devices will ship in 2014.
However, in the long term, a huge scope of opportunities can be expected from the development and integration of wireless-power transmission in other applications, including healthcare, defense and automotive. For example, wireless charging for electric vehicles is beginning to emerge as an alternative to plugging in. Wireless charging enables energy transfer between a charging base and the vehicle’s battery.
With the resolution in the standards for wireless-power transmission, a variety of other products can be expected in the future. It has been estimated that magnetic resonance technology will dominate the wireless-power-transmission market.
The report divides the wireless-power-transmission market on the basis of transmission technology, transmission type, transmission range, application and geography. The application segment has been segmented into consumer electronics, industrial, automotive, healthcare and defense. Consumer electronics is further subsegmented into mobile phones, tablets, computers, peripherals and wearable electronics.
The consumer electronics segment roughly accounted for a total market share of 67 percent in 2013 and is estimated to grow at a CAGR of 61.18 percent from 2014 to 2020. The majority of the wireless-power products are being developed for consumer electronics; however, products for applications, such as defense, healthcare and automotive, are also starting to be developed.