Global Power Management Integrated Circuit Market - Segmented by Products (Linear Regulators, Switching Regulators, Voltage References, Power Management), End User, and Region - Growth, Trends, and Forecast (2018 - 2023)
The global power management integrated circuits market is expected to register a CAGR of 8.94% over the forecast period (2018 - 2023). The scope of the report is limited to the segmentation of the power management integrated circuit based on the product type and application of these ICs. The growth opportunities are also included in this report, while the regions considered in the scope of the report include North America, Europe, and others.
Power management integrated circuit (PMIC) is an integrated circuit that has wide applications because of its role in battery management, voltage regulation, and charging functions. These ICs are mostly used in battery operated devices and consumer electronics such as smartphones, Bluetooth headsets, and portable industrial and medical equipment. The increasing global demand for consumer electronics is expected to drive the power management integrated circuit market. With evolving technology and growing importance of energy management, these ICs also find applications in technologies like Advanced Driving Assistance Systems (ADAS) and even IoT devices and smart wearables. The increased demand for luxury cars with ADAS systems is likely to increase the demand for PMICs globally.
Demand in Smartphones Segment to Drive the Market
Among the wide applications of PMICs, i.e., consumer electronics like smartphones, tablets, and others portable handheld devices, industrial and medical instruments, etc., the smartphones segmented is expected to be the largest. Globally, the smartphones penetration is expected to grow by a CAGR of 5%, as mentioned by IMF. Overheating and poor battery life are the most common smartphone-related complaints consumers have globally. To address these issues, smartphone component manufacturers like Qualcomm are looking at achieving higher performance in devices with power and thermal constraints with PMICs in the design. Besides consumer electronics, the growing demand for battery operated devices in automobiles, telecom, and networking, are also said to promote growth in the global power management integrated circuit market (PMIC).
Demand for ADAS in luxury cars is also expected to impact the growth of the PMICs market significantly. Considering the ability of PMICs to reduce power consumption of the batteries, these are used for prolonging the power in IoT devices. The growth trend of IoT connected devices also could impact the growth of the market.
Europe Expected to be an Emerging MarketMajority of the smartphone sales happen in China, followed by the US. Although North America dominates the consumer electronics market, it is estimated that Western Europe will have the highest market share among the smartphone segment by 2020. Also, Europe is one of the innovative automotive markets globally and rapid penetration and mass adoption of ADAS is expected, thus fuelling the growth of the power management integrated circuits market in this region.