by The global 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 used to manage power requirements and to support voltage scaling and power delivery sequencing in power electronic devices. They are mainly used in portable electronics such as smartphones, laptops, tablet PC. And other mobile devices to manage charging/discharging of batteries and step up/down. Also manage voltages for different components. Rapid adoption of electric vehicles is creating significant demand for PMICs as they play a vital role in management of high-voltage batteries in EVs.
Market key trends:
Increasing penetration of electric vehicles is a major trend driving demand for PMICs. Stringent emission regulations globally are compelling automakers to focus on development of electric vehicles. PMICs help regulate charging/discharging of high-capacity batteries as well as step up/down voltages for different components in EVs. Additionally, growing demand for fast and wireless charging standards is also benefitting growth of PMICs market. PMICs play important role in fast and wireless charging technologies. Furthermore, emergence of technologies such as internet of things is elevating the need for low power PMICs, thus supporting market growth over the forecast period.
Porter’s Analysis
Threat of new entrants:
The threat of new players entering the power management ICs market is moderate as it requires high R&D investments and technical expertise to design and manufacture power management ICs.
Bargaining power of buyers:
The bargaining power of buyers in the power management ICs market is moderate as buyers have limited number of suppliers to choose from.
Bargaining power of suppliers:
The bargaining power of suppliers is moderate as there are globally well-established power management IC manufacturers with sufficient production capacity.
Threat of new substitutes:
The threat of substitutes is low as power management ICs integrate multiple functions that are difficult to substitute.
Competitive rivalry: High as major players compete based on product innovations, quality, and pricing.
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 demand for battery-operated connected devices.
Regional analysis: North America dominates the power management ICs market currently due to presence of major power management IC manufacturers. And high adoption of smart technologies. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to rapid industrialization. And increasing use of consumer electronics in countries such as China and India.
Key players operating in the power management ICs market are Analog Devices Inc., Dialog Semiconductor PLC, Infineon Technologies AG, Maxim Integrated Products Inc. Also Mitsubishi Group, NXP Semiconductors, ON Semiconductor Corp., Renesas Electronics Corporation, STMicroelectronics N.V., Texas Instruments Inc., Rohm Co Ltd. Key players are focusing on new product launches to strengthen their market position. For instance, in 2022, Analog Devices launched new battery management ICs with integrated high-side switches for industrial and automotive applications.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
