Power Management Integrated Circuits Market Size, Share & Trends Analysis Report By Product Type (Voltage Regulators, Linear Voltage Regulators, DC/DC Regulators, Motor Control IC, Integrated ASSP Power Management IC, Battery Management IC, Other Power Management IC), By End-Use (Automotive & Transportation, Consumer Electronics, Industrial, Telecom & Networking, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global power management integrated circuits market had a revenue holding of USD 37,323 million in 2021. It is expected to reach USD 60,430 million by 2030, growing at a CAGR of 5.5% during the forecast period (2022-2030).

PMIC refers to integrated circuits for power management. These electrical components offer highly integrated, high-performance power management solutions for various application sectors, including automotive, consumer electronics, and telecommunication & networking. Due to their functional features, like power management, system control, battery management, interface & audio operations, and other system-specific functions, PMICs provide the best integration solutions. There are several different PMICs in use right now. Voltage regulators, battery management ICs, integrated ASSP power management ICs, and motor control ICs are a few often utilized ICs. PMICs, built using high-performance manufacturing technologies, provide high-efficiency solutions to increase battery life and decrease power dissipation.

The two main factors driving the worldwide PMIC market are the rise in technical developments and the demand for battery-operated gadgets. Additionally, the expansion of the PMIC market is closely linked to that of the consumer electronics (mainly smartphones) and automotive industries. In addition to all other considerations, smartphones are also one of the primary contributors to the increase in PMIC demand. In the upcoming years, smartphone sales are anticipated to reach their pinnacle. The main drivers of the global market growth include the rollout of different fifth-generation mobile networks, such as 4G and 5G.

Market Dynamics

Global Power Management Integrated Circuits Market Drivers

The Development of Technology and the Rise in the Need for Battery-Operated Gadgets

It's expected that the power management ICs market will shift due to quick technological improvements and substantial expansion in the electronics sector. Global demand for PMICs has increased due to electronic device technology improvements. Recently released smartphones drive the need for high-speed communication network infrastructure with enhanced operating features. The smartphone market is driven by cutting-edge mobile telecommunications technology like fourth-generation (4G) and fifth-generation (5G) services. Growth in the smartphone sector will ultimately benefit the PMICs business because smartphones are integrated with PMICs. In addition, a battery is one of a portable electronic device's most crucial parts. According to estimates, the PMICs market will increase faster than the market for electronic gadgets.

An Increase in the Sales of Cars and Consumer Gadgets

During the forecast period, the PMIC market is anticipated to be driven by increased consumer electronics and car sales and a significantly rising need for integrated power circuits in these applications. One of the critical end-user areas for PMICs is the manufacturing and automotive sectors. PMICs are frequently used as direct-to-direct (DC to DC) current converters in industrial and automotive applications. They are perfect for applications in the automotive industry, including power supply and power management system monitoring, instrument clusters, body control modules, and advanced driver assistance systems (ADAS). These PMICs have a low standby current need and can deliver a consistent result for a broad range of input voltages. Additionally, the global power management ICs market share is anticipated to be driven by consumer electronics. PMICs are employed in electrical products because they provide incredibly effective ways to lower power dissipation and lengthen the life of batteries.

Global Power Management Integrated Circuits Market Restraints

PMICs' Multi-Power Domain System on Chip

The design and integration process is the main factor impeding the market expansion for PMICs. Robust techniques are needed for the multi-power systems on chip (SOC) components. To implement these SOCs, many toolkits are necessary. Tools required to convert analog signals to digital signals are also essential in these circumstances. PMIC applications are unreliable due to the integration process's increased complexity and the need for component support.

Global Power Management Integrated Circuits Market Opportunities

Increased in Application Areas

Managing voltage and current requirements is the primary function of the PMIC in any electronic device. Voltage regulation, DC to DC converters, and battery management are all possible components of PMICs. The PMICs market is also expected to grow in the future because of the high system flexibility, low costs, little space requirements, and rise in the number of applications for PMICs. Numerous electronic devices are entering the market due to increased advancements and new product development in electronic products. The release of the Apple Watch Series 6 serves as an illustration of this. Power supply management becomes a critical requirement for these gadgets to continue functioning. Robust, more durable, and cost-effective power management systems are made possible by the features of PMICs, which are anticipated to lead to tremendous demand and growth prospects for the PMIC market.

Regional Analysis

The region-wise segmentation of the global power management integrated circuits market includes North America, Europe, Asia-Pacific, and LAMEA.

The Asia Pacific and North America will dominate the regional market. 

The Asia Pacific will command the market with the largest share, expanding at a CAGR of 6.5% during the forecast period. The primary Asian economies influencing the PMICs and PMIC-embedded devices include China, India, South Korea, Japan, and Taiwan. The most significant market share for PMICs in the Asia-Pacific region is held by China, followed by Japan and India. Additionally, numerous substantial electronic equipment producers are essential to the region's prosperity. Further, a rise in the use of electric and hybrid vehicles will raise the demand for PMICs in this region. The Chinese government released three national guidelines on the requirements for safety for batteries in electronic vehicles and their thermal diffusion, mechanical shock, external fire, overcharge, and over-temperature protection in 2020. Manufacturers must use various PMIC types for multiple applications to comply with these standards. As a result, the PMICs market is expected to have a tremendous rise in demand in the years to come.

In 2019, Panasonic Corporation created a battery management technology in partnership with Ritsumeikan University by designing a new battery monitoring IC (BMIC) test chip that assesses the electrochemical impedance of multi-cell stacked lithium-ion batteries. The recently created BMIC has uses in LSVs (Low-Speed Vehicles), construction and logistics equipment, and electric motorcycles. Such significant regional changes accelerate the expansion of the PMICs market over the predicted period. Additionally, a critical factor in the growth of the PMICs market throughout the projected period is the constant advancements of the Internet of Things (IoT) in India. The demand for power-efficient gadgets, rising disposable income, and expanding technology awareness contribute to a significant upsurge in the deployment of IoT devices in India.

North America is expected to advance at a CAGR of 4.41% and hold USD 14,892 million by 2030. The PMICs market integrated products in North America is expected to be driven by an increase in industrialization, the manufacture of durable consumer electronics, and the growing automobile industry. PMICs in sectors including automotive/transportation, electronic durables, and industrial sectors drive the PMICs market in North America. The demand for portable electronic gadgets is also predicted to increase in North America throughout the forecast period. Samsung US unveiled the first all-in-one power ICs of their kind in 2020 that are specially designed for wireless earbuds. This new PMIC combines several distinct components into a single chip, enabling more effective designs that extend battery life. Similar trends are projected in the region for consumer electronics, increasing prospects for expanding the PMICs market.

Segmental Analysis

The global power management ICs market is segregated based on product type, end-user, and region. 

Based on the product type, the divisions are voltage regulators, motor control IC, integrated ASSP power management IC, battery management IC, and other power management IC.

The voltage regulators segment is predicted to hold the largest market share, expanding at a CAGR of 5%. Voltage regulators are crucial for maintaining a constant voltage level in any electrical system. The rise in demand for power supplies is the main factor driving the voltage regulator market. The market is increasing due to industrialization and urbanization. During the projected period, growth possibilities for the voltage regulator segment are anticipated to result from increased demand for dependable power supply facilities and the replacement and reorganization of outdated power distribution channels and networks.

The integrated ASSP power management IC section will hold the second-largest share. ASSP stands for an application-specific standard product in the electronics industry. It is a semiconductor-embedded device created for use in a particular application. A few examples of ASSP ICs are those found in USB standalone chips, video and audio encoding and decoding circuits, and others. The performance characteristics of an ASSP are the same as those of an ASIC, and it needs the same size die. Market participants are investing in creating additional products in this category to address the new technological hurdles by building a product with advanced features.

Based on the end-user, the categories include automotive & transportation, consumer electronics, industrial, telecom & networking, and others.

The automotive & transportation section is predicted to grow at a CAGR of 5.9% and hold the largest market share. The global automotive industry is an important economic sector. For the PMICs market, this industry's ongoing advancements in new products, such as ADAS, present enormous prospects. The development of the automotive industry is mainly due to several factors, including technological advances, the ongoing introduction of low-cost cars onto the market, fierce competition between leading manufacturers, and shifting consumer preferences. Additionally, the population's rising income level is anticipated to fuel this market in the coming years. In addition, the launch and rapid expansion of non-conventional energy-powered cars, notably electric and hybrid electric vehicles, is projected to continue in the years to come.

The consumer electronics section holds the second-largest share. One of the world's fastest-growing markets is consumer electronics. It is anticipated that the manufacturing of smartphones, laptops, and other battery-operated wireless devices will increase more quickly. Consumer electronics durables are in increasing demand due to rising household incomes, declining prices, and new product improvements. The key drivers of the consumer electronics industry's growth are the constantly expanding global market for consumer electronics, technological advancements, the introduction of low-cost battery-operated electronic devices like smartphones, intense competition among the major players, and shifting consumer preferences.

Impact of covid-19

When the world witnessed the noble Coronavirus breakout, it disrupted all nations' economies. The government imposed lockdowns to slow the disease's rapid spread. Productions were stopped, all workplaces were closed, public interactions were limited, and temporary manufacturing and trading operations suspensions were implemented globally. Implementing the lockdown and public exchange caused interruption causing a cutting down of the market's operations. The social distancing norms of the government also disrupted the supply chain. Because of lockdowns imposed by the government, businesses and employees could not use the equipment. This forced the farmers to lean towards the help provided by autonomous tractors pushing the autonomous tractor market growth further.

The South Korean nation faced many problems due to the social distancing and public interaction restrictions imposed by the government, which resulted in a workforce shortage. Travel restrictions imposed also restricted the movement of emigrant laborers into the nation. So the country had to ultimately shift towards using autonomous machines to continue their production and operations, to generate income during tough times. But still, during the era of covid, the market had to face a few bumps, such as the level of participation by the companies in the market declined, suppliers and distributors also slowed down their operations, and this negatively affected the farm machinery industry supply chain, resulting in a delay of deliveries of agricultural machinery.

Recent Developments

• In 2022, NXP Semiconductors announced the new MCX portfolio of microcontrollers designed to advance innovation in smart homes, smart factories, smart cities, and other industries and IoT applications.
• In 2022, NXP Semiconductors launched two new processor families that extend the benefits of NXP's innovative S32 automotive platform, S32Z, and S32E.
• In 2022, Infineon Technologies and pmdtechnologies to develop 3D depth-sensing technology called Magic Leap 2.