Accelerated adoption of IoT is projected to driving the growth in the Power Management ICs market

 

Power Management ICs Market

Power Management ICs or PMICs are integrated circuits used to regulate voltage levels, monitor and isolate supplies in different electronic devices and components. PMICs perform several functions like voltage regulation, battery charging, voltage monitoring, Short-Circuit and Overload Protection, and load switching to efficiently manage power in electronic devices. They are increasingly used in consumer electronics like smartphones, tablets, wearables, and other handheld devices.

The global power management ICs market is estimated to be valued at US$ 47999.97 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics

Growing Demand From Consumer Electronics Industry:

Consumer electronics like smartphones, tablets, laptops and wearable devices are increasingly using PMICs to manage electric currents and optimize power consumption. The continuous innovation and miniaturization of consumer electronic devices has increased the adoption of power management ICs. Growing sales of smartphones and tablets, especially in developing countries, along with increasing demand for wearable devices is driving the growth of PMICs market.

Moreover, integration of advanced features and connectivity like 5G networks is further raising the demand for power management solutions to optimize power consumption from compact batteries in consumer devices. Rapid urbanization along with rising disposable incomes in developing nations continue to boost consumer demand for latest electronic products, propelling the need for advanced power management components.

 

SWOT Analysis

 

Strength: Power Management ICs integrate multiple high power switches, linear regulators and voltage references onto a single chip to optimize power consumption and enhance efficiency. This integration reduces design complexity, component count, and bill of materials cost. Power Management ICs also allow portable devices to operate for longer duration on a single charge by minimizing power consumption.

 

Weakness: Designing Power Management ICs require high initial investment in R&D and specialized fabrication facilities. Any process variation or defect during manufacturing can significantly impact yields and increase per unit costs. Further, being integrated circuits, Power Management ICs have limited repairability compared to discrete components.

 

Opportunity: Growing demand for battery powered devices such as smartphones, tablets, notebooks and wearables is expected to drive volume sales of Power Management ICs. Strict government regulations towards energy conservation and reductions in emissions can further propel the need for more efficient power management solutions. Advancements in technologies like artificial intelligence and 5G will churn out new product categories requiring customized Power Management ICs.

 

Threats: The threat of substitution from alternative power management solutions like dedicated voltage regulators needs to be countered through continuous innovation. Any security vulnerability discovered in Power Management ICs can damage brand reputation and erode customer confidence. Trade disputes influencing raw material prices or restrictions on global commerce pose challenges.

 

 

Key Takeaways

 

The Global Power Management Ics Market Share is expected to witness high growth over the forecast period driven by proliferation of smart and connected devices. Rapid urbanization coupled with increasing disposable incomes in developing regions has boosted the sales of consumer electronics. The global Power Management ICs Market is estimated to be valued at US$ 47,999.97 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

 

Regional analysis:

Asia Pacific accounts for the largest share of the global Power Management ICs market led by China, South Korea and Japan. Strong manufacturing ecosystem for electronics and growing electronics exports has made Asia Pacific an attractive manufacturing destination for years. Countries in the region are increasingly focusing on developing customized Power Management ICs to fuel innovations.

 

 

Key players:

Key players operating in the Power Management ICs market are Amkor Technology, ASE Group, Intel Corporation, Qualcomm Technologies, Inc., Samsung Electronics Co., Ltd., STMicroelectronics, Taiwan Semiconductor Manufacturing Company Limited (TSMC), and Texas Instruments. These companies have widespread geographic presence and continuously invest in developing advanced packaging technologies and customized solutions.

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