What Is The Overview Of The Global Power Management IC Market?
A power management IC (integrated circuit) is a specialized electronic component designed to manage the power requirements of a device, efficiently distributing and regulating voltage and current. It integrates various power control functions, such as voltage regulation, power sequencing, and battery management, into a single chip.
Power Management IC Global Market Report 2024 provides data on the global power management ic market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The power management ic market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Power Management IC Market Expected To Grow In Size And Annual Rates?
The power management IC market has grown significantly in recent years. It will increase from $31.60 billion in 2023 to $33.88 billion in 2024, with a CAGR of 7.2%. This growth is driven by the expansion of electric vehicles (EVs), the Internet of Things (IoT), the popularity of wearable devices, the rise of smart home systems, and increasing industrial automation and robotics. The market is expected to reach $44.99 billion by 2028, growing at a CAGR of 7.3%. This growth can be attributed to advancements in semiconductor technology, the expansion of consumer electronics, higher battery life requirements, renewable energy integration, and growing telecommunications networks. Trends include sustainability and green technologies, smart grid integration, wireless charging solutions, advanced battery management systems, and the incorporation of artificial intelligence and machine learning.
What Main Forces Are Fueling Expansion In The Power Management IC Market?
The increasing adoption of electric vehicles (EVs) is expected to boost the power management IC market. EVs, which run on rechargeable batteries and electric motors, are becoming more popular due to their environmental benefits and technological advancements. Power management ICs are crucial in EVs for optimizing battery usage, distributing power, and improving energy efficiency. According to the International Energy Agency, over 2.3 million electric cars were sold globally in the first quarter of 2023, with sales predicted to increase by 35% by the end of the year. This surge in EV adoption is driving demand for power management ICs.
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What Are The Primary Segments In The Global Power Management IC Market?
The power management ic market covered in this report is segmented –
1) By Product: Voltage Regulators, Linear Voltage Regulators, DC Regulators, Motor Control ICs, Integrated ASSPs Power Management ICs, Battery Management ICs, Other Products
2) By Function: Digital, Analog
3) By Operating Range: 1µA To 1mA, 1.1mA To 1A, 1a To 10A, 10.1A To 25A, 25.1A To 100A, Above 100A
4) By Application type: Linear Regulators, Reset ICs (Voltage Detectors), Light Emitting Diode (LED) Controllers, DC-DC Convertors (Switching Regulators), Switch ICs, Other Applications
5) By End Users: Consumer Electronics, Automotive, Information Technology And Telecommunication, Healthcare, Industrial, Power And Energy, Aerospace And Defence, Other End Users
Which Key Trends Are Driving Changes In The Power Management IC Market?
Key players in the power management IC market are developing technologies like filter-integrated circuits to enhance functionality while reducing costs. These circuits process electronic signals by allowing specific frequencies and filtering out others, making them essential in signal processing systems. For instance, in March 2023, Texas Instruments launched active EMI filter ICs designed for high-density power supplies. These devices reduce electromagnetic interference in single-phase systems, enabling smaller, lighter, and cost-efficient filter designs.
What Is The Leading Region In The Power Management IC Market?
North America was the largest region in the power management IC market in 2023. The regions covered in the power management ic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
