The Global Wireless Power Transmission Market is expected to grow significantly during the period 2015-2019. The market is expected to grow at a CAGR of 51.3 percent during the forecast period.
What is Wireless Power Transmission?
Wireless power transmission, also known as wireless energy transfer, involves the transmission of electromagnetic energy from a power source to an electric load without wires. Wireless power transmission helps avoid the use of interconnecting wires. This is of great assistance in situations where the use of interconnecting wires is either hazardous or not feasible.
Wireless power transmission is also used to transmit power to remote areas. Nikola Tesla first introduced the concept of wireless power transmission in 1899 while demonstrating the transmission of 100 million volts of electricity over a distance of 26 miles.
Currently, wireless power transmission is mostly used in the Consumer Electronics segment, which includes smartphones, laptops, and tablets. Notably, wireless power transmission technology is being increasingly implemented in the Healthcare, Defense, and Industrial Applications segments. It is also being used to develop electric vehicles and to enable wireless charging.
Key Factors Fuelling Market Growth
Reduction in High-tension Overhead Cables
The adoption of wireless power transmission technology is on the increase. Consequently, overhead cables, wires, and other equipment used for the purpose of power transmission will gradually decrease in use. Wireless power transmission systems have the potential to completely eliminate the existing high-tension power transmission cables, towers, and substations. Importantly, the process associated with the interconnection of power generation plants worldwide will get simpler.
Power Transmission to Remote Areas
Wireless power transmission technology enables the efficient transmission of power to remote and isolated areas where it is not feasible to use wired power transmission services. In addition, loss of power during wireless transmission is negligible compared with wired power transmission. Wireless power transmission is devoid of any wires.
Therefore, various losses with regard to wired transmission, such as copper losses and corona losses, and commercial losses, such as power theft, are eliminated, improving the efficiency of power transfer. Importantly, the efficiency of wireless power transmission is considerably high compared with wired power transmission. This has been a key reason for the growth and development of the Wireless Power Transmission market.
Rapid Growth in Consumer Electronics Demand
Significant growth in the Consumer Electronics segment with the introduction of smartphones, tablets, and laptops has led to the evolution of faster and more powerful portable devices. The need to charge these devices from time-to-time has led to the next wave of innovations, which includes wireless charging of smartphones, tablets, and other gadgets such as portable computers, game controllers, and many other devices. The demand for consumer electronics has increased significantly, which, in turn, has triggered increased growth of the Global Wireless Power Transmission market.
