DALLAS, December 4, 2014 /PRNewswire/ --
According to a new market research report titled "Wireless Charging Market by Technology, Range, Component (Transmitters and Receivers for Various Devices), Application (Consumer Electronics, Defense, Healthcare, Automotive, and Industrial), and Geography - Analysis and Forecast to 2013 - 2020", published by MarketsandMarkets, the wireless charging market is estimated to reach $13.78 Billion by 2020, growing at a CAGR of 60.26% between 2014 and 2020.
Browse 82 market data Tables and 68 Figures spread through 188 Pages and in-depth TOC on "Wireless Charging Market".
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The Wireless Charging Market has been segmented into four basic segments which include market by technology, market by transmission range, market by application, and market by geography. Market by technology comprises inductive, radiation, and other technologies. Market by application includes consumer electronics, defense, healthcare, automotive, and industrial sectors. It has been estimated that the majority of the demand is expected from consumer electronics; also most of the companies involved in the development of wireless charging technology are developing products related to consumer electronics. The consumer electronics application holds the largest market size of 68% in terms of value, in 2014. The wireless charging technology is suitable for applications, wherein the devices need to be frequently charged. Consumer electronics devices require frequent charging sessions as they are used extensively, throughout the day. Smartphones have now become an inevitable part of day-to-day life. People are carrying their smartphones for the whole day, using numerous applications and being continuously connected to the internet. This leads to fast draining of batteries, thereby necessitating the need to charge smartphones, at least once in a day. This problem can be easily be solved by the implementation of wireless charging technology. Companies are continuously working towards the development of transmitters and receivers, which can enable the smartphones to be charged on the go.
Another successful application of wireless charging is in electric vehicles, as it doesn't require the physical connection of vehicle and charging source. The vehicles can be charged, just by parking it in the garage or parking space where the charger infrastructure is available. Such attributes of wireless charging comprise the key factors driving the growth of this market in automotive application.
In this report the drivers, restraints, and opportunities have been covered and are described briefly along with, their impact on the Wireless Charging Market. The major driving factors include user friendliness, growing demand for smartphones, and the ability to charge multiple devices at a same time. The major restrains include, lack of standards related to wireless charging and interference with other electronic devices. The increasing efficiency of wireless charging devices and the growth of new applications constitute the key areas of opportunity for this market. Compatibility issues, inadequate government regulation, and lack of awareness are considered as the key challenges in the Wireless Charging Market.
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The various market players involved in the development of wireless charging technology include ConvenientPower HK Ltd. (Hong Kong), Energizer Holding, Inc. (U.S.), Integrated Device Technology Inc. (U.S.), Leggett and Platt Inc. (U.S.), Murata Manufacturing Co. Ltd. (Japan), PowerbyProxi Ltd. (New Zealand), Powermat Technologies Ltd. (Israel), Qualcomm Incorporated (U.S.), Texas Instruments Incorporated (U.S.), and WiTricity Corporation (U.S.). These companies operate globally and are working to incorporate this technology in various applications.
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