Market Scenario
Global power management integrated circuit (PMIC) market was valued at US$ 23.50 billion in 2022 and is projected to attain market valuation of US$ 51.04 billion by 2031 at a CAGR of 9% during the forecast period 2023–2031.
The global Power Management Integrated Circuit (PMIC) market has been experiencing healthy growth from last few years, with increasing demand across various sectors such as consumer electronics, automotive, industrial, and telecommunications. PMICs are essential components in electronic devices that regulate and manage the power supply, ensuring optimal energy consumption and maximizing battery life. One of the key drivers of the PMIC market's growth is the ongoing miniaturization of electronic devices. As devices become smaller, the need for efficient power management solutions becomes more crucial. It has been found that the PMICs are critical for maximizing battery life and ensuring that devices operate efficiently. Additionally, the growing demand for portable and battery-powered devices, such as smartphones, tablets, laptops, and wearables, is further fueling the market's growth.
The rise in renewable energy adoption and the increasing importance of energy efficiency have also bolstered the PMIC market. In the automotive sector, the growing trend towards electric vehicles (EVs) is driving demand for efficient power management solutions. In the renewable energy sector, solar power installations require PMICs to optimize energy conversion and storage. Wherein, leading companies in the market include Texas Instruments, Qualcomm, MediaTek, Analog Devices, and ON Semiconductor. These companies are focusing on research and development to improve PMIC performance, efficiency, and integration capabilities. Innovative technologies such as gallium nitride (GaN) and silicon carbide (SiC) are being explored to enhance the efficiency of PMICs. Furthermore, advances in semiconductor technologies, such as FinFET and FDSOI, are enabling the development of smaller and more power-efficient PMICs.
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Market Dynamics
Driver: Rising Demand for Energy-Efficient Devices
As more electronic devices become integral parts of our daily lives, the need for efficient power management solutions is more crucial than ever. According to a report by the International Energy Agency (IEA), global energy consumption is projected to increase by 20% by 2040. However, this growth would have been much higher without the advancements in energy efficiency. The same report states that improvements in energy efficiency have mitigated global energy demand growth by more than 40% over the past two decades. The PMIC market is directly linked to this trend, as efficient power management is critical in reducing energy consumption.
The global PMIC market was valued at approximately $23.5 billion in 2022, and with the rising demand for energy-efficient devices, it is expected to reach $46.77 billion by 2030, growing at a CAGR of around 9%. The adoption of energy-efficient PMICs in devices like smartphones, tablets, and laptops is a significant factor contributing to this growth. As electronic devices continue to proliferate, their aggregate energy consumption becomes a substantial concern. PMICs play a vital role in mitigating this issue by optimizing power usage in devices, leading to longer battery life and less energy wastage.
Trend: Growth of Electric Vehicles (EV)
The growth of the electric vehicle (EV) market is a significant trend impacting the PMIC market. As the global automotive industry shifts towards electrification, the demand for efficient power management solutions has surged. PMICs are integral components in EVs, managing power distribution to various components, optimizing battery usage, and ensuring energy efficiency. According to the International Energy Agency (IEA), global EV sales is expected to reach 14.3 million by the end of 2023, representing a 36% increase compared to the previous year. By 2030, the number of EVs on the road is projected to reach 145 million, a nearly 47-fold increase from 2020. As EV adoption accelerates, the PMIC market is poised to benefit significantly. Within the PMIC market, the automotive sector's value is predicted to grow from $4.1 billion in 2022 to about $6.4 billion by 2026, registering a CAGR of approximately 11.8%. The increasing adoption of EVs is a key factor driving this growth. According to a report by Bloomberg New Energy Finance (BNEF), by 2040, 58% of new passenger vehicle sales will be electric, further underscoring the immense potential of the EV market.
The rising demand for EVs is driven by various factors, including government incentives, declining battery prices, and growing environmental awareness. Our recent study has revealed that the cost of EV batteries dropped by approximately 80% between 2010 and 2022, from $1,160 per kilowatt-hour (kWh) to $176 per kWh. As battery costs continue to decline, EVs are becoming more affordable, further fueling their adoption.
Challenge: Supply Chain Disruption
The Power Management Integrated Circuit (PMIC) market faces a significant challenge in the form of supply chain disruptions, which have been further exacerbated by the ongoing COVID-19 pandemic. According to the Institute for Supply Management, approximately 75% of companies reported supply chain disruptions in the first few months of the pandemic. The disruption has had a ripple effect, causing delays in the production and distribution of PMICs, which are crucial for managing power requirements in various devices efficiently.
In 2022, the PMIC market was valued at approximately $23.5 billion, with projections of reaching $46.77 billion by 2030. However, supply chain disruptions pose a risk to achieving these growth projections. A report revealed that nearly 73% of global supply chain leaders experienced disruptions due to transportation restrictions. Moreover, semiconductor manufacturing plants, critical for producing PMICs, faced a 25% reduction in capacity during the peak of the pandemic, according to the Semiconductor Industry Association.
