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Wireless Charging IC Market Size
- Report ID: GMI2908
- Published Date: Jul 2024
- Report Format: PDF
Wireless Charging IC Market Size
Wireless Charging IC Market was valued at USD 2.81 billion in 2023, and it is anticipated to register a CAGR of over 22.8% between 2024 and 2032. The market is experiencing significant growth, driven by the increasing adoption of wireless charging technology in consumer electronics, electric vehicles, and healthcare devices.
Technological advancements and the widespread use of the Industrial Internet of Things (IIoT) are key factors propelling the market. The Industrial Internet of Things (IIoT) helps industries change the traditional ways of product manufacturing and delivery processes, making them cost-effective, efficient, reliable, and safe for human operators. IIoT provides wireless connectivity through networked sensors and intelligent devices. Collective data is analyzed by Artificial Intelligence (AI) without the interference of humans. Various factors are boosting the adoption of IIoT technology across all developing countries.
Governments of developing countries, such as Indonesia, Argentina, Brazil, and India, are taking initiatives to develop Industry 4.0 technology for manufacturing processes. For instance, China introduced the Made in China 2025 plan, a 10-year target for digital industrialization. The U.S. established the United Nations Industrial Development Organization (UNIDO). This organization aims to implement Industry 4.0 in developing countries and provide support through a foreign direct investment fund.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Wireless Charging IC Market Size in 2023: | USD 2.81 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 22.8% |
| 2032 Value Projection: | USD 15.5 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 367 |
| Segments covered: | Type, power range, charging method, application, and region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The growing investments in supporting industrial automation will fuel the market demand for wireless charging ICs in the coming years. As industries worldwide increasingly adopt automation technologies to enhance efficiency, reduce operational costs, and improve productivity, the need for reliable and efficient power solutions becomes paramount. Wireless charging ICs offer a convenient and effective means of powering various automated systems, from industrial robots and automated guided vehicles (AGVs) to sensor networks and IoT devices.
As companies invest more in automation technologies to stay competitive and meet evolving market demands, the adoption of wireless charging ICs is expected to rise. For instance, in July 2024, Fanuc America, a leading manufacturer of industrial robots and automation equipment, opened a new USD 110 million robotics and automation campus in Michigan. The new 650,000 square foot West Campus facility is part of the company's expansion plans to meet growing demand for its products and services.
The growing adoption of wireless charging technologies in industries, such as automotive, consumer electronics, industrial, and telecommunications, is creating opportunities for wireless charging ICs. However, each industry has its standards for compatibility or design challenges, which are impeding the growth of the market. Electromagnetic Compatibility (EMC) is a strict standard that applies to automotive applications. EMC, or the unintentional generation, transmission, and reception of electromagnetic energy, can have negative consequences for a vehicle's electrical system such as Electromagnetic Interference (EMI). Wireless charging's electromagnetic fields can have a negative impact on system performance.
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Wireless Charging IC Market Scope
