July 13, 2024

Rising Demand For Consumer Electronics Is Anticipated To Open Up New Avenue For Power Management Ics Market

Power management ICs (PMICs) are used to manage power requirements and to support voltage scaling and power delivery sequencing inside portable devices. They help regulate power levels and convert and optimize voltages to drive displays, processors and other components. PMICs help in delivering regulated power from batteries to multiple subsystems and components of the device. They offer extensive scalability and programmability of power delivery to support next-generation architectures and technologies. The main end users include consumer electronics, automotive, industrial and healthcare sectors.

The Power Management Ics Market is estimated to be valued at Us$ 41,666.64 Mn or Bn 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 Dynamics:

The increasing penetration of consumer electronics such as smartphones, tablets, wearables, laptops, gaming consoles, and other IoT devices are driving the demand for Power Management ICs. According to Coherent Market Insights analysis, the global shipments of smartphones reached over 1.57 billion units in 2021, witnessing a 4.6% growth compared to 1.50 billion units shipped in 2020. Further, the development of miniaturized and flexible electronics has necessitated the adoption of advanced power management solutions to cater to highly portable devices. Most devices now feature fast charging capabilities which require specialized PMICs. The shifting demand towards advanced and high performance embedded systems across different industries will necessitate robust power architectures and efficient management of power supplies. This will significantly bolster the demand for Power Management ICs over the forecast period.

Segment Analysis

The power management ICs market can be segmented by product type, application, and end-use industry. By product type, the voltage regulators sub-segment dominates the market as voltage regulators are basic building blocks that help in regulating voltages across varied applications. They effectively manage power fluctuations and ensure steady power supply, thereby witnessing wide adoption.

PEST Analysis

Political: Any subsidy, incentive or tax policy related to energy efficient components positively impacts the market growth. Additionally, stringent government regulations regarding minimum power consumption standards augment the demand.

Economic: Growing investments to develop advanced semiconductor chips, rising disposable incomes, and expanding electronics industry fuel the market expansion.

Social: Increasing awareness about energy conservation and carbon footprint reduction drives the adoption of power management ICs across various end-use industries.

Technological: Advancements in IC manufacturing technologies help produce more efficient and compact power management solutions for miniaturized electronic devices. Continuous R&D also aids development of innovative products.

Key Takeaways

The Global Power Management Ics Market Demand is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing demand for consumer electronics and widening scope of industrial automation. Regionally, Asia Pacific dominated the market in 2023 and is likely to retain its top position throughout the analysis period. This can be attributed to expanding electronics manufacturing industry in the region, especially in China, Taiwan, and South Korea.

The global Power Management ICs Market size for 2023 is estimated at US$ 41,666.64 Mn. The market is driven by rapid urbanization, rising living standards, and burgeoning middle-class population globally. This widespread uptake of electronic gadgets and appliances consistently augments the need for efficient power management solutions.

Regional analysis:

 

Asia Pacific held the largest share of over 35% in the global market in 2023. China, Japan, Taiwan, and South Korea have emerged as major electronics manufacturing hubs, propelling the product demand. Additionally, India is anticipated to witness highest growth during the forecast period on account of government-led digitalization initiatives and “Make in India” program promoting domestic manufacturing of electronics.

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., Rohm Co Ltd. Major players strategize on new product launches and expansions to strengthen their global foothold.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it