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HONG KONG, March 14, 2018 /24-7PressRelease/ -- Hong Kong-based wireless power transfer (WPT) technology pioneer, Lectrifi has reacted positively to the latest research into the future for the market in wireless power transfer technology which is projected to experience a compound annual growth rate of close to 20% by 2022 to roughly US$16 billion.
Revealed in a research study conducted by Orbis Research the encouraging projections are attributed to growing demand for power solutions within consumer electronics including smartphones, notebooks, tablets and wearables as well as in electric vehicles and the growing need for charging points.
The scale of the projected rate of expansion is impressive considering the market was worth just over US$6.5 billion in 2017.
"We're feeling optimistic about this research because it demonstrates that, despite the presence of the large players with seemingly unlimited resources and global reach, the technology is at a stage where smaller innovators like Lectrifi can - and often do - make the breakthrough that takes the market in a completely different direction," explained Lectrifi's Chief Technology Officer.
Investment in wireless power transfer is expected to increase exponentially in the near-future according to the research driven by inexorable demand from the electric vehicle market which is particularly keen on developing charging stations that don't require fixed point connections.
"We see inward investment reaching much higher levels over the coming years and this is driving innovation in several areas at an accelerated rate. Frankly, none of the innovations we've revealed lately would have been remotely possible were it not for the faith shown in us by our investors and we look forward to pushing the envelope further in the coming months," added the Chief Technology Officer.
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