The global wireless charging market was valued at approximately USD 1.90 billion in 2014 and it is projected to grow at an approximate CAGR of over 60% over the forecast period of 2016 to 2024. The rising demand is due to increase in adoption of consumer electronics devices technologies such as tablets and smartphones.
The market is expected to be driven by factors such as huge demand in the smartphone industries, user friendliness, consumer inclination towards wireless connectivity and capability to charge multiple devices at a time.
Increasing in application scope expected to drive the market growth exponentially in automotive, healthcare, industrial, defense and consumer electronic devices. It exhibits the properties of safe, continuous and reliable power supply to all electronic devices.
In industrial sectors applications, this wireless charging is anticipated to grow rapidly such as in construction, mining, machinery, material handling and forestry. Healthcare and defense are also expected to grow substantially.
Prime focus is to improve the transmission power range which results in charging the devices over long distances. Restraints in the wireless charging market are interference with other electronic device and lack of standards. Long distance charging can cause interference to other electronic devices.
Opportunities in the wireless charging market are due to the development of new innovative products and improving efficiency in the charging devices. Key players are investing heavily in the R& D activities to improve existing features, efficiency, functionalities and to explore new opportunities in the market.
This market can target end-users, battery manufacturers, development and research organizations, raw material suppliers, wireless charging vendors, technology providers, wireless enabled power device manufacturers and suppliers, chips and electronic design providers.
Challenges in this market are inadequate government policies, lack of awareness in end-users and compatibility issues. Major issues in the wireless charger are the health risk for humans and other living organisms.
The market is expected to have lucrative growth by technologies such as inductive, radiation, radio frequency and laser beam technology. Inductive resonant technology transmits electrical energy coupled with two electromagnetic coils at the same frequency. By using these technologies multiple devices can be charged continuously.
Radio frequency based technology is anticipated to growth slowly whereas it eliminates need a proper alignment for small devices such as smart watches, gears, and health monitoring devices.
The wireless charger market has segmented on the basis of range such as short range, medium range, and long range. Inductive technologies are used for short range, resonant inductive coupling technologies are used for medium range and micro and light wave’s technologies are used for long range transmission.
Implementation of wireless charging pads in public areas needs systems to be secure and safe. But cordless charging systems are expected to go beyond stand-alone charging solutions. They can empower smart networking connectivity and to create the chargeable billing stations if needed. Numerous cafes, airport terminal booths and hotels are supporting these chargeable billing stations. Furniture producer also designs in diplomatic wireless energy transmitters into their end and side tables.
Wireless chargers are finding its new technologies in TV remote and games, cordless vacuum cleaners, wireless power tools, hearing aids, soap dispensers and also cardiac pacemakers. Wireless chargers are also capable of charging power bank and super capacitors (super caps). Wireless speakers, keyboards, headsets are also expected to have substantial growth due to this smart wireless technologies.
The wireless charging markets are segmented on the basis of regions such as North America, Europe, Asia-Pacific and the Middle East and Africa, Central and South America.
Asia-Pacific is expected to witness significant growth due to increasing demand for consumer electronics devices such as laptops and smartphones and adoption of new innovative technologies. In 2014, the overall revenues of wireless charging market have contributed over 35% in this region.
In North America, there are some consumer inclinations towards spending more for such technologies, especially for tablets and smartphones. So there is a hindrance in consumer electronics market.
The Middle East and Africa, Central and South America are expected to witness the huge adoption of wireless technologies or cordless charging over the forecast period. Wireless charging market is anticipated to have emergent growth in this region.
Some of the major players operating in the market include Energizer Holdings, Inc. (St. Louis, U.S), Convenient Power HK Limited, WiTricity Corporation (U.S.), Leggett & Platt (U.S.), Integrated Device Technology Inc. (U.S.), Qualcomm Incorporated, Murata Manufacturing Co. Ltd. (Japan), Powermat Technologies (Israel), PowerbyProxi Ltd. (New Zealand), and Texas Instruments Incorporated (U.S.)
Integrated Device Technology, Inc. (U.S.) collaborated with Samsung to manufacture cordless charging for the smartphone in Samsung Galaxy S6 edge and smart watch charging pad for Samsung S2 Gear.
