The global Wireless Charging Market is projected to reach USD 22.25 billion by 2022. Increase in the demand for hassle-free charging pads is driven by factors including entangling of charging cable, insufficient availability of electric sockets in public places and malfunctioning ports due to continuous usage. These key factors are expected to increase the popularity of wireless power systems. Adoption of this technology in sectors such as healthcare and military services is expected to offer new horizons for market growth and provide new opportunities to expand.
Compatibility issues with solution standards set up by
wireless charging associations, namely Wireless Power Consortium (WPC) and Air
Fuel Alliance, are expected to pose a challenge for the manufacturers and
distributors over the coming years. Key market players including Samsung,
Qualcomm, and Broadcom act as members of these associations and play a vital
role in the development of innovative technologies.
Inductive technology dominated the market with a share of
over 50.0% in 2014 owing to increasing demand from Electric Vehicles (EVs) and
widespread application of WPC’s Qi platform in consumer durables and
electronics.
RF technologies are expected to witness rapid growth and
capture market share of inductive technology over the forecast period. The
major advantage of Resonant technology is its capability to charge multiple
devices simultaneously thereby gaining an edge over RF technology which is
tailored for small devices such as medical implants and wearables.
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Consumer electronics accounted for over 60.0% share in
2014 owing to increase in adoption of this technology in tablets and
smartphones. The healthcare sector is estimated to witness a growth rate of
over 40.0% from 2015 to 2022. Deployment of ultra-small devices such as sensory
instruments and cybernetic implants into the body has become a simplified
procedure owing to its ability to be charged wirelessly. Extensive R&D related
to the development of new methodologies and techniques for wireless charging by
numerous organizations namely Stanford University is expected to propel growth
over the forecast period.
Asia Pacific accounted for a significant share of the
global market, which can be attributed to rising demand for smart devices such
as tablets and smartphones and increase in demand for electric vehicles in the
region. Western Europe and the U.S. form the key regional markets on account of
growing consumer preference and inclination to spend on quality consumer
electronic products designed for the niche segment. Increasing adoption of
powering mats and charging hotspots for consumers by global food chains
including McDonalds and Starbucks is expected to have a positive impact on
demand.
Africa and Latin America are untapped markets and are
projected to observe the high adoption of wireless/cordless charging over the
next seven years. The wireless charging market is characterized by huge
investments by industry players to enhance and optimize existing
functionalities. Key players include Qualcomm, Integrated Device Technology
(IDT), PowerbyProxi, Samsung, Broadcom, and WiTricity Corporation.
Qualcomm introduced a new cordless docking station
802.11ad WiGig dock which can be used with snapdragon 820 processor and
initiates powering when docked onto the station. Qualcomm entered into a tie-up
with Efacec, which plans to launch powering options for electric hybrid
vehicles. WiTricity has developed technologically advanced processes to
charging in multiple applications including automotive, consumer electronics,
medical and industrial.
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