Microwave Power Transmission Market Size

Microwave Power Transmission Market size is expected to surpass USD 14 Billion by the end of 2036, growing at a CAGR of 21% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of microwave power transmission was USD 3 Billion. The reason behind the growth is impelled by the rising adoption of renewable energy sources across the globe. The fastest-growing energy source is renewable energy, which includes wind and solar energy as they emit little to no greenhouse gases and are widely accessible.

Moreover, renewable energy, often referred to as clean energy, comes from natural sources or processes which are often located in remote areas. This necessitates the usage of microwave power transmission as it can transfer power over distances of 10 to 15 cm with high efficiency, without the need to deploy a wired power network. More than 90% of the expansion in the world's electricity capacity is anticipated to come from renewable sources by 2026.

The growing adoption of battery-powered devices are believed to fuel the market growth. The number of smart, wirelessly linked devices that rely on batteries for power is rapidly increasing as these batteries can provide convenient and efficient charging solutions. The microwave power transfer technology is more practical and simple to use as cables and connectors are not required, and it can charge the devices wirelessly and without connections.