Wireless Charging Market to hit $14bn by 2024: Global Market Insights, Inc.
September 13, 2017 --
Ocean View, Delaware, Sept. 13, 2017 (GLOBE NEWSWIRE) --
Wireless Charging Market share is forecast to cross USD 14 billion by 2024; as per a research report published by Global Market Insights, Inc. Growing demand of the technology across the automotive sector owing to rising pollution concerns as well as depleting fossil fuels is expected to drive the wireless charging market over the forecast timeline.
Manufacturers have recognized that consumers are increasing their spending capacity and are ready to invest in premium products. Several automotive manufacturers such as Audi, BMW, Daimler and Toyota are actively researching the technology. The industry is characterized by a considerable amount of R&D, which is expected to contribute to overall growth.
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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.
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:
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 wireless charging 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.
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. The industry is extremely competitive in nature, which has led several manufacturers to develop and commercialize several key technologies that are implemented in smart devices and contribute towards the end-user demand.
Companies are licensing their product portfolio which include patent rights, and which are beneficial in the manufacturing and distribution of wireless charging products. Moreover, several vendors are extending their businesses to emerging markets such as Asia Pacific and MEA as the North America wireless charging market appears to be comparatively mature in terms of infrastructural development.
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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.
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