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Power Management IC Market worth US$ 55,042.7 million by 2028 - Exclusive Research by The Insight Partners

01-06-2022 05:32 PM CET | IT, New Media & Software

Press release from: The Insight Partners

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The Insight Partners

The Insight Partners

Surge in Demand for High Degree Automation to Provide Growth Opportunities for Power Management IC Market During 2021–2028

According to our latest market study on “Power Management IC Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, End Use, and Geography,” the market is expected to grow from US$ 37,772.1 million in 2021 and is projected to reach US$ 55,042.7 million by 2028; it is estimated to grow at a CAGR of 5.5% from 2021 to 2028.

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The usage of battery-powered devices, such as camcorders, cameras, medical instruments, personal digital assistants, power tools, and portable GPS, is rising in various developing countries with increasing urbanization. 14-channel power management integrated circuits find significant uses across wireless audio, voice recognition assistants, AV receivers, and soundbars. A smart power-management integrated circuit is widely used across camera modules, optical modules, and solid-state drives (SSDs). In 2020, 2.3 million units of DSLR cameras were shipped across the world. Rising shipments of DSLR cameras would create the need for PMICs. In 2020, Renesas Electronics Corporation introduced ISL78083, a power management IC for multiple HD camera modules.

In addition, the use of highly integrated PMIC is growing considerably in various portable medical devices. Since Nordic nPM1100 power management ICs offer an extremely compact form factor, their requirement is growing for various connected medical devices. As per estimations, more than 190 million healthcare IoT devices will be installed globally by the end of 2025. Shipment of connected hearing devices is anticipated to be over 95 million units by 2023, which would create lucrative scope for programmable power management ICs designed for ultra-low-power wearable applications. Thus, the high demand for hearing devices further drives the power management IC market growth.

Impact of COVID-19 Pandemic on Power Management IC Market

The impact of COVID-19 differed from country to country across Europe, as selected countries experienced an increase in COVID-19 cases and subsequently attracted strict and more extended lockdown periods or social isolation. Countries such as Germany, Italy, the UK, Russia, France, and Turkey were the most affected by various restrictions and limitations. The European automotive industry was severely affected and experienced a decline of over 20% in overall automotive production due to stringent supply chain disruption caused by imposed lockdowns. The automotive industry is one of the largest markets for power management ICs. However, with the increasing demand for electric vehicles in the region, the outlook post-COVID-19-pandemic for the automotive industry seems favorable. With decreased income levels, buyers opted to purchase necessities, such as household goods and groceries, instead of non-essential, big-ticket purchases, such as home theaters and LCD TVs. Other sectors that deploy power management ICs such as electric/electronics, manufacturing & construction, and telecommunication network, also experienced a weak demand. The COVID-19 pandemic has compelled manufacturers to streamline their production processes to tackle unexpected disruptions and resolve uncertain challenges, such as physical distancing. Considering increasing vaccination drives, the demand is expected to rise by the end of 2022, with companies investing in making operations more productive and efficient.

Power Management IC Market Forecast to 2028 - Latest COVID-19 Analysis at https://bit.ly/3n4SEwv

Deployment of Next Generation 5G Network

With growing investments, the 5G network is expanding globally. The 5G network requires high density and high-efficiency power management ICs, DC-to-DC converter modules, and ultralow noise linear regulators, including power sequencing, monitoring, and protection. With a surge in internet access and mobile data traffic, investments in 5G network are growing substantially. Samsung is planning to bring 5G to next-generation vehicles with the latest additions to the Exynos Auto series. The plan is supported by S2VPS01, an extra-safe power management IC for vehicles. Sterlite Technologies Ltd., Tech Mahindra, and state-run ITI Ltd are a few Indian companies contributing their expertise to the development of 5G infrastructure. In June 2021, telecom giant Reliance's Jio announced its partnership with the US chipset maker Qualcomm for manufacturing critical equipment for the 5G ecosystem in India. Thus, increasing internet penetration and data traffic, along with growing investments in the 5G sector, would fuel the growth of the global power management IC market during the forecast period.

Product Type-Based Market Insights

Based on product type, the power management IC market is segmented into voltage regulators, motor control, battery management, multi-channel ICs, and others. The voltage regulators segment dominated the market in 2020. Voltage regulators are utilized in cost-sensitive, noise-sensitive, low-current, and space-constrained end-uses. A few of the major providers of voltage regulators are ROHM CO., LTD. and Rhopoint Components.

The List of companies - Power management IC market

NXP Semiconductors; Analog Devices, Inc.; Infineon Technologies AG; Rohm Co., Ltd.; Microchip Technology Inc.; Vishay Intertechnology, Inc.; Renesas Electronics Corporation; STMicroelectronics; Texas Instruments Incorporated; and Qorvo, Inc. are among the major companies operating in the power management IC market.

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Players operating in the power management IC market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In 2021, NXP is introducing stripped-down i.MX8 processor with added security for V2X vehicle communication systems and industrial IoT applications. In this processor, there is an optional PMIC chip to manage peripherals, such as a cellular modem.
In 2021, as a part of product portfolio expansion with respect to driver monitoring camera processors, Renesas launched a safe seven-channel power management integrated circuit (PMIC), which promises to reduce system cost, power loss, and design time.

Contact US:

If you have any queries about this report or would like further information, please contact us:

North America: +1 646 491 9876

Asia-Pacific: +91 20 6727 8686

Email: sales@theinsightpartners.com

ABOUT US:

The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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