Industry Insights
The global wireless charging market size was valued at USD 1.87
billion in 2014 and is expected to reach USD 22.25 billion by 2022. Future
growth opportunities seem to positive on account of increasing adoption of
consumer electronic devices such as laptops and smartphones that employ the new
technology of wireless charging. Rising need for wireless and hassle-free
methods to power different devices amongst end users in industrial sectors
including healthcare, automotive, defence and industrial markets is expected to
propel market growth in the next eight years. This market is in the growing
phase and is observed to experience a wide range of innovations and provide
several opportunities to new entrants.
In order to improve existing operations and functionalities,
heavy investments are made by major market players on research and development.
Key emphasis is laid on enhancing and refining the power transmission range
that can enable wireless charging of devices for long distances.
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Few Associations such as WPC and PMA specialize in inductive
technology, and A4WP’s Rezence is specialized in resonant technology. However,
in June 2015, PMA announced its merger with A4WP and PMA and named it Air Fuel
Alliance in November 2015. Hence, WPC and its Qi platform was the sole
effective platform for inductive technology.
The merger proved to simplify decision making for hardware
developers relieving them from the task of complying with three different
standards. However, the combined body of A4WP and PMA poses few technical
challenges. Qi, similar to PMA, uses closely connected inductive solution in
addition to the newly added specification that employs resonance technology and
provisions backward compatibility for Qi receiver devices such as laptops, smartphones
and tablets.
Technology Insights
Latest technology including resonant and radio frequency (RF) is
anticipated to materialize into one of the attractive technologies in the
industry. Resonant technology is portable and doesn’t require a direct contact
thus providing convenience to customers. It also assists in powering devices
within small distances. Multiple-device charging in a single go is also a
feature of RF-based technology. Owing to its ability to eliminate alignment in
case of small devices such as medical implants and wearables, RF-based
technology is projected to achieve some prominence over the forecast period. On
account of its perceived advantages, several organisations including Humavox
have been heavily investing in this technology.
Nearly 50% of the overall share by revenue was contributed to by
inductive technology which is relatively older to others. Inductive technology
is employed by leading standards and technologies such as PMA and WPC which use
Qi technology. Inductive has thereby spurred market growth significantly in
2014. Additionally, Electric Vehicles (EVs) also employ inductive technology
for charging purposes.
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Hybrid electric vehicle market is anticipated to be a promising
segment for the wireless charging market. Additionally, it is expected to gain
prominence over the forecast period in the consumer electronics industry owing
to the growing demand for laptops and smartphones. As of 2014, Asia Pacific
contributed to approximately 35% of the global revenue.
U.S emerged as the major regional market in North America on
account of consumers’ growing inclination towards spending more for powering
options, particularly for tablets, laptops and smart devices. Untapped markets
such as Africa and Latin America are anticipated to experience a growing
adoption of cordless charging over the forecast period hence opening new
avenues for wireless charging networks industry.
Competitive Market Share Insights
Key market players in this domain include Qualcomm, WiTricity
Corporation, Integrated Device Technology (IDT) and Power by Proxi. Latest
developments by various companies include a new launch by Qualcomm in November
2015 that showcases a wireless docking station 802.11ad WiGig dock that is
coupled with Snapdragon 820 processor. This device has the potential to
initiate power back up when docked on the station.
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