WIRELESS POWER TRANSFER SYSTEMS MARKET Challenges and Opportunities

One of the key challenges being faced by the global wireless power transfer systems market is the high initial costs associated with deploying the required infrastructure. Setting up wireless charging stations and developing compatible devices comes with a substantial capital expenditure. Manufacturers need to invest in research and development to build capabilities around magnetic resonance or inductive coupling technologies. They also need to install transmission coils and receivers at charging points. All of these activities entail significant investments. For consumers too, the premium costs attached to wireless-charging enabled devices is currently prohibitive for many. This high upfront deployment outlay poses a major roadblock for widespread adoption, especially in price sensitive developing markets. For the wireless power transfer systems market to realize its full potential, solutions need to be developed that can minimize initial costs and facilitate inexpensive scaling across industries, locations, and applications.

Global Wireless Power Transfer Market Opportunity - Integration with IoT and smart home technologies

One prime opportunity that can accelerate growth in the global wireless power transfer systems market is deeper integration with emerging IoT and smart home technologies. As more devices and appliances in homes and offices become 'smart' and internet-connected, the need for convenient wireless charging solutions will rise exponentially. Wireless power networks can enable around-the-clock monitoring and seamless charging of various sensors, alarms, assistance systems and other smart appliances without the hassle of multiple charging cables. Standardization efforts are already underway to develop interoperability between wireless power protocols and communication technologies like Wi-Fi, Bluetooth and Zigbee used in IoT. As these solutions graduate from pilots to widespread deployments, they can open up a vast installed base for supporting wireless charging needs. By positioning itself as a key enabler of next-generation connected ecosystems, the wireless power transfer systems industry stands to gain tremendously.