The players operating in the wireless charging market include WiTricity Corporation, Integrated Device Technology, Inc., Texas Instruments, Inc., Qualcomm Inc., Energizer Holdings, Inc, PowerbyProxi Ltd., Powermat Technologies, Powercast Corporation among others.
Selbyville, Delaware, USA – January 8, 2019 —
The wireless charging market is set to grow from USD 3 billion in 2016 to around USD 14 billion by 2024. The next 5-7 years will be a key period for the wireless charging industry as a huge opportunity for the technology exists in the highly automated & connected industries, as the battery power is a vital factor in several industrial applications. Wireless charging in industrial settings helps reduce the risk of explosions caused by stray sparks which occur during the connection and disconnection of current carrying power cables. In industrial applications of unmanned systems and robotic vehicles which require high voltages of electricity to operate efficiently, the technology is providing a consistent, high efficiency power supply to batteries which is expected to enhance the wireless charging market growth.
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Resonant technology accounted for more than 25% of the wireless charging market share in 2016. The technology does not require direct contact for charging of devices and allows several devices to be charged simultaneously. It has a competitive advantage over the inductive technology as it offers wireless transfer of power at a long range for multiple devices. The technology is anticipated to become more widely available at coffee-shop tables and in offices under the desks.
Healthcare is a promising application segment for the wireless charging market. The usage of medical implants in advanced medical therapies for a variety of chronic conditions is growing, with the ability to safely charge such devices opens new opportunities to several treatment options thereby driving the market growth. Moreover, wireless charging technology is offering its end-users the ability to extend the lifetime of an implant as the battery can be recharged and can also eliminate the battery need in some cases.
U.S. wireless charging market is the largest regional segment and has witnessed considerable government support. The incentives provided by the U.S government for the development and the usage of the devices include competitive programs to help encourage suppliers and manufacturers investment in R&D and infrastructure.
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The proliferation of advanced technology and the substantial rise in the tech-savvy populace are deemed to act as major drivers for wireless charging market. Major tech giants along the likes of WiTricity Corporation, Energizer Holdings, Inc., Powercast Corporation, Integrated Device Technology, Inc., Convenient Power Ltd., Murata Manufacturing Co. Ltd., Texas Instruments, Inc., Mojo Mobility, Inc., Qualcomm Inc., PowerbyProxi Ltd., Leggett & Platt Inc., and Powermat Technologies partaking in wireless charging industry share have been pushing themselves to brainstorm and develop contemporary technologies that could make wireless charging even more convenient to access.
Given that consumers have been demanding a hassle-free charging experience, companies have been prioritizing the manufacture of non-removable batteries and limited battery space in products. This dynamic transformation of tactic adoption would ultimately augment the demand for this service, inherently propelling wireless charging market size. The humongous appetite for this business space is quite evident from the estimates – wireless charging industry size is forecast to be pegged at a valuation nearly five times its revenue collection in 2016, as per a report compiled by Global Market Insights, Inc.
Browse key industry insights spread across 140 pages with 62 market data tables & 75 figures & charts from the report, “Wireless Charging Market Size By Application (Automotive, Consumer, Industrial, Healthcare, Aerospace & Defense), By Technology (Inductive, RF, Resonant), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, South Korea, Australia, Brazil, Mexico), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Table of Contents (ToC) of the report:
Chapter 5. Wireless Charging Market, By Application
5.1. Global industry share by application, 2016 & 2024
5.2.1. Market estimates and forecasts, by region, 2013 – 2024
5.2.3. Market estimates and forecasts, by region, 2013 – 2024
5.2.5. Market estimates and forecasts, by region, 2013 – 2024
5.2.7. Market estimates and forecasts, by region, 2013 – 2024
5.2.8. Aerospace & Defense
5.2.9. Market estimates and forecasts, by region, 2013 – 2024
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/wireless-charging-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Name: Arun Hegde
Organization: Global Market Insights, Inc.
Address: 4 North Main Street Selbyville, Delaware 19975 USA
This news is published on Reuters.