Integrated Circuits (IC) manage the batteries. IC is an essential part of numerous electronics. The IC is mainly used in consumer electronics. Some gadgets utilized are smartphones, headphones, Bluetooth, and medical equipment. The IC is in high demand because of its power management capabilities. Electricity expenses are a significant expense for many industries nowadays.
The rising cost of energy is driving the market. Demand for power management comes from numerous industries. The IC is a circuit that can stop equipment from consuming much energy. It is a technology that controls energy usage. Market expansion is facilitated by factors like low cost and power efficiency. Circuit and energy source emissions are significant on a global scale.
Adaptation of portable devices maximizes the PMICs market growth
The growing popularity of portable devices is driving up demand for PMICs. Smartphones, laptops, and LEDs are the main applications of PMICs. With an increase in sales of these products, PMIC demand rises. PMICs are primarily utilized in smartphones to extend battery life and facilitate quicker and more effective charging. PMIC offers power solutions for navigational devices, handheld medical & industrial devices, and media players. PMICs are created for applications based on polymer/Li-ion batteries. Due to the rising demand for smartphones, it has become vital to integrate PMICs to give the proper functionality and performance. Additionally, rising consumer electronics demand for devices like tablets, music players, smartphones, and television is anticipated to fuel market expansion for power management ICs globally throughout the forecast period.
DC-DC ruling the Power Management IC market
With a 28.9% market share, the DC-DC converters (Switching regulators) sector dominated the Power Management IC market in 2021. Growing needs for high-voltage power management technologies, high reliability, and robustness for industrial and automotive applications, compactness, and high performance for consumer applications, are credited with driving the market growth. The spectrum of defensive characteristics offered by these switched-mode power supply systems (overcurrent, overvoltage, and over-temperature protection) help to increase the mean time between failures (MTBF) and reduce the number of external components needed to transform the electricity. The market offers a variety of product options, all of which provide compactness and good thermal efficiency to support applications.
Numerous single-purpose power management ICs are needed in a system for the power management section. As a result, the cost of inventory, assembly, bill of materials, and reliability has increased. For instance, a simple, single-function IC typically controls the power rails on a circuit board's primary and secondary sides. A circuit board needs a particular IC depending on onboard power, rail voltage, and other parameters. The complexity of a modern circuit board is increased by the need for more secondary power rails than five. Soon, these factors are anticipated to restrain the expansion of the worldwide power management ICs market.
The global market for power management ICs may have significant growth prospects because of energy harvesting applications. PMICs are typically utilized in devices like smartphones, televisions, and smartwatches for power-saving and voltage-management applications. Due to PMICs’ enormous potential, converters are already using them to gather energy from thermal, vibrational, solar, and other sources for many applications. PMICs can work in systems that draw power from various sources, including thermal, kinetic, and solar energy. The energy can then be stored in goods or machinery such as wireless sensor networks, wearable electronic devices, and related applications.