Power Management Integrated Circuit (PMIC) Market Is Estimated To Develop At A Substantial CAGR For The Duration Of The Prediction
The Power Management Integrated Circuit (PMIC) Market is likely to surge at a vigorous 6.6% CAGR during the assessment period 2022 – 2027 and is anticipated to progress at a CAGR of 6.6% to reach US$ 28.1 Bn in 2022 and US$ 41.2 Bn by 2027.
- Rising sales of smart devices across the globe
- Growing energy harvesting initiatives
- Introduction of compact and high-efficiency PMICs
- Ongoing industrial automation and vehicle electrification
The FMI study finds that demand for power management integrated circuits in communication equipment applications is projected to grow at a higher rate. In 2019, PMIC application in communication equipment is expected to grow at 8.5% y-o-y. The projected growth can be attributed to buoyancy in the telecommunication industry owing to increasing demand for connectivity and the adoption of communication equipment starting from analog switches to smartphones to communication satellites.
Personal Electronics Application Registers Leading Revenues
The FMI study finds that demand for power management integrated circuit (PMIC) remains higher in personal electronics devices. In 2018, sales of power management integrated circuits garnered revenues worth over US$ 5.7 billion in 2018 and held 27% of the global PMIC market share. The demand trend in personal electronics applications is expected to continue in 2019 at the rate of 6.6% y-o-y.
A plethora of personal electronics devices and their rising adoption rate in the wake of the increasing millennial population, expansion of the middle class, and increased purchase capacity are factors responsible for the increasing demand for power management integrated circuits (PMIC) in personal electronics applications. In addition, manufacturers in the consumer electronics industry highly utilize PMIC to optimize energy consumption in compact devices.
Industrial application of power management integrated circuit (PMIC) registered second highest revenues and accounted for over one-fifth of the market revenues in 2018. Demand for power management integrated circuit (PMIC) in the automotive sector closely follows revenues in industrial applications.
PMIC Marketplace Moderately Consolidated
Leading players in the power management integrated circuit (PMIC) marketplace share considerable revenues. Texas Instruments, STMicroelectronics, NXP Semiconductors N.V., ON Semiconductor Corporation, and Analog Devices, Inc. are prominent market players, of which ON Semiconductor is the front-runner.
Small and mid-sized players are leveraging strategies such as the introduction of low-priced products to establish a stronghold in the domestic market. Increasing revenues of these players are eating into the shares of prominent PMIC market players.
APEJ Revenues Continue to Surge
The FMI study finds that APEJ continues to register a leading position in the power management integrated circuit (PMIC) market. In 2018, over two-fifth of the PMIC market revenues were accounted for the APEJ region, of which over 67% share was registered from China and India.
The region presents significant growth of the end-user industries of the power management integrated circuit (PMIC) market, thereby garnering leading revenues. The FMI study finds that North America continues to register the second leading position in the power management integrated circuit (PMIC) market. In 2018, over one-fourth of the PMIC market revenues were accounted for the North American region, of which over 81% share was registered from the U.S.
Across the globe, increasing energy harvesting initiatives and their penetration into the semiconductor industry have generated lucrative opportunities for the power management integrated circuit (PMIC) market. As the global demand for electricity rises and the world enters the era of IoT and digitalization, demand for power management integrated circuits (PMIC) is set to rise in the coming years.
Power management integrated circuit (PMIC) manufacturers focus on power management and power-efficient semiconductors that contribute to better energy efficiency and lower power consumption for a range of portable devices and applications in the consumer electronics sector.
- In December 2020, MagnaChip Semiconductor Corporation announced a new line of power management integrated circuits (PMIC) by introducing its first UHD display panel PMIC for laptops. It includes multiple power management functions within a single chip.
- In January 2020, Qorvo introduced a power management integrated circuit (PMIC) that expands the company’s portfolio of products for rapid in-vehicle charging of phones, tablets, and laptops.
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