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 Overview:
Power management ICs help in regulating voltage levels, monitoring batteries, power saving, and improving the overall efficiency of electronic devices. These ICs provide safety, power savings, and advanced power management for various devices and systems.
Market Key Trends:
The power management ICs market is undergoing rapid technological advancements with introduction of advanced features such as high power density, low standby power consumption, and improved energy efficiency. The power management ICs are increasingly being integrated into various electronic devices such as smartphones, laptops, wearables, smart homes appliances, and automotive to optimize power consumption. The miniaturization trend and rise of IoT ecosystem is expected to drive demand for sophisticated power management ICs with enhanced features.
SWOT Analysis
Strength: Growing adoption of PMICs across various electronics devices enhances market potential. With integration of advanced technologies, PMICs offer high performance with low power consumption.
Weakness: Design complexities associated with PMICs increase development costs. Dependence on commoditized components increases price pressure.
Opportunity: Expanding IoT applications and proliferation of smart cities create new revenue streams. Growing automotive electronics market provides lucrative opportunities.
Threats: Threat from alternate power management solutions. Intense competition among existing players limits pricing flexibility.
Key Takeaways
The Global Power Management Ics Market Size was valued at US$ 41,666.64 million in 2023. The market is expected to grow at a CAGR of 5.7% during 2023-2030 driven by increasing proliferation of smart home appliances and wearable devices.
Regionally, Asia Pacific dominated the global market in 2023 led by countries such as China, India and Japan. Rapid industrialization, strong automotive sector and proliferation of consumer electronics in the region drives the demand.
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., and Texas Instruments Inc., Rohm Co Ltd. Major players are focusing on new product launches with advanced technologies and establishing partnerships with OEMs to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it