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.
Growth Drivers
Challenges
|
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 |
|
Application (EV Battery, Medical Device, Space Solar Power Station, Payload Spacecraft Module, High Power Weapon)
The space solar power station segment is estimated to hold 25% share of the global microwave power transmission market in the coming years. Space solar power stations transform solar energy into microwaves, which it then transmits to a receiving antenna on Earth where it is transformed into electric power without the interference of Earth’s atmosphere. This electric power is then transmitted by microwave power transfer (MPT) to the Earth without any interruptions and energy losses.
Technology (Near-Field, Far Field)
Microwave power transmission market from the near-field segment is set to garner a notable share shortly. Near-field technology also known as non-radiative or inductive coupling refers to systems with a transfer distance within the wavelength (λ) of the transmitter part “antenna” that operates based on the near-field electromagnetic coupling of coils and is used to transfer power over short distances by magnetic fields. Moreover, microwave-based wireless power transfer in the near field is now attracting a lot of interest, which is expected to drive the segment’s growth.
Our in-depth analysis of the global market includes the following segments:
|
Technology |
|
|
Component |
|
|
Application |
|
|
Industry |
|
APAC Market Forecast
Microwave power transmission market in Asia Pacific is predicted to account for the largest share of 44% by 2036 impelled by the rapid urbanization. India has made significant urban progress as more people move there in pursuit of employment opportunities. The rising urban population is expected to increase the consumption of energy in the region, which may drive the demand for microwave power transmission.
Lately, India has a population of around 1200 million people, with over 30% urbanization rate.
North American Market Statistics
The North America microwave power transmission market is estimated to hold the second largest of 24%, during the forecast timeframe led by the presence of extreme climatic conditions. Moreover, the world's most extreme weather conditions which includes which include heat waves, cold waves, and significant precipitation or storm events such as tropical cyclones can be found in North America, particularly in the USA. As a result, power disruptions from severe weather have increased over the previous 20 years across the US. This is expected to significantly drive the demand for microwave power transmission to ensure constant energy transmission in such conditions.
In the News
Author Credits: Payel Roy, Dhruv Bhatia
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?