According to the latest report from Future Market Insights, the global power management integrated circuit (PMIC) market is poised for significant growth, with an estimated value of USD 31.2 billion in 2024. Projections indicate a steady upward trajectory, reaching USD 57.9 billion by 2034, driven by a moderate compound annual growth rate (CAGR) of 6.4%.
PMICs play a crucial role in optimizing power consumption and enhancing energy efficiency across various electronic devices and systems. As industries increasingly prioritize energy conservation and performance optimization, the demand for advanced PMIC solutions continues to rise.
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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 circuit 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 application 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 increasing millennial population, expansion of middle class and increased purchase capacity are factors responsible for the increasing demand for power management integrated circuit (PMIC) in personal electronics application. 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 an automotive sector closely follows revenues in industrial application.
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 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 leading position in the power management integrated circuit (PMIC) market. In 2018, over two-fifth of the PMIC market revenues were accounted for 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.
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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 America region, of which over 81% share was registered from the U.S.
Across the globe, increasing energy harvesting initiatives and their penetration in the semiconductor industry has generated lucrative opportunities for 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 circuit (PMIC) is set to rise in the coming years.
Power Management Integrated Circuit (PMIC) Market Survey by Category By Application:
- Automotive
- Communication Equipment
- Enterprise Systems
- Industrial
- Personal Electronics
Region:
- North America
- Latin America
- APEJ
- Japan
- Eastern Europe
- Western Europe
- Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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