Global Wireless Power Revenue Is Expected to Reach $17.9 Billion in 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A new report from Navigant Research analyzes the global market for wireless power across seven applications, with global market forecasts, segmented by region, receiver and transmitter application, and technology, through 2024.
The increased reliance on electronics and the need to power them is expected to drive the adoption of wireless power, despite challenges associated with consumer awareness and competing industry standards. More than 100 million mobile phones are expected to be integrated with wireless charging functionality in 2015, and growth is expected to continue, as technology enables more power and greater freedom while current inroads create network effects that make future adoption more attractive. Click to tweet: According to a new report from Navigant Research, global wireless power revenue is expected to grow from $1.3 billion in 2015 to $17.9 billion in 2024.
“Wireless power is starting to gain widespread adoption in mobile phones, which in turn is slowly pushing the adoption of wireless power functionality in automobiles and public spaces,” says Benjamin Freas, senior research analyst with Navigant Research. “However, the expansion of wearable electronic devices and Internet of Things (IoT) devices coupled with technological advances are poised to transform the market.”
Inductive coupling is the predominant wireless power technology currently in the market, according to the report, although it is limited in the amount of power and spatial freedom provided. Magnetic resonance addresses these limitations, though its commercialization has been delayed, with products expected to hit the market by the end of 2015.
The report, Wireless Power, examines the global market for wireless power, with a focus on mobile consumer electronics, appliances and stationary consumer electronics, automotive, and industrial, military, and medical applications. The study analyzes the current market conditions and technology issues and trends that affect the adoption and success of wireless power systems. Global market forecasts, segmented by region, receiver and transmitter application, and technology, extend through 2024. The report also examines the key technologies (inductive power, magnetic resonance, radio frequency, or RF, power transmission, ultrasound, infrared, and microwave) and applications related to wireless power systems, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Wireless Power, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.