As the world continues to grapple with the effects of the pandemic, the PMIC market faces the daunting task of mitigating supply chain disruptions to ensure a steady flow of products to meet the rising demand. Maintaining a robust supply chain is critical, as PMICs are essential for the burgeoning adoption of 5G technology and the growth of IoT devices. With 5G connections projected to rise to 1.8 billion by 2026 and IoT devices expected to increase to 35 billion, the PMIC market must address these supply chain challenges to capitalize on these growth opportunities.
Segmental Analysis
By Product Type:
The Power Management Integrated Circuit (PMIC) market is divided into several product segments, including Linear Power Supply Chips, Voltage Reference Chips, Switching Power Supply Chips (Buck Converter Chips, Boost Converter Chip, Buck-Boost Converter Chip, Negative Voltage Converter Chips), LCD & LED Driver Chips, Voltage Detection Chips, Battery Charging Management Chips, Gate Drivers, and others (Load Switches, Wide Bandgap Switches, etc.).
Wherein, the linear power supply chips segment holds the highest share of 22.9% in the PMIC market as they are commonly used in applications that require a stable and consistent voltage output, such as instrumentation and communication systems. These chips are known for their simplicity, low noise, and excellent load and line regulation. Their growing demand can be attributed to the increasing need for energy-efficient solutions in a wide range of electronic devices.
On the other hand, switching power supply chips, including buck converter chips, boost converter chips, buck-boost converter chips, and negative voltage converter chips, are used to efficiently convert one level of electrical voltage to another. These chips are crucial for optimizing power consumption and enhancing battery life in electronic devices. The increasing demand for mobile devices, wearables, and IoT devices drives the growth of this segment.
LCD & LED Driver Chips are vital components in display technology, regulating power to LCD and LED panels, ensuring optimal brightness, contrast, and color reproduction. As the demand for high-quality displays in smartphones, TVs, and computer monitors continues to grow, this segment is expected to see significant growth.
By End User:
The PMIC market is also segmented based on end users into automotive, consumer electronics, industrial equipment, telecom & networking, medical devices, communication infrastructure, and others (smart home, aerospace, defense). The consumer electronics segment holds the highest share of 30.9% in the PMIC market. This can be attributed to the growing demand for smartphones, tablets, wearables, and other consumer devices that require efficient power management. With the increasing adoption of IoT devices and the proliferation of smart homes, the need for PMICs in consumer electronics is expected to continue rising.
The Automotive segment is another key segment in the global PMIC market, driven by the increasing electrification of vehicles, including EVs and hybrids. As vehicles become more reliant on electronics for functions such as infotainment, navigation, and advanced driver assistance systems (ADAS), the demand for efficient power management solutions is expected to grow.
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Regional Analysis
Asia-Pacific (APAC) is leading the global Power Management Integrated Circuit (PMIC) market and is expected to continue dominating throughout the forecast period. In 2022, APAC held over 35% of the market revenue share, a figure projected to reach 37.6% by 2030 thanks to rapid industrialization, increasing consumer electronics consumption, and the growing presence of major PMIC manufacturers. Wherein, China, in particular, is a significant contributor to the APAC market. In 2022, China accounted for approximately 45% of the region's PMIC market share. The country's strong manufacturing base, coupled with its increasing consumer electronics and automotive demand, is fueling this growth. The China Association of Automobile Manufacturers (CAAM) reported that China's EV sales reached 5.9 million units in 2022, a year-on-year growth of 55%. As EV adoption accelerates, the demand for PMICs in the automotive sector will continue to increase.
Apart from China, Japan and South Korea are also significant contributors to the APAC market. In 2022, Japan and South Korea accounted for approximately 15% and 10% of the region's PMIC market share, respectively. The countries' robust semiconductor industries and consumer electronics sectors are key factors driving this growth. For instance, Japan's semiconductor sales reached $49 billion in 2022, a 16.3% year-on-year increase, according to the Semiconductor Industry Association (SIA).
North America is the second-largest region in the global PMIC market, holding approximately 30% of the market revenue share in 2022. This figure is projected to remain the same until the end of the forecast period. The region's strong performance is attributed to factors such as high consumer electronics consumption, growing EV adoption, and the presence of major PMIC manufacturers. As per our study, the United States is the largest contributor to the North American market, accounting for approximately 80% of the region's PMIC market share in 2022. The country's robust semiconductor industry, coupled with its increasing demand for consumer electronics and EVs, is fueling this growth. In 2022, the United States' semiconductor sales reached $74 billion, a 12% year-on-year increase, according to the Semiconductor Industry Association (SIA).
Canada and Mexico are also significant contributors to the North American market, accounting for approximately 10% and 7% of the region's PMIC market share, respectively, in 2022. The countries' growing consumer electronics sectors and increasing industrialization are key factors driving this growth.
Top Players in the Global Power Management Integrated Circuit Market
Market Segmentation Overview:
By Product Type
By End User
By Region
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