Wireless Charging Market to exceed $35 Bn by 2027
Published Date: July 5, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Wireless Charging Market size is set to surpass USD 35 billion by 2027, according to a new research report by Global Market Insights Inc.
The expanding global IoT industry is likely to offer significant market growth opportunities. It is estimated that there will be 24 billion interconnected devices by 2050. With the rising number of connected devices, there will be a high demand for wireless charging solutions that eliminate the hassle of plugging cables. One of the key challenges in the IoT industry is to charge smart home security devices installed on the exterior side of the doors and walls. This generally requires expensive installations, involving drilling power cables through walls. A wireless charging technology ensures efficient and safe power through surfaces while enabling operators to install IoT devices through walls.
The coronavirus (COVID-19) pandemic impacted the wireless charging market growth in the first half of 2020. The impact involved declining market conditions, following stringent lockdown measures imposed by government organizations. Disruptions in the supply chains resulted in product shipment delays. The market regained traction in the second half of 2020 with moderations in the lockdowns imposed coupled with the resumption of industrial activities. The improving economic conditions and gradual streamlining of the global supply chains will support the market demand in 2021.
Get more details on this report - Request Free Sample PDF
Increasing penetration of smartphones in both developed & developing economies to propel market expansion
A sharp rise in smartphone ownership rates will spur the demand for advanced inductive wireless charging solutions. The improving global economic conditions have resulted in the robust growth of smartphones over recent years. Currently, most high-end smartphone brands competing in the market feature inductive wireless charging technology. iPhone 8 or later features integrated wireless charging that ensures an intuitive and easy charging experience. iPhone works with Qi-certified chargers available as accessories in hotels, airports, cafes, and cars. Qi is an open universal charging standard created by the Wireless Power Consortium (WPC). An increasing number of smartphone manufacturers integrating wireless charging technology in both high and mid-range models will foster the market growth.
Browse key industry insights spread across 200 pages with 169 market data tables and 27 figures & charts from the report, “Wireless Charging Market Size By Technology (Inductive, RF, Resonant), By Application (Automotive, Consumer Electronics, Industrial, Healthcare, Aerospace & Defense), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing use of wireless charging technology for advanced medical devices will fuel the market growth
The wireless charging industry is set to observe exponential growth through 2027 on account of high demand from the modernizing healthcare sector. Medical devices ranging from portable carts to surgical tools in hospitals along with implantable devices struggle with challenges related to charging and power. Miniaturized medical devices, such as neuromodulators and implants, face short battery life challenges that often require surgical procedures to replace.
Wireless charging technology simplifies implantable therapies that need significant power to operate as they no longer require drive lines that penetrate the skin. Similarly, neurostimulator devices can be charged wirelessly, ensuring a more comfortable experience for patients. The developing global healthcare sector is poised to augment the market growth.
Focus on upgrading the Electric Vehicle (EV) charging infrastructure by government organizations in Europe
The growing emphasis on upgrading EV charging stations in Europe will boost the wireless charging market revenue. In April 2021, the Federal Ministry of Transport and Digital Infrastructure, Germany launched a new USD 360 million program for the establishment of EV charging stations. Such initiatives supporting the innovation of wireless EV charging techniques to drive the market growth.
Companies focusing on R&D to launch innovative solutions
Players operating in the market are focusing on launching new innovative solutions to sustain the increasing competition. The high demand for wireless charging solutions from several industry verticals will encourage market players to launch differentiated solutions.
Prominent players operating in the market include Convenient Power Ltd., Energizer Holdings Inc., WiTricity Corporation, Evatran LLC (Plugless Power), Legget & Platt Inc., Murata Manufacturing Co., Ltd., Powermat Technologies, Texas Instruments Inc., Qualcomm Incorporated, and Samsung Electronics Co., Ltd.
Explore More on Related Topics: