Global Power Management Integrated Circuit Market - Growth, Trends, and Forecast (2019 - 2024)

NEW YORK, Nov. 6, 2019 /PRNewswire/ --

Market Overview
The global power management integrated circuit market was valued at USD 18.12 billion in 2018, and it is expected to register a CAGR of 4.85% during the forecast period (2019-2024). Globally, the significant rise in the consumption and cost of energy has forced consumers to save energy and devise methods to minimize environmental impacts caused by carbon emissions. This has increased the demand for power-saving electronic products in the market, such as power ICs. Increasing awareness about fire protection systems and the benefits of better technology for fire prevention are driving the growth of the market. Consumers are looking for the latest technological products, and the market is witnessing growing investment.

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Scope of the Report
Power management integrated circuit (PMIC) is an integrated circuit that has wide applications because of its role in battery management, voltage regulation, and charging functions. These ICs are mostly used in battery operated devices and consumer electronics, such as smartphones, Bluetooth headsets, and portable industrial and medical equipment.

Key Market Trends
Communications End User to Hold Major Share

The advancement of wireless communication, along with its devices and equipment, is a major factor driving the PMIC market in the communication sector. The growing demand for wired and wireless connection and their increasing industrial applications are also fueling advancement in infrastructure, hence developing space for PMICs as well.

Carrier Ethernet switches and routers, communication battery charger, enterprise Ethernet switches and routers, enterprise networks, and Low-tier Consumer/SOHO Routers, are some of the primary scopes considered for the market studied.

Increased use of next-generation mobile networks, such as 4G and 5G, is expected to fuel market growth. Also, with the rollout of the 5G market, new devices need to be installed, which is expected to further expand the scope of the market studied.

The growing number of small cells and the increasing use of satellite communication may also generate the demand for PMICs. The small cell network market is estimated to register a CAGR of 26.7% to reach a market value of USD 6.82 billion by 2023.

Asia-Pacific to Witness Significant Growth

Asia-Pacific is the fastest-growing semiconductor market in the world. The region accounts for a share of about 71% in the global power management IC market, due to the high concentration of OEMs and ODMs.

The growing demand for power management semiconductor ICs in consumer electronics and automotive applications in the region is expected to fuel the demand for power management ICs during the forecast period. Growing initiatives, such as Make in India by the Indian government and Vision 2020 by the Chinese government, are increasingly drawing attention from the international players to set up local production establishments.

The region is also experiencing a lot of mergers and acquisitions. For instance, Renesas Electronics Corporation acquired Integrated Device Technology. This acquisition will expand the company's advanced microcontroller, system on chip, and power management ICs, supporting its strategy to become a leading embedded solutions provider.

Competitive Landscape
The power management integrated circuits market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. The companies across the world are introducing new products in the market to gain a competitive edge. For instance, Spansion Inc. launched the first automotive power management IC for advanced driver assistance systems (ADAS). Another company, Maxim Integrated Products, launched power management ICs, while offering the industry's smallest solution size and highest efficiency to help automotive designers meet space and power challenges of automotive applications. Also, in November 2018, Dialog Semiconductor PLC unveiled its fully integrated nano-power PMICs for IoT applications, the DA9070, and DA9073. The new and more powerful PMICs are build on the success of Dialog's first nano power offerings, further highlighting how Dialog has pushed the boundaries of its PMIC technology to improve low-power IoT applications.

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