With the advancement in technology, the manufacturing of power management IC (PMIC) has become easy and cost-effective along with the efficient use of raw materials. A wide range of PMICs is now being used across various applications, such as consumer electronics, wearable devices, automotive, and industrial, among many others. Growing trend of energy harvesting technologies that provides solution to the increasing demand of battery replacement across wireless terminals which are equipped with sensors is expected to drive PMIC market.
The worldwide power management IC market is estimated to reach a value of USD 34.86 Billion by 2022, growing at a CAGR of 8.08% between 2016 and 2022. Among applications, consumer electronics took up the majority of the market share in 2015, owing to the increased adoption of PMICs in electronic devices such as smartphones, tablets, laptops, and wireless audio devices, among others in order to minimize the power consumption, which further results in enhanced battery life and improved efficiency of the device. However, the PMIC market for wearable electronics is projected to witness the highest growth over the forecast period due to the increasing demand for better power management in smartphones and fitness & activity trackers.
What is the geographical growth scenario of the PMIC market?
The market in APAC is expected to have the largest share of the global PMIC market during the forecast period. Increasing adoption of PMICs across multiple application areas are majorly driving automotive and consumer electronics sector in this region. APAC is also expected to offer potential growth opportunities for this market as there is rise in the adoption of the smartphones, tablets, laptops, smartwatches, and activity & fitness monitors, among others. Also, increased use of linear regulators, switching regulators, battery management ICs, LED driver ICs, and hot-swap controllers are further contributing towards growth of the PMIC market in this region.
How is the automotive sector playing a key role in the growth of PMIC market?
The PMIC market for the automotive application is expected to grow with an attractive rate from 2016 to 2022, thanks to the extensive use of PMICs in infotainment, ADAS, telematics, and automotive passive safety systems. With the increase in demand of automobile industry due to economic growth of emerging markets such as India, China, and Brazil, the demand of PMIC market is expected to get a boost, thereby driving the overall market growth.
What are the factors driving and hampering the growth of this market?
The market for PMICs is being majorly driven by the advancing technology, rising popularity of the concept of energy harvesting technologies, and soaring demand for energy-efficient devices that are powered by batteries. Moreover, increasing applications of PMICs is likely to create huge opportunities for the market growth.
Complex integration process for multi–power domain SOCs of PMICs is the major factor that is likely to hamper the growth of this market. SOCs have a large number of clock and power domains along with hundreds of IPs and memories. Such multi-power domain SOCs are complex in nature, mainly due to presence of large blocks with different operating modes at different voltages, clock period, and duty cycles of each block in awake, sleep, or even shutdown mode. Power gating, which is an effective technique nowadays, is not enough for the IoT low power SOCs. In addition to the advancements in technology and processes, design-for-power in terms of energy consumptions at all the levels of design is an important factor in the SOCs. In the power management unit (PMU) of the SOC, mixed signal block and digital controller forms a major component, and hence, requires one to deal with issues such as stability along with the time required to reach a stable stage. This requires higher level of designing in comparison with the digital design. Also, development of PMICs with reduced size and increased efficiency remains a major challenge for the companies involved in this market.
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What strategies are being implemented by the leading players to sustain in this market?
New product development, mergers & acquisitions, and collaboration are the key strategies being implemented by the leading players to expand their presence on the world map as well as enrich their product portfolios. For example, in July 2014, Hittite Microwave Corporation (Hittite) (U.S.) was acquired by Analog Devices, Inc. (U.S.), which helped the company to further design and develop high-performance ICs, subsystems, and instrumentation for an array of applications. In 2015, Fairchild Semiconductor International Inc. (U.S.) was acquired by ON Semiconductor Corp. (U.S.), wherein the combined company would be among the top players in the power semiconductor category, focusing mainly on the automotive, industrial, and smartphone end-markets. On the collaboration side, Dialog Semiconductor PLC (U.K.) entered into collaboration with Qualcomm for Quick Charge 2.0 power supplies. The players in this market are continuously bringing innovations their products & services for an improved performance as well as efficiency of their products.
