Power Management IC Market Size & Share Sees Big Growth by 2024

Power Management IC Market
Power Management IC Market

Global Power Management IC Market: Overview

Power management IC (PMIC) is the power management integrated circuit, which is used for proper operation of the power required by the host system. However, PMIC includes a wide range of chips such as power control functions and electronic power conversion. PMICs also include devices such as portable media players and mobile phones; they operate on the battery. The cutthroat competition among major players in the global market on support services, pricing, performance, quality, and innovation leads to the emergence of the Internet of Things (IoT) for power management IC.

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Global Power Management IC Market: Growth Factors

Increasing adoption of the power management IC in wearable electronics, automotive sectors, consumer electronics, and healthcare may boost the global power management IC market in the coming years. Power management ICs are electronics devices, which are used to control the flow of electric power. It is capable of handling high-performance power management. Power management ICs provides high efficiency for energy conversion and minimizes the power loss. In addition, technology advancement in terms of configuration and programming is anticipated to foster the global power management IC market growth. Moreover, the emergence and proliferation of handheld devices such as tablets, wearable technology, smartphones, laptops, and others are projected to propel the global market. The tremendous growth in the sales of the consumer electronics may also fuel the global power management IC market growth in future.

Global Power Management IC Market: Segmentation

The global power management IC market is categorized based on applications as healthcare, consumer electronics, building control, automotive, wearable electronics, industrial & retail, and others. Based on products, the global power management IC market is bifurcated as voltage references, power management ASICs, linear regulators, and switching regulators. Of these, power management ASICs is further sub-segmented as energy management ICs, wireless charging ICs, power factor correction controllers, LED driver ICs, battery charging & management ICs, Hot-swap controllers, and power-over-ethernet (PoE) controllers.

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Global Power Management IC Market: Regional Analysis

North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the main geographical regions in the global power management IC market. Asia Pacific is the dominating region of the world, as it is a major niche market for the power management IC. The robust demand in this region from automotive industries may influence the global power management IC market growth. However, growing applications in the consumer electronics for power management ICs are expected to propel the growth of the market for power management IC market in next few years. In addition, escalating demand for power management IC owing to the presence of the prominent market players in North America is anticipated to enhance the global power management IC market growth.

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Global Power Management IC Market: Competitive Players

Major players operating in the global power management IC market are Maxim Integrated Products, Inc., Texas Instruments Inc., and STMicroelectronics N.V. Other players influencing the global market are Linear Technology Corporation, Analog Devices, Inc., Dialog Semiconductor PLC, and ON Semiconductor Corp.

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