According to IMARC Group latest report titled “Wireless Power Transmission Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on wireless power transmission market growth. The report also includes competitor and regional analysis, and contemporary advancements in the global market.The global wireless power transmission market size reached US$ 18.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 149.6 Billion by 2032, exhibiting a growth rate (CAGR) of 25.5% during 2024-2032.
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Factors Affecting the Growth of the Wireless Power Transmission Industry:
Increasing Adoption of Electric Vehicles (EVs): The rise in electric vehicle adoption is a major driver for the growth of the wireless power transmission market. As the automotive industry shifts toward electric mobility, the demand for efficient and convenient charging solutions rises. Wireless power transmission technologies, such as inductive charging, offer a seamless and user-friendly experience for EV owners, eliminating the need for physical connectors. This trend fuels the expansion of the wireless power transmission market, providing a key solution for the evolving needs of the electric transportation sector.
Rising Integration of IoT and Smart Devices: The proliferation of Internet of Things (IoT) devices and smart technologies contributes to the growth of wireless power transmission. As smart homes, industrial automation, and IoT-enabled devices become more prevalent, the need for wireless and hassle-free power transfer mechanisms increases. Wireless power transmission facilitates the deployment and operation of various IoT devices without the constraints of traditional wired power sources. The market expands as industries and consumers seek efficient, cable-free power solutions to support the growing ecosystem of interconnected smart devices.
Advancements in Resonant Wireless Charging Technologies: Ongoing advancements in resonant wireless charging technologies drive market growth. Innovations in resonant inductive coupling and radio frequency (RF) technologies enhance the efficiency, distance, and scalability of wireless power transmission. These developments address previous limitations and extend the applicability of wireless charging to diverse sectors, including medical devices, consumer electronics, and industrial applications. As resonant wireless charging solutions become more reliable and commercially viable, the market experiences increased adoption across a wide range of industries, contributing to its overall expansion.
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