Wireless Charging Market to witness heavy growth prospects via industrial application segment up to 2024

Wireless Charging Market in industrial application segment is expected to witness opportunities due to the need for the technology in highly automated environments such as factories which constantly needs to be charged. With no connectors to be concerned about, a wireless-charging system can be made resistant to stray liquids, dust, or gases. Furthermore, there is no potential risk of an explosion instigated by a stray spark while connecting or disconnecting a current-carrying cable which is providing an impetus to the market size.

Wireless Charging Market size will be driven by huge adoption of consumer electronic devices such as smartphones. Most tech moguls have been striving to implement wireless charging in their devices with an aim to increase the product’s brand value and presence in the core business. One of the most popular and acclaimed instance testifying the validity of the aforementioned statement is Apple’s recent launch of the iPhone 8 series. The fact that the iPhone 8 would be endowed with wireless charging has been on the news bulletin for a considerably long while, much prior to the product launch. And yet, its introduction in the mainstream arena has created quite a stir in the tech cosmos. The company has apparently chosen 7.5 W of power transfer for iPhone 8 and the much-awaited iPhone X.

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The technology has evolved to adapt to consumer range and distance requirements. Inductive charging technology is a highly efficient technology that is commercially available for usage. Qi technology is available at a cost-effective, competitive pricing, and is designed to work efficiently with a range of mobile devices. Moreover, the technology is being used in medical implants for advanced medical therapies for a variety of chronic conditions, owing to its ability to safely charge healthcare devices, and eliminating the battery need in some cases. These factors are positively aiding the wireless charging market.

Rise in the usage of wireless charging in several automotive and consumer applications is expected to propel the industry demand over forecast timeline. With ongoing technological advancements in the technology, wireless power charging built into desks, tables, and workstations, will soon become a reality. Several commercial places are implementing these solutions to attract more consumers and are providing hassle-free experience. Initiatives such as smart cities are further anticipated to surge the wireless charging market demand.

While wireless charging market had been introduced in the international circuit for more than two decades back, its commercialization scope has surpassed escalated levels merely a few years back. This business space has been ablaze with numerous innovations on an annual basis, though 2017, has indeed been a spectacular year for wireless charging industry.

A major factor aiding the U.S. wireless charging market size are the incentives provided by its government for the development and the usage of the wireless charging equipment’s. The U.S federal government is providing tax credits of USD 2,500 to USD 7500 for each EV purchased in the country. Increase in adoption of EVs in the country is anticipated to provide the industry several growth prospects. Moreover, several restaurants and coffee shops in the country are implementing the technology to increase the consumer awareness about the brand and provide a hassle-free user experience.

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