New Delhi, April 30, 2024 (GLOBE NEWSWIRE) -- The global power management integrated circuit market is expected to experience significant growth, with a projected market valuation of US$ 54.69 billion by 2032 from US$ 25.18. This translates to a CAGR of 9.0% during the forecast period 2024-2032.
The global power management integrated circuit market is experiencing robust growth, fueled by a compelling confluence of factors. Wherein, smartphones continue to be a primary driver of PMIC demand, with sales projected to reach 1.38 billion units in 2024. This aligns perfectly with the explosive growth of 5G technology. 5G smartphones, expected to comprise nearly half of all smartphone shipments (780 million units) in 2024, necessitate efficient power management solutions – a domain where PMICs excel.
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As per Astute Analytica, PMICs offer significant advantages over traditional discrete component solutions. By integrating multiple power functions into a single chip, PMICs achieve up to 30% better conversion efficiency and reduce solution size by up to 50%. This translates to extended battery life in portable devices and a smaller footprint for space-constrained applications. Notably, some PMIC models boast an impressive 95% power conversion efficiency, maximizing battery life in smartphones, tablets, and wearables.
Beyond Consumer Electronics: Diversifying PMIC Applications
The power management integrated circuit market extends far beyond consumer electronics. The automotive sector, driven by the increasing adoption of advanced electronics, presents a significant growth opportunity. The automotive Power management integrated circuit market is expected to expand at a healthy CAGR of 9.3% through 2032. It's important to note that automotive PMICs must meet stringent safety and reliability standards, such as the AEC-Q100 Grade 1 temperature requirements (-40°C to +125°C).
The industrial sector is another promising area for PMICs. Fueled by Industry 4.0 initiatives, the industrial Power management integrated circuit market is projected to reach $9.36 billion by 2032. These smart and connected manufacturing environments rely heavily on efficient power management solutions.
Technological Advancements: Pushing the Boundaries of Power Management Integrated Circuit Market
PMIC technology is constantly evolving. Advanced PMICs can integrate over 20 power functions onto a single chip, offering unprecedented levels of functionality and miniaturization. However, challenges remain in developing multi-power domain system-on-chip (SoC) PMICs. Conversely, the market for PMIC-embedded application devices presents exciting new opportunities, with a projected market size of $12.5 billion by 2028.
Market Tailwinds: A Perfect Storm for Growth
The Semiconductor Industry Association (SIA) announced in March 2024 that global semiconductor industry sales totaled $46.2 billion during the month of February 2024, an increase of 16.3% compared to the February 2023 total of $39.7 billion, further bolsters the power management integrated circuit market. Leading PMIC suppliers are at the forefront of innovation, with offerings like ST Microelectronics' GaN power ICs that achieve power densities up to 10 kW/in³. PMIC functionality encompasses a wide range of capabilities, including DC-DC conversion (accounting for 45% of PMIC functions), battery charging, linear regulation, and power sequencing. Companies like NXP offer PMIC portfolios exceeding 200 products, with configurable options that can reduce design time by up to 50%. Notably, NXP's automotive PMICs are designed to meet stringent ASIL B/D functional safety requirements.
Maxim Integrated caters to the portable electronics market with PMICs featuring integrated battery chargers, delivering up to 5A of charge current with exceptional accuracy (float voltage accuracy of ±0.5%). Additionally, the transition from 200mm to 300mm wafer production and the adoption of panel-level fan-out packaging techniques are further advancements that promise reduced manufacturing costs and smaller PMIC footprints.
Looking Ahead: A Promising Future
Power management integrated circuit market demand is intricately linked to the growth of the consumer electronics and automotive industries. The recent surge in feature-rich smartphones is driving the need for high-speed communication network infrastructure, which in turn fuels PMIC adoption. The ever-expanding application domains for PMICs, coupled with rising sales of consumer electronics and automotive products, paint a bright picture for the future of this dynamic market. PMICs offer a compelling combination of established growth drivers, emerging applications, and continuous technological advancements, making them an attractive investment opportunity for businesses seeking to capitalize on the increasing demand for efficient and compact power management solutions.
Key Findings in Power Management Integrated Circuit Market
| Market Forecast (2032) | US$ 54.69 Billion |
| CAGR (2024-2032) | 9.0% |
| Largest Region (2023) | Asia Pacific (62.8%) |
| By Product Type | Linear Power Supply Chips (22.9%) |
| By End Users | Consumer Electronics (30.9%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Power Management Integrated Circuits: The Engine Behind Consumer Electronics
Power Management Integrated Circuits (PMICs) are the unsung heroes of the consumer electronics revolution. These tiny chips play a critical role in extending battery life, shrinking device sizes, and enabling innovative features in the gadgets we rely on every day. For consumers, the most noticeable benefit of PMICs is their impact on battery life. By efficiently managing power in portable devices, PMICs can extend battery life by up to 20% in smartphones (Source: Maxim Integrated, 2022). This translates to more talk time, browsing, and gaming on a single charge, giving a boost to the power management integrated circuit market. Apart from this, the compact size of PMICs allows manufacturers to design slimmer and sleeker consumer electronics. Compared to traditional discrete components, PMICs can reduce power solution size by up to 50% (Source: Texas Instruments, 2022). This opens the door for a new generation of sleek and portable devices that fit seamlessly into our pockets and lives.
