Microwave Power Transmission Market Trends

Growth Drivers

Rising Demand of Electric Vehicles – It is expected that the growing need to decrease reliance on foreign oil, greater consumer interest, and policies by the government is anticipated to drive market growth. Microwave power transmission is used for powering electric vehicles as it has the capability of charging for a running vehicle. According to estimates, the global demand for EV batteries rose by more than 60% in 2022 compared to the previous year, particularly in China.
Growing Aerospace Sector- Microwave wireless power transmission (MWPT) has wide application in the aerospace industry as it is compatible with aerospace wireless sensor network systems, and can improve the flight performance of aerospace craft, which require a high-energy-density supply when in flight. Revenues from global commercial aerospace are predicted to increase by over 13% YoY in 2023.

Challenges

High Initial Investment - Microwave power transmission system installation calls for a sizable upfront investment in research & development and infrastructure development. As a result, many companies and regions with limited budgets are unable to invest in this technology.
Safety and Regulatory Concerns related to Microwave Radiation
Interference of Weather with Microwave Transmission

Microwave Power Transmission Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	~21%
Base Year Market Size (2023)	~ USD 3 Billion
Forecast Year Market Size (2036)	~ USD 14 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Rising adoption of renewable energy sources across the globe and the growing adoption of battery-powered devices are the major factors driving the growth of the market.

The market size of Microwave Power Transmission is anticipated to attain a CAGR of 21% over the forecast period, i.e., 2024 â€“ 2036.

The major players in the market are Texas Instruments, Inc., Nucurrent, Inc., Powermat Technologies, Ltd., Powerbyproxi, Ltd., Witricity Corporation, Convenientpower Hk, Ltd., Salcomp PLC.

The space solar power station segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Microwave Power Transmission Market Trends