by The Power Management ICs Market is estimated to be valued at US$ 41,666.64 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power management integrated circuits (PMICs) are utilized to manage power requirements and to support voltage scaling and power delivery sequencing in power-constrained portable electronic devices such as smartphones, tablets, laptops and other devices. PMICs are especially important in mobile devices where efficient power management enables longer battery life. Common functions of PMICs include voltage regulation, battery management, load switching and power sequencing. PMICs are integrated into power supply boards, chargers and motherboards in various consumer electronic and home appliances.
Market Dynamics:
The growing adoption of IoT devices and increasing demand for portable consumer electronics such as smartphones and tablets are the major factors driving the growth of power management ICs market. As per estimates, there were over 20 billion internet connected devices globally in 2020 with growing adoption across industries including automotive, manufacturing and logistics. PMICs play a vital role in energy and power management in these connected devices. In addition, with the increasing usage of advanced display technologies such as OLED in premium smartphones and tablets, the demand for efficient battery management and power delivery solutions has increased. This is positively impacting the market growth. However, complexity in designing PMICs for advanced SoCs and continuous decline in product lifecycles may hamper the market growth over the forecast period. Nevertheless, the growing demand for energy efficient buildings and homes is creating opportunities for power management solutions including PMICs in various home appliances.
Segment Analysis
The power management ICs market is dominated by the automotive sub-segment. Automotive systems require complex power management due to the presence of various electrical components such as infotainment systems, advanced driver-assistance systems, sensors and other electronic control units. Power management ICs help regulate voltage levels, protect circuits from current and voltage spikes and enable more efficient power distribution. Their use reduces design complexities and enables optimization of power consumption in automobiles.
PEST Analysis
Political: Favorable government regulations towards fuel-efficient vehicles and reduction of vehicular emissions are driving the adoption of power-efficient automotive electronics and demand for power management ICs.
Economic: Growing disposable incomes are increasing sales of consumer electronics and automobiles, propelling the power management ICs market.
Social: Rising health awareness and focus on fitness is promoting the use of wearable devices which use power management ICs.
Technological: Advancements in power management ICs allow more efficient power distribution in complex electronics with minimal heat generation thereby improving performance.
Key Takeaways
The Global Power Management Ics Market Size is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing vehicle production and proliferation of internet of things devices. Asia Pacific is expected to be the fastest growing as well as the largest market during the forecast period due to presence of electronic manufacturing hubs and automotive production centers in countries such as China, India, Japan and South Korea.
The automotive sub-segment dominates the power management ICs market owing to increasing electronic content in vehicles and growing demand for energy-efficient automotive electronics. Regional analysis shows that Asia Pacific region dominates the power management ICs market driven by high vehicle production volume in China and presence of prominent consumer electronics and automotive manufacturers.
Key players operating in the power management ICs market are Analog Devices Inc., Dialog Semiconductor PLC, Infineon Technologies AG, Maxim Integrated Products Inc., Mitsubishi Group, NXP Semiconductors, ON Semiconductor Corp., Renesas Electronics Corporation, STMicroelectronics N.V., Texas Instruments Inc., and Rohm Co Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
