Wireless Power Transmission Market – Snapshot
Wireless power transmission is transfer of electric energy from one place to another, without the use of conductors such as wires and cables. In wireless power transmission, electric energy is transmitted from a power source to electric loads such as mobile phones and laptops. The use of wireless power transmission has increased. It has opened new avenues for energy management, hassle-free charging, and efficient power transfer.
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Several factors drive the demand for wireless power transmission
Advancements in wireless power transmission are increasing in terms of technologies such as resonant inductive coupling and radio frequency. Factors driving the demand for wireless power transmission are high operational efficiency, minimization of electricity loss, rise in the use of network communications, digitization, and development of infrastructure. The initial cost of investment for wireless power transmission is high. However, this technology eliminates use of cables while providing clutter-free charging. Rising demand for wireless charging in industries such as consumer electronics, medical devices, and automotive counterbalances these high initial costs. Additionally, wireless power transmission is used in military applications such as robots and wireless charging technology to help soldiers. It is also applied in sensors used in submarines.
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One of the major advantages of wireless power transmission is its low maintenance cost. Moreover, rise in the need for technological advancements, high demand for battery-operated devices, and increase in the application of solar power satellites, drones, and sensors are expected to drive the wireless power transmission market during the forecast period.
Lack of necessary regulations hindering the market
Several regulations have been implemented with respect to the permissible range of wireless power transmission in order to control the extent of human exposure to radio frequencies. Moreover, rise in the need for standards to ensure cross-platform compatibility is also promoting growth of the wireless power transmission market. This can be achieved through regulations. Technology utilized for wireless power transmission is primarily inductive coupling (Qi standard) or magnetic resonance (A4PM standard). Presence of different charging techniques has resulted in confusion for OEMs, component providers, and customers also, in terms of standard adoption.
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Product portfolio expansion presents key opportunities
Companies operating in the market are focused on the development of new products to be launched in the near future, with the help of extensive R&D activities in the fields of magnetic resonance and short-range RF technologies. Moreover, increasing use of the wireless charging technology in health care and industrial sectors is anticipated to augment the market in the near future.
High initial cost of investment poses a threat to the market
High initial cost of investment is anticipated to hamper the entry of new players into the market in the near future. However, governments of different countries are encouraging investments in the wireless power transmission market. This has resulted in rise in the number of market players. Thus, threat of new entrants is expected to remain high during the forecast period.
Governments initiating various R&D projects related to wireless power transmission
The National Aeronautics and Space Administration (NASA), which functions under the U.S. Department of Energy (DoE), has realized benefits of using solar power satellites enabled by the wireless power transmission technology to overcome the energy crisis across the world. Various R&D projects to this effect are being implemented all over the world by agencies such as NASA, JAXA, and SPACE Canada. Thus, the rising need for efficient power transfer methods is anticipated to drive the wireless power transmission market in the next few years.
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