Power Management Integrated Circuits (PMICs) Market | 2031

Report Description

Power Management Integrated Circuits (PMICs) Market Outlook 2031

The global power management integrated circuits (PMICs) market size was USD 39.54 Billion in 2022 and is likely to reach USD 62.40 Billion by 2031, expanding at a CAGR of 5.2% during 2023–2031. The market growth is attributed to increasing adoption of mobile phones.

Increasing adoption of mobile phones across the globe is expected to boost the demand for power management integrated circuits (PMICs) in the coming years. PMICs manage complete power distribution in mobile phones. It receives power from the battery and then distributes power as per the requirement of the operating system. Therefore, rise in the adoption of mobile phones is projected to enhance the demand for PMICs. For instance,

• According to a report, the number of mobile devices operating across the globe was 15 billion in 2021 and is expected to reach 18.22 billion by 2025.

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Power management integrated circuits to manage power on an electronic device that has a range of voltages. It manages DC-to-DC conversion, battery power charging, scaling of voltages down or up, and sleep modes. It provides highly integrated and high-performance power management solutions to various industries such as automotive & transportation, industrial, telecom & networking, consumer electronics, and others.

The COVID-19 pandemic hampered the demand for power management integrated circuits (PMICs). The manufacturing factories of power management integrated circuits faced a struggle while manufacturing or assembling new integrated circuits, due to the disruption in the supply chain and shortage of labor.

Moreover, a drastic decline was seen in the smartphone industry, owing to government preventive measures such as lockdowns and social distancing, which significantly hindered the demand for power management integrated circuits (PMICs).

These integrated circuits are utilized in smartphones to manage complete power distribution by regulating and suppressing the mini voltage spikes in the phones. For instance,

• As per a report, 1.35 billion smartphones were sold across the globe in 2020 as compared to 1.54 billion in 2019.

Impact of Artificial Intelligence on Power Management Integrated Circuits (PMICs)

The implementation of artificial intelligence in the electronics industry creates a lucrative opportunity in the market. AI-powered power management integrated circuits improve the efficiency of electronic devices, as they are provided with field programmable gate arrays (FPGAs), GPUs, and application-specific integrated circuits (ASICs).

AI in power management integrated circuits helps companies identify and remove defective units before they impede time, materials, and energy. Companies have been heavily investing in research and development activities to develop and introduce AI-enabled power management integrated circuits, which create an immense opportunity in the market.

Power Management Integrated Circuits (PMICs) Market Dynamics

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Major Drivers

Growing automobile industry is projected to boost the demand for power management integrated circuits (PMICs) during the forecast period. PMICs are widely used in automobiles to manage and regulate power in various systems such as power conversion systems, battery management systems, load management systems, voltage regulation systems, and others, which is expected to increase their adoption in automobiles in the coming years. For instance,

• According to a report published by European Automobile Manufacturers Association, 85.4 million motor vehicles were produced globally in 2022, which is an increase of 5.7% as compared to 2021.

Increasing adoption of robots is anticipated to drive the market in the coming years. Power management integrated circuits (PMICs) are used in robots to manage and regulate power to facilitate these robots to make decisions and responses such as moving, sensing, receiving, and sending information. Thus, rising adoption of robots is propelling the market. For instance,

• As per the report published by the International Federation of Robotics on February 16, 2023, there are 3.5 million operational robots present globally.

Existing Restraints

High manufacturing cost of power management integrated circuits (PMICs) is expected to restrict the market in the coming years. PMICs manufacturing is expensive, as it requires electronic design automation to design integrated circuits.

Moreover, power management integrated circuits are vulnerable to electromagnetic interference (EMI), which causes electronics to operate poorly, malfunction, or stop working completely. This in turn is projected to impede the market during the forecast period.

