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Microwave Power Transmission System Market Report Overview
The global microwave power transmission system market size was USD 3173.2 million in 2023 & the market is expected to reach USD 14875 million by 2031, exhibiting a CAGR of 21.3% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with the microwave power transmission system market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
A microwave power transmission system (MWPT system) is a system that uses microwaves to transmit power over a distance. Microwaves are a form of electromagnetic radiation with a wavelength of about 1 meter to 1 millimeter. They are used in a variety of applications, including microwave ovens, radar, and satellite communications.
MWPT systems work by converting electrical energy into microwaves at a transmitter and then transmitting those microwaves through the air to a receiver. The receiver converts the microwaves back into electrical energy, which can then be used to power devices.
COVID-19 Impact: Pandemic Decreased the Market Demand
The COVID-19 pandemic has had a significant impact on the microwave power transmission system market share. The COVID-19 pandemic has led to a decline in economic activity around the world. This has reduced demand for a variety of products and services, including microwave power transmission systems. Businesses have been forced to cut costs, and many have delayed or cancelled investments in new technologies. This has had a negative impact on the demand for them. The COVID-19 pandemic has also disrupted supply chains around the world. This has made it difficult for manufacturers to obtain the components they need to produce them. The pandemic has caused factory closures, shipping delays, and shortages of raw materials. This has led to higher prices for them and has slowed down the pace of innovation in the market.
Latest Trends
"The increasing demand for wireless power transmission is expected to fuel the growth in the market"
Wireless power transmission is a technology that allows devices to be charged without the need for cables. This technology is becoming increasingly popular for a variety of applications, including mobile devices, wearable devices, and medical devices. Wireless power transmission is becoming increasingly popular for charging mobile devices, such as smartphones and tablets. This is because it is a more convenient and efficient way to charge devices. With wireless power transmission, users do not have to fumble with cables or worry about their devices getting tangled. Wireless power transmission is also becoming increasingly popular for charging wearable devices, such as smart watches and fitness trackers. This is because it is a more convenient and comfortable way to charge devices that are worn on the body. With wireless power transmission, users do not have to remove their devices to charge them.
Microwave Power Transmission System Market Segmentation
- By Type Analysis
According to type, the market can be segmented induction and magnetic resonance.
- By Application Analysis
Based on application, the market can be divided into standalone chargers, automotive (in vehicle), electric vehicle charging, furniture, industrial.
Driving Factors
"The growing popularity of electric vehicles (EVs) to foster the market growth"
The growing popularity of EVs is one of the key factors driving the market for them. EVs are powered by batteries, which need to be recharged regularly. They can be used to recharge EVs wirelessly, which is a more convenient and efficient way to charge the vehicles. They are more convenient than traditional wired charging systems. With microwave power transmission, EVs can be recharged while they are parked, which means that drivers do not have to spend time plugging and unplugging the vehicles. They are more efficient than traditional wired charging systems. With microwave power transmission, less energy is lost during charging, which means that EVs can be recharged faster.
"The increasing demand for energy efficiency in industrial and commercial applications to result in the expansion of the market"
The increasing demand for energy efficiency in industrial and commercial applications is another key factor driving the market for them. They can be used to improve energy efficiency in a variety of applications. They can be used to distribute power over long distances in factories and other industrial settings. This can help to reduce energy losses and improve the efficiency of the power distribution system. They can be used to wirelessly charge devices such as laptops, smartphones, and tablets. This can help to reduce the number of cables and improve the aesthetic appeal of the workspace. They can be used to beam power to spacecraft in space. This can help to reduce the weight and volume of the spacecraft, which can save on launch costs.
Restraining Factors
"The limited range to hamper the market growth"
The limited range of microwave power transmission systems is a major challenge for the market. They can only transmit power over a limited range, which means that they can only be used for certain applications. For example, microwave power transmission systems can be used to power electric vehicles, but they cannot be used to power devices that need to be powered over a long distance, such as drones or satellites.
Microwave Power Transmission System Market Regional Insights
"Asia Pacific to lead the market owing to the growing investment in research and development. "
The Asia Pacific region has shown the highest microwave power transmission system market growth. The Asia Pacific region is home to a number of major manufacturers of microwave power transmission systems. These manufacturers are investing heavily in research and development, and they are constantly developing new and improved microwave power transmission systems. This investment in research and development is helping to drive the growth of the market in Asia Pacific.
Key Industry Players
"Key players are employing advanced technologies in order to stimulate further growth of the market. "
All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.
LIST OF TOP MICROWAVE POWER TRANSMISSION SYSTEM COMPANIES
- Qualcomm, Inc.: San Diego, California, United States
- Samsung Electronics Co., Ltd.: Seoul, South Korea
- TDK Corporation: Tokyo, Japan
- Texas Instruments, Inc.: Dallas, Texas, United States
- Nucurrent, Inc.: San Jose, California, United States
- Powermat Technologies, Ltd.: Tel Aviv, Israel
- Powerbyproxi, Ltd.: Haifa, Israel
- Witricity Corporation: Waltham, Massachusetts, United States
- Convenientpower Hk, Ltd.: Shenzhen, China
- Salcomp PLC: Espoo, Finland
Report Coverage
This report examines an understanding of the microwave power transmission system market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.
Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.
This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 3173.2 Million in 2023 |
Market Size Value By |
US$ 14875 Million by 2031 |
Growth Rate |
CAGR of 21.3% from 2023 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
|
By Type
|
|
|
By Application
|
Frequently Asked Questions
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What value is the microwave power transmission system market expected to touch by 2031?
The microwave power transmission system market is expected to touch USD 14875 million by 2031.
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What CAGR is the microwave power transmission system market expected to exhibit during 2023-2031?
The microwave power transmission system market is expected to exhibit a CAGR of 21.3% over 2023-2031.
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Which are the driving factors of the microwave power transmission system market?
The driving factors of the microwave power transmission system market are the growing popularity of electric vehicles (EVs) and the increasing demand for energy efficiency in industrial and commercial applications.
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Which are the top companies operating in the microwave power transmission system market?
The top companies operating in the microwave power transmission system market are Qualcomm, Inc., Samsung Electronics Co., Ltd., TDK Corporation, Texas Instruments, Inc., Nucurrent, Inc., Powermat Technologies, Ltd., Powerbyproxi, Ltd., Witricity Corporation, Convenientpower Hk, Ltd., Salcomp PLC.
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