July 21, 2024

Growing Applications Of Power Management Ics To Boost The Growth Of Power Management Ics Market

Power management integrated circuits (PMICs) are integrated circuits that help to manage power requirements and consumption levels of electronic devices. They are responsible for regulating voltage levels, monitoring currents, protecting batteries, and distributing power. PMICs serve critical functions like converting one voltage to another, efficiently distributing power, regulating fluctuating inputs, etc. They help extend battery life and improve the efficiency of various consumer electronics, automotive components, industrial equipment and more. The ever-increasing demand for portable consumer devices and emergence of new technologies requiring precise power control is driving the need for advanced power management ICs.

The global Power Management Ics Market is estimated to be valued at US$ 41,666.64 Mn in 2023 and is expected to exhibit a CAGR Of 5.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the power management ICs market is the growing demand from automotive industry. With the rising adoption of electric and hybrid vehicles, advanced battery management systems and various infotainment applications in vehicles, the demand for specialized automotive PMICs is increasing rapidly. Automotive PMICs are integral to battery management, charging circuits, gate drivers for FETs, ADAS systems and more. They ensure optimal power usage and protection against faults. The growth of autonomous vehicles and other advanced driver-assistance systems (ADAS) is also propelling the automotive segment’s demand for specialized PMICs.


Porter’s Analysis

Threat of new entrants: Low barriers to entry such as no requirement of large capital and easy availability of raw materials makes the threat of new entrants moderate.

Bargaining power of buyers: Large number of suppliers and product differentiation leads to less bargaining power for buyers. Standardized products give less scope for negotiation.

Bargaining power of suppliers: Presence of many component manufacturers keeps the bargaining power of suppliers in check. Suppliers do not hold significant power over players.

Threat of new substitutes: Substitutes like specialized ICs pose moderate threat as they target specific applications. General purpose PMICs have wider application scope.

Competitive rivalry: Market dominated by few large players. Intense competition on pricing and new product development.

Key Takeaways

The Global Power Management Ics Market Demand is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing demand for power-efficient and low power consumption devices from consumer electronics and automotive industry. North America is expected to dominate the global Power Management ICs market during the forecast period owing to the presence of prominent manufacturers in the US and early adoption of advanced technologies.

Regional analysis Asia Pacific is expected to grow at the fastest rate during the forecast period. Growing demand for smartphones and consumer electronics from countries such as China, India is driving the Power Management ICs market growth. Also, presence of manufacturing facilities of major vendors in China, Taiwan, and South Korea contributing to the market growth.

Key players operating in the Power Management ICs market are Analog Devices Inc., Dialog Semiconductor PLC, Infineon Technologies AG, Maxim Integrated Products Inc., Mitsubishi Group, NXP Semiconductors, ON Semiconductor Corp., Renesas Electronics Corporation, STMicroelectronics N.V., Texas Instruments Inc., Rohm Co Ltd. Key players are focusing on new product launches to meet the growing demand for power-efficient devices.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it