Market Research Future published a research report on “Power Management IC Market Research Report – Global Industry Forecast To 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Power Management IC market, as going by the trend, can gain impressive growth in the foreseeable future. The global power management IC market is expecting an 8.8% CAGR during the forecast period (2018-2023), by achieving USD 38,388.9 Mn, reveals Market Research Future (MRFR) in an elaborate study. Further, the study also includes drivers, segmental analysis and regional analysis to understand the market dynamics for the future.
Market Drivers & Challenges
The power management IC is known for having a broad range of chips that can be incorporated in battery-operated devices, such as mobile phones and portable media players. It has been observed that the rising miniaturing trend in the electronics industry impacting the PMIC market massively in a positive way. The factor has been counted amongst the prime, which is driving the market to explore more during the provided forecast period.
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The study reveals that the consumer electronics sector is a significant end-user of PMIC. Therefore, the need for efficiency in power, high density and flexibility in the design of power modules are also some of the influential factors supporting the market growth. Apart from this, the growth of silicon-carbide (SiC) and gallium nitride (GaN) is also likely to open new growth avenues for market players going forward in the forecast period.
On the flip side, the factor of, development issues mainly in the multi-power domain SoCs could raise limitation to the adoption rate of power management IC and could hinder the Power Management IC Market growth in the coming years.
According to the study conducted by MRFR, the global market of power management IC has been segmented by the elements of product and application.
Texas Instruments Incorporated., Toshiba Corporation, Renesas Electronics Corporation, Analog Devices, STMicroelectronics, Maxim Integrated, Infineon Technologies AG, NXP Semiconductors, Dialog Semiconductors, and ON Semiconductor.
The power management IC market is influenced by various macro-economic elements such as rapid technological change, rising demand for efficient consumer electronics, and fluctuations in currency exchange rates. Therefore, it is important for market keep a dynamic approach and compete on parameters such as price, quality and credibility.
The report covers the development strategies adopted by the companies between 2015 to 2018.
Global Power Management IC Market, By Region:
The global market of power management IC is spanned across regions such as Europe, Asia Pacific, North America, and the rest of the world.
Among these regions, in 2017, Asia Pacific occupied the largest market share by the highest valuation. The records portray that Asia Pacific PMIC market is likely to observe a CAGR of 8.9% during the forecast period, as China leads as a significant country. China offers rewarding opportunities and is the go-to destination for market players to explore in electronics industry apart from this, the economic upsurge and presence of an enormous semiconductor industry leaders are the key factors boosting the market scenario in the region. With this, the presence of a large number of wafer fabrication manufacturers is also contributing the market growth in the APAC region. China makes a higher contribution to the global semiconductor component supply, which characterises its strong position in the market.
North America and Europe respectively are also grabbing the spotlight in the contribution line in the market of power management IC. The study reveals that during the growth period, the North America PMIC market is set to witness the highest CAGR and will continue to be in the same position in the coming years.
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Key questions addressed by the report
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