Power Management IC Market Expected to Reach USD 147.87 Billion by 2032
According to a new report published by Market Research Future (MRFR), the global power management IC market is expected to reach USD 147.87 billion by 2032, at a CAGR of 7.8% from 2023 to 2032.
According to a report published by Emergen Research, the Global Power Management Integrated Circuit (IC) market size was pegged at USD 33.20 Billion in 2022 and is expected to register a revenue CAGR of 16.2% from 2022 to 2032. Rapid technological advancements in power management are creating a high demand for battery-operated devices, increasing sales of consumer electronics and miniaturization of electrical components, and rapid growth in the automotive and transportation industry are some factors expected to drive the power management IC market revenue growth over the forecast period.
Increasing sales of consumer electronics and miniaturization of electrical components are other factors driving revenue growth of the power management IC market. Energy-efficient, high-power-density and lower standby-power design options are made possible by power management ICs. These integrated solutions speed up time to market by shortening the design cycle and enabling quick selection and simulation of ideal configurations for power management design.
However, concerns related to power dissipation and energy losses are restraining the revenue growth of the market. Heat generated during conversion and regulation processes causes power dissipation which reduces efficiency. Therefore, this is expected to hinder revenue growth of the power management IC market.
Segment Insights
Product Type Insights
Based on product type, the global power management IC market is segmented into voltage regulators, battery management IC, motor control IC, integrated Application Specific Standard Product (ASSP) power management IC, and others. The voltage regulators segment is expected to account for the largest revenue share in the global power management Integrated Circuit (IC) market over the forecast period. Electronic equipment that can suffer from excessive voltage variations employs voltage regulators. A voltage regulator is an essential component of any power management IC solution. From a higher or lower input voltage, voltage regulators provide a constant output voltage. Voltage regulators can be powered by electronic device batteries or by mains Alternating Current (AC) voltage found in wall sockets.
End-Use Insights
On the basis of end-use, the global power management Integrated Circuit (IC) market is segmented into automotive and transportation, consumer electronics, industrial, and telecom & networking. The automotive and transportation segment is expected to account for the largest revenue share in the global power management Integrated Circuit (IC) market over the forecast period. PMICs are widely used in Electric Vehicles (EVs) and self-driving cars as they provide highly integrated power management solutions. The use of Advanced Driver Assistance Systems (ADAS) in EVs is leading to rising demand for power management integrated circuit which can help in thermal efficiency and improve thermal performance.
Regional Insights
The power management Integrated Circuit (IC) market in Asia Pacific is expected to account for the largest revenue share over the forecast period. The rapid growth of the automobile and transportation in countries of this region and cheaper manufacturing for electronic components in countries including China, Japan, and South Korea is expected to drive revenue growth of the market in this region. The world's leading manufacturer and exporter of Printed Circuit Boards (PCBs) and electronic components in China. There are more than 1,500 PCB producers in just mainland China. The single largest product category in Asian commerce, accounting for 32% of all exports from the region, is electronics.
The power management IC market in Europe is expected to register a rapid revenue growth rate over the forecast period. The increasing popularity of electric vehicles across countries in this region due to proactive government initiatives is another factor that is leading to the increase in sales of power management integrated circuits. Advanced Driver-Assistance System (ADAS) is widely used in EVs and consists of various components such as sensors, radars, and others.
The major factors driving the growth of the power management IC market include:
- Growing demand for electronic devices: The increasing demand for electronic devices such as smartphones, laptops, wearables, electric vehicles, etc., is driving the demand for power management ICs.
- Data center expansion: Data centers have a huge demand for power management ICs as they require a large number of servers and networking equipment, which all need power management ICs to manage and control power.
- Internet of Things (IoT) development: IoT devices require low-power consumption power management ICs to extend battery life.
- Renewable energy applications: Renewable energy generation systems require power management ICs to improve efficiency and reliability.
By application segment, the industrial and automotive segments are projected to be the fastest-growing segments of the power management IC market. Industrial applications require high-reliability and high-efficiency power management ICs, while automotive applications require power management ICs that can operate in harsh environments.
By region, the Asia Pacific region is expected to be the largest market for power management ICs. The Asia Pacific region is a major producer and consumer of electronic devices and automobiles, which will drive the demand for power management ICs.
The major players in the report include:
- Texas Instruments (TI)
- Analog Devices
- Infineon Technologies
- Renesas Electronics
- ROHM Semiconductor
- STMicroelectronics
- Microchip Technology
- ON Semiconductor
- Fujitsu Semiconductor
The report also includes an analysis of the competitive landscape of the power management IC market, as well as forecasts for future trends and developments.
### Conclusion
The power management IC market is expected to grow rapidly in the coming years. The major factors include the growing demand for electronic devices, data center expansion, IoT development, and renewable energy applications. The Asia Pacific region is expected to be the largest market.
