The wireless power transmission market is witnessing huge growth. It is expected to grow further at a CAGR of 60.5 percent by 2020. This growth is attributed to technological improvements, ease of use and limitations of transferring power through wires.
The pivotal factors driving the wireless power transmission market are growing demand for battery powered devices, technological improvements and escalating demand for consumer electronics. However, huge costs associated with wireless power technology and designing issues with wireless power devices are likely to restrain the market.
The wireless power transmission market can be sliced into four major categories, including technologies, types, applications and geographies. The technologies market can be divided into electric conduction, electromagnetic radiation and electromagnetic induction. On the basis of types, the market can be split into devices with batteries and devices without batteries.
The wireless power transmission market, on the basis of applications, can be fragmented into defense, automotives, healthcare, industrial and consumer electronics. Consumer electronics is the largest application segment. It is expected to show the same over the coming years. This is owing to increasing wireless power for charging laptops and mobiles.
Geographically, the wireless power transmission market can be split into North America, Asia Pacific, Europe and rest of the world (ROW). Asia Pacific dominates the market. This is due to presence of electronic giants in China, Japan and South Korea. North America has shown positive growth. This is on account of increasing domestic demand for wireless power transmission and low manufacturing costs of the same.
Posted on May 12, 2015 | Category Semiconductors & Electronics