Power Management Integrated Circuit Market Size

Power Management Integrated Circuit (PMIC) Market Analysis

The Power Management Integrated Circuit Market size is estimated at USD 35.94 billion in 2024, and is expected to reach USD 44.05 billion by 2029, growing at a CAGR of 4.16% during the forecast period (2024-2029).

• This growth is largely owing to the fact that every electronic component needs to be controlled and powered, irrespective of the required voltage or the final application. The market has been gaining momentum as major players have been looking toward pushing the limits of power by developing new processes, packaging, and circuit design technologies for delivering suitable devices as per the application. Power management IC has been gaining usability in enhancing power density, extending battery life, reducing electromagnetic interference, preserving power and signal integrity, and maintaining safety in the presence of high voltages.
• Starting with the power density factor, the board area and height are becoming limiting factors as power demands increase. Power designers are squeezing more circuitry into their applications to differentiate their products while also increasing efficiency and enhancing thermal performance. Moreover, in battery-operated systems, the need to achieve high efficiency at no or light-load conditions has been paving the way for power solutions to regulate the output while maintaining ultra-low supply current tightly.
• Electromagnetic interference (EMI) is a key requirement of increasing importance in electronic systems, especially in new applications such as automotive and industrial. Thus, designing for low EMI IC can save significant development cycle times while also reducing board area and solution cost. The ability to monitor, condition, and process signals in the power chain is critical in order to maximize system performance and reliability. High-precision systems require accurate low-noise references, as well as supply rails with low noise and ripple. Thus, advanced power management ICs are significantly required for increased accuracy and minimum distortion.
• Power management integrated circuits are crucial components in electronic devices and are designed to achieve efficiency in power management. However, in the PMIC design process, designers often face multiple challenges ranging from power losses to thermal management, affecting the electronic device's efficiency and performance. Such factors are expected to hinder the growth of the market.
• In the post-COVID scenario, the start of 2022 was crucial as well as highly difficult for the global consumer electronics market due to numerous factors. For instance, the impact of the war in Ukraine and runaway inflation led consumer sentiment to plummet across the board. Additionally, in spring 2022, there were lockdowns in the largest sales market, China, which further negatively impacted sales.
• For instance, the shortage of power management ICs (PMIC) was compounded by a recent surge in COVID-19 infections in China's Suzhou that caused many semiconductor firms to temporarily suspend production. Notably, the football World Cup in the fourth quarter was expected to offer an opportunity to compensate for the weak first half of the year, but experience has shown that major events such as increased demand, particularly for TVs. However, given the poor consumer sentiment, this effect was not big enough to keep sales in the consumer electronics market from decreasing during 2022 overall.