Emerging Opportunities

Evolution of Industry 4.0 creates a lucrative opportunity in the market. Industry 4.0 encourages manufacturing units to adopt and implement smart devices to enhance as well as streamline operational processes through remote monitoring, creating the demand for power management integrated circuitsm as they are used in smart devices to increase battery performance by optimizing battery power charging and sleep modes.

Moreover, increasing investment in R&D activities by major market players to develop and introduce new power management integrated circuits with ultra-efficient buck converters, creates an immense opportunity in the market. For instance,

• On June 28, 2023, Nordic Semiconductor, a technology company specialized in designing ultra-low-power wireless communication semiconductors, launched nPM1300 a new power management integrated circuit. The nPM1300 is suitable for battery-operated applications and comes with two ultra-efficient buck converters, two load switches, and integrated battery charging.

Scope of Power Management Integrated Circuits (PMICs) Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Power Management Integrated Circuits (PMICs) Market Segment Insights

Product Type Segment Analysis

Based on product type, the power management integrated circuits (PMICs) market is segregated into motor control IC, integrated ASSP power management IC, voltage regulators, battery management IC, and other power management IC. The voltage regulators segment held a large share of the market in 2022, due to rising adoption of portable electronic devices such as smartphones, tablets, laptops, smartwatches, and others.

Voltage regulators are widely used in portable electronic devices to maintain the voltage within acceptable limits, which provides long battery life and enables new features such as additional cameras and haptic feedback, which increases their adoption in electronic devices.

The motor control IC segment is projected to expand at a quick pace during the assessment period, owing to the rising adoption of robotics in several industries. Motor control IC is used to control motors in autonomous robots by acting as an interface between motors in the robots and microprocessors in robots. This in turn is projected to increase the demand for motor control IC.

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Industry Vertical Analysis

In terms of industry vertical, the global market is categorized into automotive & transportation, consumer electronics, industrial, telecom & networking, and others. The consumer electronics segment accounted for a major share of the market in 2022, due to the rising adoption of wearable devices, security cameras, mobile phones, set-top boxes (STB), home appliances, sensor-based devices, and robotics.

Power management integrated circuits are utilized in consumer electronics to manage power requirements and to support voltage scaling as well as power delivery sequencing. Thus, the increasing demand for consumer electronics is expected to enhance the PMIC market in the coming years. For instance,

• As per a report, the revenue of consumer electronics market is estimated to amount to USD 1.2 trillion in 2028 at a CAGR of 12.21%.

The automotive & transportation segment is anticipated to expand at a rapid pace during the forecast period, owing to technological advancements in electric vehicles, growing infrastructure, and increasing disposable income.

Power management integrated circuits are used in automotive to manage and regulate the electronic functionality of vehicles such as airbags, advanced driver assistance systems, in-vehicle communication, and alternator electronics. Moreover, PMIC keeps the battery safe and reliable by monitoring and controlling the voltage fluctuations of the battery pack, which increases their adoption in automotive.

Regional Outlook

Based on region, the power management integrated circuit (PMICs) market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2022, due to growing technological advancements and the presence of key market players such as Texas Instruments Incorporated, Analog Devices, Inc., and Vishay Intertechnology, Inc.

Moreover, increasing adoption of electric vehicles in the region is propelling the need for power management integrated circuit, as it is used in electric vehicles to extend battery life by reducing battery fluctuations as they have low quiescent current. For instance,

• As per a report, there are 1.7 million electric cars present in the US, and the number is expected to increase in the coming years.

The market in Asia Pacific is anticipated to expand at a high CAGR during the projection period, owing to the rising consumer electronics sales and growing automotive sector.

Moreover, increasing penetration of smartphones in the region is anticipated to boost the demand for power management integrated circuits, as these are widely used in smartphones to manage the complete power distribution of smartphones. These receive power from the battery and then distribute power as per the requirement of the smartphone operating system. For instance,

• As per a report, the penetration rate of smartphones in Asia Pacific reached 76% in 2022 and is estimated to reach 90% by 2030.

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