Power Management ICs (PMICs) Market Size, Share, Growth Analysis, By Product(Voltage Regulators, Linear Voltage Regulators), By End User(Automotive & Transportation, Consumer Electronics) - Industry Forecast 2024-2031

Global Power Management ICs (PMICs) Market size was valued at USD 35.11 billion in 2022 and is poised to grow from USD 37.70 billion in 2023 to USD 66.64 billion by 2031, growing at a CAGR of 7.38% during the forecast period (2024-2031).

The market for power management integrated circuits is not expanding as quickly as it should due to constraints like cost. This is brought on by elements including high integration, high performance, and the expanding urge to extend gadget batteries. The rise of the global market for power management ICs is predicted to be fueled by the increased sales of portable electronics during the anticipated period.

The need for PMICs grows as these products' sales increase. PMICs are frequently utilized in smartphones to improve charging and increase battery life. Media players, industrial and medical portable devices, and navigation systems can all benefit from power solutions from PMIC. PMICs are intended for usage in polymer/Li-ion battery applications. PMICs must be integrated into smartphones in order to provide the required functionality and performance due to the rising demand for smartphones.

The demand for consumer electronics, including tablets, music players, smartphones, and televisions, is anticipated to rise throughout the course of the forecast period, helping to fuel expansion in the market for power management ICs. Additionally, during the course of the forecast period, the worldwide Power Management IC Market is anticipated to increase due to the rising demand for energy efficiency: The market for goods that use less energy is currently very big. The government has put in place a number of initiatives to lower energy consumption, expenses, and emissions. Equipment that monitors power and energy consumption consequently uses a variety of PMICs. In addition, the power management IC market is important because PMICs are frequently used in electronics like smartwatches, televisions, and smartphones to manage voltage and conserve power. Currently, PMICs are being employed in converters to capture energy from thermal, vibrational, solar, and other sources of energy for use in a range of applications due to their vast potential. PMICs can be made in a fashion that enables their usage in systems that derive their power from a number of sources, such as thermal, kinetic, and solar. The energy can then be used in products or machinery like wearable electronics, wireless sensor networks, and other similar applications after being stored.

Additionally, the worldwide Power Management IC Market may offer significant economic prospects due to the expanding use of smart buildings. Worldwide, more buildings use energy than other goods or resources combined. Buildings are retrofitted with PMIC-based energy monitoring equipment. As ICs become more compact and affordable, it may be possible to do away with obtrusive and expensive wire, making energy retrofits effective and simpler for owners of typical buildings. Installation of energy-efficient retrofits could reduce wasteful power usage by about 50%. Throughout the projection period, PMICs are anticipated to be implemented in the smart buildings sector on a massive scale, fueling market expansion.

US Power Management ICs (PMICs) Market is poised to grow at a sustainable CAGR for the next forecast year.