The global power management integrated circuits (PMICs) market size was USD 39.54 Billion in 2022 and is likely to reach USD 62.40 Billion by 2031, expanding at a CAGR of 5.2% during 2023–2031. The market growth is attributed to increasing adoption of mobile phones.
Increasing adoption of mobile phones across the globe is expected to boost the demand for power management integrated circuits (PMICs) in the coming years. PMICs manage complete power distribution in mobile phones. It receives power from the battery and then distributes power as per the requirement of the operating system.
Key Drivers
Proliferation of Consumer Electronics: The increasing demand for smartphones, tablets, laptops, and wearable devices has been a major driver for the PMIC market. These devices require efficient power management solutions to enhance battery life and performance.
Automotive Electronics: The automotive industry is rapidly adopting PMICs for various applications, including electric vehicles (EVs), hybrid electric vehicles (HEVs), and advanced driver-assistance systems (ADAS). The push towards greener and more energy-efficient vehicles is a significant growth driver.
Industrial and Healthcare Applications: Industrial automation, IoT devices, and healthcare equipment also rely on PMICs for efficient power management. The growing adoption of these technologies contributes to the market’s expansion.
Technological Advancements: Continuous advancements in PMIC technology, including the development of more efficient and compact solutions, are driving the market. Innovations in semiconductor materials and design processes are enhancing the performance and capabilities of PMICs.
Impact of Artificial Intelligence on Power Management Integrated Circuits (PMICs)
The implementation of artificial intelligence in the electronics industry creates a lucrative opportunity in the market. AI-powered power management integrated circuits improve the efficiency of electronic devices, as they are provided with field programmable gate arrays (FPGAs), GPUs, and application-specific integrated circuits (ASICs).
AI in power management integrated circuits helps companies identify and remove defective units before they impede time, materials, and energy. Companies have been heavily investing in research and development activities to develop and introduce AI-enabled power management integrated circuits, which create an immense opportunity in the market.
Future Trends
Integration with IoT: As IoT devices become more prevalent, the demand for PMICs that can efficiently manage power in these devices will increase.
Advancements in Semiconductor Technology: The development of new semiconductor materials and manufacturing processes will lead to more efficient and compact PMICs.
Growth of Renewable Energy Systems: The adoption of renewable energy systems, such as solar and wind power, will drive the need for advanced power management solutions.
Expansion of 5G Networks: The rollout of 5G networks will create new opportunities for PMICs in telecommunications infrastructure and devices.
Competitive Landscape
The PMIC market is highly competitive, with several key players dominating the industry. Some of the major companies include:
- Texas Instruments
- Analog Devices
- Infineon Technologies
- Qualcomm
- ON Semiconductor
- Maxim Integrated
- STMicroelectronics
- ROHM Semiconductor
- Renesas Electronics
- NXP Semiconductors
