Sellbyville, DE -- (SBWIRE) -- 10/24/2018 -- Global Wireless Charging Market in 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 wireless charging market growth.

Wireless charging market is anticipated to exceed USD 14 billion by 2024 with the industry growth pegged at a CAGR of over 13% from 2017 to 2024. Rise in the usage of wireless charging in several automotive and consumer applications is expected to propel the industry demand over forecast timeline.

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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.

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.

Inductive technology has penetrated significantly into the wireless charging market and contributed to more than 50% of the global revenue in 2016. WPC's inductive Qi standard powers a range of smartphones, accessories and products. It can be implemented for close range wireless charging and is highly efficient, cost effective to deploy and easy to design. The technology is mature and the most preferred technology for charging as compared to other technologies and can be scaled up to support bigger products and EVs. Inductive charging is projected to exist in environments where safety, efficiency, and high power, are necessary.

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A major factor aiding the U.S. wireless charging market growth 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.

Key players operating in the wireless charging market include Powermat Technologies, Texas Instruments, Inc., PowerbyProxi Ltd., Powercast Corporation, Murata Manufacturing Co. Ltd., Mojo Mobility, Inc., WiTricity Corporation, Energizer Holdings, Inc, Qualcomm Inc., Integrated Device Technology, Inc., among others. The cordless charging market is very competitive in nature, and with manufacturers developing and commercializing various technologies which are used in smartphones & tablets and contribute towards the consumer demand.

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