LONDON – The global market for wireless power components and accessories was $100 million in 2010 but will grow to be worth $4.5 billion, according to market research IMS Research Ltd. That is equivalent to a compound annual growth rate of 85.5 percent.
Palm and Powermat are the pioneers in wireless charging but with incompatible products and being challenged by the Wireless Power Consortium and its Qi standard, the firm said.
IMS (Wellingborough, England) said it expects rivalries to focus around two implementations of wireless power. Powermat and WPC's Qi are in the "tightly coupled" camp that requires close proximity. Qualcomm and Witricity use magnetic resonance to transfer power over greater distances.
"Our forecast assumes that while competition will be fierce in the near term, a combination of market forces and industry alliances will coalesce to form a de facto standard for interoperability in the next several years," said Jason dePreaux, research manager at IMS Research, in a statement.
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An introduction to the Wireless Power Consortium and TI solutions