Power Management IC (PMIC) Market
The global power management IC (PMIC) market is projected to expand at a CAGR of 4.60% during the forecast period and reach US$ 56.4 Bn by 2026.
The PMIC market is made by factors such as technological advancements and improved demand for battery-operated devices. Furthermore, upsurge in sales of consumer electronics and boom in the automobile divisions have supplemented the market growth. The improved adoption of data centers, spiraling increase of the light emitting diode (LED) market, rise in knowledge of energy harvesting solutions, increase in renewable energy market & smart grids, and extensive use of PMICs in hybrid electric transportations are some of the major drivers of the market.
Another important driver contributing to the increased usage of PMICs is the growing demand for energy efficient products. There are several government policies to save and decrease energy consumption, energy discharges, or energy costs at an international level. Therefore, several PMICs are incorporated in devices that monitor waste of power and energy. Therefore, the PMIC market is likely to increase due to the rising demand for energy efficient products.
An exciting rise in the consumption and cost of energy has forced consumers to save energy and devise ways to minimize environmental impacts created by carbon emissions. This has raised the demand for power-saving electronic products in the market. Other market operators are growth in smart home and smart grid technology, building processing power in computing and mobile devices, and improved adoption of smartphones and tablets.
The PMIC market is classified on the basis of product type, end use, and geography. Based on the product type, the market is divided into voltage regulators, motor control ICs, multicultural ASSP power management ICs, battery management ICs, and others. The end users of the business are automotive/transportation, customer electronics, industries, telecom & networking providers, and others.
The world power management IC market is being ruled by the Asia Pacific. The robust demand in this region from automotive applications may influence the global market growth. Also, growing applications in the customer electronics for power management ICs is expected to propel the growth of the market in the next few years. The second-best growth is shown by North America due to the booming automobile area along with a number of semiconductor factories in the US.
The power management IC (PMIC) market is driven by factors such as technological advancements and improved demand for battery-operated devices. The automotive and consumer electronics segments are anticipated to dominate the global market through the forecast period. Changing demographics, such as an increase in population and growth in disposable assets of customers are expected to support the market in the coming years. The market is being ruled by the Asia Pacific due the robust demand from automotive applications.