Rise in technological advancements and growth of the semiconductor industry and semiconductor applications drive the growth of the global power management integrated circuits market
PORTLAND, Ore., Nov. 5, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Power Management Integrated Circuits Market by Product Type (Voltage Regulators, Motor Control IC, Integrated ASSP Power Management IC, Battery Management IC, and Other Power Management IC) and End Use (Automotive & Transportation, Consumer Electronics, Industrial, Telecom & Networking, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global power management integrated circuits (PMICs) industry was pegged at $33.96 billion in 2019, and is projected to reach $51.04 billion by 2027, growing at a CAGR of 5.3% from 2020 to 2027.
Major determinants of the market growth
Rise in technological advancements, surge in demand for battery-operated devices, and growth of the semiconductor industry and semiconductor applications drive the growth of the global power management integrated circuits market. In addition, increase in sales of consumer electronics & automobiles and reduction in cost & area density supplement the market growth. However, multi-power domain system on chip (SOC) of PMICs hampers the market growth. On the contrary, rise in application domains of PMICs is expected to open lucrative opportunities for the market players in the future.
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- The COVID-19 pandemic has severely affected the semiconductor industry. Market players had to make short-term decisions despite knowing its long-term implications.
- The key market players in the PMIC industry are dependent on raw materials, workforce for their assembly, testing, and packaging. However, the prolonged lockdown has disrupted the supply chain, and in turn, manufacturing.
- Since the lockdown, the demand for telecom and networking services has increased due to increased broadband usage, rise in demand for cloud services and video services.
- Post-pandemic, the need for digital transformation is expected to increase with the emergence of 5G and edge computing.
The voltage regulators segment dominated the market
Based on product type, the voltage regulators segment held the lion's share in 2019, accounting for more than one-fourth of the global power management integrated circuits market, owing to the increasing need for power supply. However, the battery management IC segment is projected to portray the highest CAGR of 6.4% during the forecast period, due to growing production capability and sales of battery-operated electronic gadgets.
The industrial segment to manifest the highest CAGR through 2027
By end use, the industrial segment is estimated to register the highest CAGR of 6.1% from 2020 to 2027. This is owing to technological innovations, continuous introduction of low-priced vehicles in the market, competitive rivalry among major manufacturers, and changing preferences of customers. However, the automotive and transportation segment held the lion's share in 2019, contributing to more than one-fourth of the global power management integrated circuits market, due to rise in automation in industries, smart grid & metering, and continuous innovations in battery-supported equipment.
The Asia-Pacific, followed by North America, held the largest share
By region, the market across Asia-Pacific, followed by North America, held the lion's share in 2019, accounting for nearly half of the market. In addition, the region is expected to register the highest CAGR of 6.3% during the forecast period, owing to presence of many large manufacturers of electronic devices. The global power management integrated circuits market across North America is expected to register a CAGR of 4.2% from 2020 to 2027.
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Major market players
- Texas Instruments Inc.
- Analog Devices Inc.
- ON Semiconductor Corp.
- Maxim Integrated Products Inc.
- Dialog Semiconductor PLC
- Infineon Technologies AG
- NXP Semiconductors
- Renesas Electronics Corporation
- Mitsubishi Group
- STMicroelectronics N.V.
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