PMICs are at the heart of some of the hottest trends in consumer electronics. They enable features like fast charging, which allows some smartphones to reach 50% battery life in just 30 minutes (Source: Qualcomm, 2023). This rapid refueling keeps consumers connected and on-the-go in the power management integrated circuit market. The rise of 5G smartphones, with their increased power demands, necessitates advanced PMICs. With 5G smartphone shipments expected to reach 780 million units in 2024 (Source: IDC, 2023), PMICs are poised for continued growth. PMICs are also crucial for managing power in high-resolution smartphone cameras (a $57.2 billion market by 2025) and the multiple screens of foldable smartphones (projected to reach 27.6 million units shipped by 2025, Source: IDC).
Beyond smartphones, PMICs are essential for a wide range of consumer electronics in the power management integrated circuit market. They enable always-on voice assistants in smart speakers (a $35.5 billion market by 2025) and efficient power management in wireless earbuds (a $15.8 billion market by 2025) and wearables (an $81.5 billion market by 2025). The reach of PMICs extends to laptops (a $263.4 million unit market by 2025,), tablets (153.5 million units by 2025), smart home devices (a $135.3 billion market by 2025 noise-cancelling headphones (a $15.8 billion market by 2025), smart TVs (266.2 million units by 2025), gaming consoles (a $51.2 billion market by 2025), digital cameras (a $21.1 billion).
Steady Growth for Linear Power Supply is Pegged to Surpass Market Valuation of US$ 12.79 Billion By 2032
The global linear power supply segment of the power management integrated circuit market is projected to grow at a CAGR of 10.9%, reaching $12.79 billion by 2032 from $5.89 billion in 2023. This growth is driven by the increasing demand for clean and stable power across various industries. The booming consumer electronics sector is a key driver, fueled by the popularity of smartphones, wireless earbuds, and smart home devices. With the smartphone market reaching 1.38 billion units by 2034 and the smart home market reaching $135.3 billion by 2025, the need for efficient power management solutions is paramount. The rise of 5G further amplifies this demand, with 5G smartphone shipments expected to hit 780 million units in 2024.
Apart from consumer electronics, linear power supplies play a critical role in ensuring stable operation of medical devices, a market expected to reach $612.7 billion by 2025. They are essential for maintaining reliability and performance in life-critical applications. The industrial sector is another significant contributor. The growing adoption of automation systems and IoT devices, with the industrial automation market reaching $306.2 billion by 2027 and the IoT market reaching $1.1 trillion by 2026, necessitates reliable power for smooth operation and longevity. Linear power supplies provide the stability required for these systems.
Other sectors in the power management integrated circuit market like automotive, aerospace & defense, scientific instruments, high-end audio, telecommunications, and renewable energy all rely on clean and stable power for optimal performance. Linear power supplies remain the preferred choice for many applications in these industries.
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Asia Pacific Bags over 62% Revenue of Global Power Management Integrated Circuits Market, But China is the Center of Gravity
The PMIC landscape in China is experiencing a surge in activity, fueled by a confluence of factors that make it an attractive market for both domestic and international players. Here's a closer look at the key trends shaping this dynamic space: Chinese PMIC manufacturers are attracting significant investor interest. The number of funding rounds for these companies has jumped from 18 in 2020 to 24 in 2022, highlighting the growing confidence in the sector's potential. Automotive applications are a major driver of growth. China has witnessed 23 automotive-grade chip companies go public, with PMICs being the dominant product segment within these investments. This aligns perfectly with the projected CAGR of 9.2% for the automotive PMIC.
Supportive government policies and the booming domestic demand for New Energy Vehicles (NEVs) are acting as catalysts for the semiconductor industry, including PMICs. These incentives are accelerating the expansion of the domestic Power management integrated circuit market. Chinese manufacturers are increasingly taking center stage. Companies like SG Micro and Halo Micro are launching automotive-grade PMICs, showcasing a growing domestic capability in PMIC production. This trend is further bolstered by significant fundraising rounds, with GTA Semiconductor raising over 10 billion yuan, partly earmarked for R&D in automotive-grade PMICs.
While domestic players are on the rise, established international Integrated Device Manufacturers (IDMs) like Infineon and TI continue to hold a strong position in the Chinese Power management integrated circuit market. This suggests a future landscape characterized by a mix of domestic and international competition, driving innovation and potentially lowering costs.
Global Power Management Integrated Circuit Market Key Players
- Texas Instruments Inc.
- ROHM Co., Ltd.
- Analog Devices Inc.
- NXP Semiconductors
- Microchip Technology Inc.
- Renesas Electronics Corporation
- Infineon Technologies
- ON Semiconductor Corp.
- STMicroelectronics N.V.
- Mitsubishi Group
- Qualcomm
- Other Prominent Players
Key Segmentation:
By Product Type
- Linear Power Supply Chips
- Voltage Reference Chips
- Switching Power Supply Chips
- Buck Converter Chips
- Boost Converter Chip
- Buck-Boost Converter Chip
- Negative Voltage Converter Chips
- LCD & LED Driver Chips
- Voltage Detection Chips
- Battery Charging Management Chips
- Gate Drivers
- Others (Load Switches, Wide Bandgap Switches, etc.)
By End User
- Automotive
- Consumer Electronics
- Industrial Equipment
- Telecom & Networking
- Medical Devices
- Communication Infrastructure
- Others (Smart Home, Aerospace, Defense, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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