The global power management IC (PMIC) market is estimated to account for $5,142.17 million (US) in terms of value by the end of 2027, exhibiting a CAGR of 5.3% during the forecast period (2020-2027), according to a report from market research firm Coherent Market Insights. Increasing demand for wearable devices is expected to boost the global power management ICs market growth over the forecast period.
PMICs are largely integrated into wearable devices used in the medical industry, military, and personal entertainment. Some of the wearable devices include smartwatches, vests, Google Glass and head-up displays. These devices are incorporated with PMICs to extend battery life, allow efficient use of energy, and use electricity indigenously. Demand for wearable devices is expected to increase as these provide comfort and ease of use, smart monitoring, anytime entertainment, real-time data, and extended apps functionality. Hence, these factors are expected to drive growth of the global PMIC market during the forecast period.
According to the report, complex integration process of multi-power SoCs of POMICs is a major challenge. The multi-power SoCs require robust methodology and toolset for implementation. Therefore, an adequate tool for a digital and analog part is a crucial factor. Thus, these factors are expected to hinder the global power management ICs market growth over the forecast period.
On the basis of end user, consumer electronics segment is expected to witness significant growth in the global power management ICs market during the forecast period. This is owing to increasing demand for power management ICs for a variety of consumer electronic devices such as smartphones, tablets, wireless audio devices, and others. For instance, in April 2020, Maxim Integrated revealed the MAX77654 next generation single inductor, multiple output (SIMO) power management IC (PMIC) for wearable and hearable.
According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the positive displacement pump market is moderately high. The supply, production cycles, employees are highly impacted due to nationwide lockdowns. Furthermore, most of the companies are slashing their employees, in order to save the revenue. For instance, in April 2020, ON Semiconductor Corp., has slashed more over 475 employees globally. This is expected to hinder growth of the market.
Among regions, North America is expected to witness significant growth in the global power management ICs market during the forecast period. This is owing to the presence of major market players such as Texas Instruments Inc., Linear Technology, Semtech Corporation, and Maxim Integrated across the region. Furthermore, growing adoption of PMICs in the automotive sector is expected to boost the regional market growth over the forecast period.
Asia Pacific is expected to exhibit a lucrative growth rate in the global power management ICs market growth over the forecast period. This is owing to business expansion activities by major market players in the region. For instance, in November 2013, ON Semiconductor established a global distribution hub in Narita, Japan. This hub was set up in partnership with DHL to cater to the company’s consumer base in Japan with improved service and logistics flexibility.
Major companies operating in the global power management ICs market are Analog Devices Inc., Dialog Semiconductor PLC, Infineon Technologies AG, Maxim Integrated Products Inc., Mitsubishi Group, NXP Semiconductors, ON Semiconductor Corp., Renesas Electronics Corporation, STMicroelectronics N.V., Texas Instruments Inc., Rohm Co Ltd.
Coherent Market Insights | www.coherentmarketinsights.com