Power Management Integrated Circuit Market is to grow at 6.6% During the Forecast Period 2022 to 2027

The Power Management Integrated Circuit (PMIC) Market is likely to surge at a vigorous 6.6% CAGR during the assessment period 2022 - 2027 and is anticipated to progress at a CAGR of 6.6% to reach US$ 28.1 Bn in 2022 and US$ 41.2 Bn by 2027.

Rising sales of smart devices across the globe
Growing energy harvesting initiatives
Introduction of compact and high-efficiency PMICs
Ongoing industrial automation and vehicle electrification

According to the FMI report, the demand for power management integrated circuits (PMIC) in applications for communication equipment is expected to increase more quickly. The use of PMIC in communication equipment is anticipated to increase by 8.5% year over year in 2019. The anticipated rise can be linked to the telecommunications sector's health due to rising connectivity demand and widespread use of communication tools such analogue switches, cellphones, and communication satellites.

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Personal Electronics Application Registers Leading Revenues

According to the FMI report, the demand for power management integrated circuits (PMIC) in personal electronics devices is still higher. Sales of power management integrated circuits generated over US$ 5.7 billion in revenue in 2018, accounting for 27% of the global PMIC market. In 2019, it's anticipated that demand for personal electronics applications will grow at a 6.6% y-o-y rate.

The demand for power management integrated circuits (PMICs) in personal electronics applications is rising due to the abundance of personal electronics devices and their rising adoption rate in the wake of the growing millennial population, the expansion of the middle class, and increased purchasing power. Additionally, PMIC is heavily used by manufacturers in the consumer electronics sector to reduce the energy consumption of small gadgets.

Industrial application of power management integrated circuit (PMIC) registered second highest revenues and accounted for over one-fifth of the market revenues in 2018. Demand for power management integrated circuit (PMIC) in an automotive sector closely follows revenues in industrial application.

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PMIC Marketplace Moderately Consolidated

Leading players in the power management integrated circuit (PMIC) marketplace share considerable revenues. Texas Instruments, STMicroelectronics, NXP Semiconductors N.V., ON Semiconductor Corporation and Analog Devices, Inc. are prominent market players, of which ON Semiconductor is the front runner.

Small and mid-sized players are leveraging strategies such as introduction of low-priced products to establish a stronghold in the domestic market. Increasing revenues of these players are eating into the shares of prominent PMIC market players.

APEJ Revenues Continue to Surge

The FMI study finds that APEJ continues to register leading position in the power management integrated circuit (PMIC) market. In 2018, over two-fifth of the PMIC market revenues were accounted for APEJ region, of which over 67% share was registered from China and India.

The region presents significant growth of the end-user industries of the power management integrated circuit (PMIC) market, thereby garnering leading revenues.

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The FMI study finds that North America continues to register the second leading position in the power management integrated circuit (PMIC) market. In 2018, over one-fourth of the PMIC market revenues were accounted for the North America region, of which over 81% share was registered from the U.S.

Across the globe, increasing energy harvesting initiatives and their penetration in the semiconductor industry has generated lucrative opportunities for power management integrated circuit (PMIC) market. As the global demand for electricity rises and the world enters the era of IoT and digitalization, demand for power management integrated circuit (PMIC) is set to rise in the coming years.

Power Management Integrated Circuit (PMIC) Market Survey:

By Application:

Automotive
Communication Equipment
Enterprise Systems
Industrial
Personal Electronics

Region:

North America
Latin America
APEJ
Japan
Eastern Europe
Western Europe
Middle East & Africa (MEA)

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About FMI

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.