The power requirements of the host system are managed by the power management integrated circuits (PMIC). The compactness of the PMIC aids the application of these ICs in portable media players, mobile phones and other battery operated devices. The benefits provided by PMIC, such as efficient power conversion and heat dissipation, are increasing the rate of incorporation of PMIC in a wide range of devices.
Market Research Future (MRFR) has recently availed a detailed report asserting the global Power Management IC Market is anticipated project a steady CAGR of 7% during the forecast period of 2017-2023.
Market Drivers and Restraints:
The consumption and cost of energy had increased dramatically since past few years, inducing demand for energy-efficient devices. The growing demand for power saving electronic devices is increasing the application of power management IC in a wide range of products, which is acting as a major driving force for the expansion of the global power management IC market. The rapid progress in smart grid technology, the inclination of the urban population towards smart homes, increased usage of portable devices such as tablets and smart phones, increasing processing time on computing are some of the important factors that are increasing the demand for PMIC in the market, leading to the expansion of the global power management IC market. The rapid development of automotive industry is increasing the application of PMIC in hybrid electric vehicles extensively, which is fueling the growth of the power management IC, globally.
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The increasing investment of governments of different countries in research and development for building smart cities that include the application of advanced technology is generating demand for energy conservation, leading to the increased adoption of power management IC in different sectors. This rise is demand is projecting a positive impact on the growth of the global power management IC market. Along with these, the rise in awareness for energy harvesting solutions, increased application of LED (light emitting diodes) and the rise in the number of data centers are some other vital factors driving the global power management IC market.
However, the complex integration process of the multi-power domain (SOC) of PMIC is likely to act as a restraint to the expansion of the global power management IC market.
Some of the key players in the market are Texas Instruments Inc. (U.S.), ON Semiconductor Corp. (U.S.), Analog Devices, Inc. (U.S.), Dialog Semiconductor PLC (U.K.), Maxim Integrated Products, Inc. (U.S.), STMicroelectronics N.V. (Switzerland), and Linear Technology Corp. (U.S.), Renesas Electronics Corporation (Japan), Toshiba Corporation (Japan), among others.
The global power management IC market has been segmented on the basis of product and application. Based on products, the power management IC market has been segmented into voltage regulators, motor control ICs, integrated ASSP power management ICs, battery management ICs, and others. Among these products, the integrated ASSP power management ICs segment includes energy management ICs, wireless charging ICs, power factor correction controllers, LED driver ICs, battery charging and management ICs, Hot-swap controllers and power-over-ethernet (PoE) controllers. The power management ASIC/ASSP segment is anticipated to dominate the global market during the forecast period owing to the increased use of these products in smart phones, laptops, tablets, and other portable devices.
On the basis of application, the power management IC market is segmented into automotive, consumer electronics, industries, telecom and networking, wearable and others. Among these, the consumer electronics segment offer lucrative opportunities for the market players and is anticipated to project the fastest growth compared to other applications during the forecast period.
Detailed Regional Analysis:
On the basis of region, the global PMIC market is segmented into North America, Europe, Asia-Pacific and the rest of the world. Among these regions, Asia-Pacific accounts for the highest share in the global power management IC market, owing to the rise in demand for automated devices and semiconductors in this region. The booming automotive industry is driving the market in the North America region. High adoption of smart portable devices is fueling the demand for PMIC, leading to the expansion of the power management IC market in the rest of the world.
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