According to a new market research report published by Credence Research, “Power Management Integrated Circuit Market By Product Type (Voltage regulators Motor control ICs, Integrated ASSP Power Management ICs, Battery Management ICs, Microprocessor Supervisory ICs), By Application (Automotive, Industrial, Consumer Electronics, Telecommunications and Others) and By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2019 -2027”, the global power management integrated circuit market is expected to reach US$ 51.7 Bn by 2027, expanding at a CAGR of 6.5% during the forecast from 2019 to 2027.
Power management ICs are experiencing buoyant demand across sectors such as medical devices, automotive, manufacturing and consumer electronics. The growing demand for portable devices with longer shelf life, along with increasing awareness of the efficient use of electricity, is projected to drive the global IC market for power management. Due to the declining prices of integrated circuits and their widespread use in vehicles, laptops, smartphones and other devices, the market size is expected to increase during the forecast period. Increased sales of cars and smartphones are expected to boost market growth.
In addition, the Joint Venture, Merger & Acquisition, Alliance and Business Expansion are few other major approaches embraced by prominent players to achieve strategic leadership in the market for PMICs. Many organizations are introducing and implementing technologically advanced PMICs for use in various applications. Powerchip Technology Corporation, for example, expected to invest about US$ 9.03 billion in the manufacture of integrated chips in Taiwan in August 2018. This manufacturing unit will bring the chip facilities to a total of five units in Taiwan, increasing the production capacity by around 200,000 wafers per month by 2030. The aforementioned trend is expected to drive the demand for integrated circuits for power management over the forecast period.
Asia Pacific is responsible for the production and manufacture of buses, automobiles, heavy-duty vehicles and hybrid vehicles, which will further increase demand for PMICs across the world. In addition, the growing use of consumer electronics has increased demand for large-scale production of PMICs and thus has a higher market share for Asia Pacific in the global IC market for power management. In addition, rapid technological advances in the Asia-Pacific region due to emerging countries such as India, China and Japan are expected to display the highest growth relative to other regions.
Some of the leading manufacturers profiled in the study include Texas Instruments Incorporated, Maxim Integrated Products Inc., ON Semiconductor Corp, Infineon Technologies AG, Mitsubishi Corp, Analog Devices, Inc., STMicroelectronics NV, Dialog Semiconductor PLC, Renesas Electronics Corporation and QUALCOMM, Inc. among others.