Power Management Integrated Circuits Market Size is projected to reach at $51.04 billion by 2027, growing at a CAGR of 5.3% from 2019 to 2027

According to a new report published by Report Ocean, titled, “Power Management Integrated Circuits Market by Product Type and End Use: Opportunity Analysis and Industry Forecast, 2020–2027” the global power management integrated circuits market size was valued at $33.96 billion in 2019, and is projected to reach at $51.04 billion by 2027, growing at a CAGR of 5.3% from 2019 to 2027. Asia-Pacific is expected to be the leading contributor to the global power management integrated circuits market, followed by North America and Europe.

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Power management ICs are highly integrated power management solutions used for a wide range of battery-operated electronic devices. PMICs are extensively used to fulfill power requirements in various applications such as consumer electronics, automobile, telecom & networking, and in the industrial sector. The global PMICs market is estimated to witness significant growth during the forecast period.

The growth is primarily due to rise in production of automobile & battery supported portable electronic devices, increase in emphasis over performance efficiency, and surge in concerns associated with the costs incurred for power management solutions. The demand for battery-supported devices such as smart phones is expected to register a noticeable increase in future majorly from Asia-Pacific countries such as India and China.

Growth in emphasis on industries such as consumer electronics inclusive of semiconductor manufacturing, telecommunication & networking, and automotive are expected to boost the growth of PMICs. However, factors such as increase in complexity in designing and developing PMIC architecture and uncertainty in the economic stability of the market are likely to limit the power management integrated circuits market growth.

Voltage regulators are primarily used in electronics devices to maintain a constant output level of voltage despite fluctuations in input supply or current. Voltage regulators are used in various application areas such as automation, data processing, and lighting. Furthermore, these devices are very crucial in power supply systems. Voltage regulators are followed by integrated ASSP power management; it is a semiconductor-embedded device designed for application specific functioning. Integrated ASSP PMICs captured the second largest market share in 2019.

Region wise, the power management integrated circuits market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major share of the global market in 2019, and is expected to dominate the market in terms of revenue during the forecast period, owing to increase in consumer electronics production, technological advancements, and rise in demand for automobile. North America holds the second largest share in the global power management integrated circuits industry, and is expected to witness significant growth during the forecast period, which is primarily driven by the application of PMICs across industries such as automotive and transportation, electronic durables, and industrial sectors.

Covid-19 Impact Analysis

The ongoing COVID-19 pandemic has abruptly re-shaped the global economy. Sudden decline in infrastructure development and installation projects is expected to hamper the power management integrated circuits market for automotive and industrial and energy & power industry verticals.

The global economy has experienced surge in demand for cloud/datacenter services and cloud infrastructure to support distributed workforce. Growing adoption of 5G networking by corporate individuals due to growing online presence has been placed as a national priority and is opportunistic for the market. Moreover, the demand from the telecom and networking segment is expected to increase due to factors such as increased broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push up the need for digital transformation, technologies such as 5G, the IoT, AI, and intelligent edge computing for future optimization.

Key Findings Of The Study

In 2019, the voltage regulators segment dominated the global PMIC market, accounting for around 27.00% revenue share.
The automotive/transportation segment is expected to dominate the global market throughout the forecast period.
Asia-Pacific dominated the global power management integrated circuits market in 2019, with China being the market leader.
The key players profiled in the report include Texas Instruments Inc., ON Semiconductor Corp., Analog Devices Inc., Dialog Semiconductor PLC, Maxim Integrated Products Inc., NXP Semiconductors, Infineon Technologies AG, Mitsubishi Group, Renesas Electronics Corporation, and STMicroelectronics N.V. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their power management integrated circuits market share.

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This release was published on openPR.