CHICAGO, UNITED STATES, September 15, 2023/EINPresswire.com/ — The global power management integrated circuit (PMIC) market size was US$ 23.50 billion in 2022. The global market is estimated to reach a valuation of US$ 51.04 billion by 2031, growing at a CAGR of 9% during the forecast period from 2023 to 2031.
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Since a few years ago, the need for the power management integrated circuits (PMICs) market has been rising across numerous industries, including consumer electronics, automotive, industrial, and telecommunications. The ongoing miniaturization of electronic devices and the rise in the use of renewable energy sources are the main factors fueling the market’s expansion. The demand for effective power management solutions increases as devices get smaller.
The requirement for effective power management solutions is more critical than ever as more electronic gadgets become essential components. The International Energy Agency (IEA) forecasts that by 2040, the world’s energy consumption will have increased by 20%. The global PMIC market had an estimated value of US$ 23.5 billion in 2022, and due to the increased demand for energy-efficient technology, it is likely to rise at a CAGR of almost 9% to reach $46.77 billion by 2030. An important driver in this rise is the use of energy-efficient PMICs in gadgets like laptops, tablets, and smartphones.
The PMIC market is significantly impacted by the expansion of the electric vehicle (EV) market. The need for effective power management solutions has increased as the global automobile sector moves toward electrification. The International Energy Agency (IEA) predicts that by the end of 2023, there will be 14.3 million electric vehicle (EV) sales worldwide, a 36% increase over the previous year. In comparison to 2020, there are expected to be 145 million electric vehicles on the road by 2030, an almost 47-fold increase. The PMIC market stands to gain greatly if EV adoption quickens.
Consumer Electronics Contribute About 30.5% of Market Revenue Share
With a share of 30.5%, the consumer electronics sector dominates the market. This is a result of the rising demand for consumer electronics like smartphones, tablets, wearables, and other gadgets that need effective power management. India Brand Equity Foundation estimates that the country’s electronic manufacturing industry was worth US$ 75.0 billion in 2020โ2021 and will likely reach US$ 300.0 billion by 2025โ2026.
The increased adoption of fourth- and fifth-generation mobile networks is likely to fuel market expansion. Additionally, new equipment must be installed in order for the 5G market to be fully operational, which is predicted to further broaden the industry’s appeal. For instance, 5G connections are predicted to reach 4.4 billion by 2027, according to Ericsson.
Power management integrated circuits are in high demand as a result of the advent of 5G technology, which has increased base station spending. Globally, several nations are putting a lot of effort into modernizing their telecommunications infrastructure. For example, Nokia won a five-year contract with Norwegian mobile provider Ice in July 2022 to improve and expand its 5G radio network infrastructure across the country. The deal calls for the modernization of around 3200 base stations and the deployment of 3900 new base stations across the nation.
North America Captured Around 30% of Market Revenue Share
In terms of revenue share, North America held the second-largest region in the global PMIC market in 2022, accounting for over 30% of the total market. This growth of the region is due to elements, including heavy reliance on consumer electronics, rising EV adoption, and the existence of significant PMIC producers. With an estimated 80% market share for PMIC in North America in 2022, the United States is the market’s highest contributor.
One of the biggest markets for consumer electronics is North America. In this area, electronic devices are often used. The populace of the United States frequently purchases consumer electronics because the country is one of the most technologically advanced countries in the world.
The market for devices with AI assistance, portable speakers, smartphones, and tablets is expanding rapidly in the area. For instance, over 80% of American households have smartphones, and over 96% have at least one television, according to the Consumer Technology Association (CTA).
Since there were over 439 million linked wearable devices in North America in 2022, the wearable market in the United States is likely to grow significantly, according to Cisco Systems. Additionally, in 2022, North America was the region with the most wearable 5G connections.
With 10% and 7%, Canada and Mexico are also key contributors to the PMIC market share in North America in 2022.
The demand for power management integrated circuits has been rising across many key markets, including Canada. The need for power management ICs is primarily driven by the consumer electronics, automotive, and telecommunication industries. This is clear from the fact that base station expenditure has increased dramatically since the introduction of 5G services. For instance, Rogers Communications will introduce Canada’s first 5G standalone (SA) network in March 2022. During the projected period, these trends are anticipated to accelerate the expansion of the market under study.
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Companies Scenario
The power management integrated circuit market has a few significant competitors and is relatively competitive. Texas Instruments, Qualcomm, MediaTek, Analog Devices, and ON Semiconductor are some of the industry leaders. These businesses are concentrating on R&D to boost PMIC performance, effectiveness, and integration capabilities.
List of Prominent Companies Include
โข Texas Instruments Inc.
โข ROHM Co., Ltd.
โข Analog Devices Inc.
โข NXP Semiconductors
โข Microchip Technology Inc.
โข Renesas Electronics Corporation
โข Infineon Technologies
โข ON Semiconductor Corp.
โข STMicroelectronics N.V.
โข Mitsubishi Group
โข Qualcomm
โข Other Prominent Players
Segmentation Outline
The global power management integrated circuit market segmentation focuses on Product Type, End User, and Region.
By Product Type
โข Linear Power Supply Chips
โข Voltage Reference Chips
โข Switching Power Supply Chips
o Buck Converter Chips
o Boost Converter Chip
o Buck-Boost Converter Chip
o Negative Voltage Converter Chips
โข LCD & LED Driver Chips
โข Voltage Detection Chips
โข Battery Charging Management Chips
โข Gate Drivers
โข Others (Load Switches, Wide Bandgap Switches, etc.)
By End User
โข Automotive
โข Consumer Electronics
โข Industrial Equipment
โข Telecom & Networking
โข Medical Devices
โข Communication Infrastructure
โข Others (Smart Home, Aerospace, Defense, etc.)
By Region
โข North America
o The U.S.
o Canada
o Mexico
โข Europe
โข Western Europe
๏ง The UK
๏ง Germany
๏ง France
๏ง Italy
๏ง Spain
o Rest of Western Europe
โข Eastern Europe
๏ง Poland
๏ง Russia
o Rest of Eastern Europe
โข Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o South Korea
o ASEAN
o Rest of Asia Pacific
โข Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
โข South America
o Argentina
o Brazil
o Rest of South America
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