Power Supply in Package & Power Supply on Chip Market is predicted to touch USD 2,300 Million between 2017- 2023, reveals the latest Market Research Future’s (MRFR) power supply in package and power supply on chip market forecast report. The strong growth of the market can be accredited to the rising penetration of consumer electrics.
COVID-19 has turned the globe on its head. This had a noteworthy impact on just everyone and everything, and the power supply in package and power supply on chip market, on the whole, is no exception. This market is impacted by the pandemic due to the majority of OEMs experiencing a fall in demand for end-products. Implementation of varied regulations by the government of different countries to handle the outbreak like fall in demand for end-products, limited manpower, limited production, and shutdown of manufacturing facilities completely are likely to impact the market growth. Thanks to big disruptions to supply chains, this market is suffering like never before. It has not been helped following the uncertainty which exists due to the dynamic scope of COVID-19 coupled with the companies and government's unpredictable reactions, most of which have halted operations on a temporary basis. On the other hand, electronic manufacturers are anticipating shipment delays with delays of shipping from China as well as other countries where this deadly virus is creating maximum havoc, thus having a huge negative impact on manufacturers.
Simple Manufacturing Process to Bolster Market Growth
The simple manufacturing process of PSiP and PwrSoC over conventional DC to DC converters ICs is predicted to bolster market growth in the forecast period.
Additional factors adding to the power supply in package and power supply on chip market size include increasing outlays in research and development pipelines, technological advancements in packaging technology, rising focus on applications including higher input voltage range, increasing use in communications infrastructure, elimination of the need for external components and availability of shorter design process version, incorporation of mixed-signal technology with PSiC and PwrSoC IC, and development of gallium nitride (GaN) and silicon-carbide (SiC) creating new application opportunities for PSiP and PwrSoC ICs. Besides, innovations in silicon-based technology, and the growing use of wide-bandgap materials such as SiC and GaN electrical modules are also adding to the power supply in package and power supply on chip market growth.
Affordable Manufacturing Cost and Low Power Consumption to Offer Robust Opportunities
Lower power consumption coupled with affordable manufacturing costs along with greater fault management and functionality for various applications makes them a highly sought-after IC solution that is likely to offer robust opportunities to key players in the upcoming years.
Design Complexities to Act as Market Restraint
Complexity in designing is likely to have a negative impact on the power supply in package and power supply on chip market demand over the forecast period.
High Cost to Act as a Market Challenge
The high cost of these components may act as a market challenge over the forecast period.
The Power Supply in Package & Power Supply on Chip Market has been segmented based on Application & Product.
PSiP Segment to Lead Power Supply in Package and Power Supply on Chip Market
By product, the power supply in package and power supply on chip industry is segmented into PwrSoC and PSiP. Of these, the PSiP segment will lead the market over the forecast period. It is likely to touch USD 2,000 million at a healthy CAGR by 2023. This component has wide applications in medical devices, desktop systems, laptops, set-top boxes, routers, servers, telecom devices, portable devices, and automotive systems that are adding to the growth of the segment.
Consumer Electronics to Dominate Power Supply in Package and Power Supply on Chip Market
By application, the power supply in package and power supply on chip market is segmented into military and defense, medical devices, consumer electronics, automotive, and telecom and IT. Of these, the consumer electronics segment will dominate the market over the forecast period. It is predicted to touch USD 1,354.4 million by 2023.
APAC to Have Lions Share in Power Supply in Package and Power Supply on Chip Market
By region, the global power supply in package and power supply on chip market covers the recent trends and opportunities across Europe, North America, the Asia Pacific (APAC), South America, & the Middle East and Africa (MEA). Among these, the APAC region is predicted to have the lions share in the forecast period. The region is predicted to develop at a healthy 26.9% CAGR over the forecast period. Massive transformation in the manufacturing sector is adding to the global power supply in package and power supply on chip market share in the region. China holds the utmost share in the market for its rise as a global manufacturing hub that has drawn noteworthy investment in the countries. Besides, the presence of large end use manufacturing industries, growing IT industry, increasing internet penetration, rapid economic growth, and increasing use of digital devices are also adding market growth.
North America to Hold Second-Largest Share in Power Supply in Package and Power Supply on Chip Market
In North America, the global power supply in package and power supply on chip market is predicted to grasp the second-largest share in the forecast period. The presence of a strong consumer electronics market coupled with the presence of key power modules OEMs (original equipment manufacturers) is adding to the global power supply in package and power supply on chip market growth in the region.
The power supply in package & power supply on chip market is highly competitive for the presence of third-party vendors, manufacturers, and suppliers in higher concentration. The key players are incorporating several strategies such as mergers and acquisitions, strategic alliances, and collaborations to stay at the forefront and also widen their strength in the market. They are highly focusing on increasing product portfolio as well as product innovation.
The power supply in package & power supply on chip market offers valuable information related to the market growth, market dynamics, market share assessment, profit margin, and market estimations for the years 2017- 2023. The report also sheds light on the key market factors that can have a positive impact on the market growth along with the hurdles and challenges which key players may face for a comprehensive understanding of the readers.
Frequently Asked Questions (FAQ) :
By the 2023-end, the market is poised to earn over USD 2300 Mn.
The APAC market is expected to augment at 26.9% CAGR.
The market has been segmented, by product, into PSiP and PwrSoC.
The PSiP segment is poised to dominate the market.
The consumer electronics segment is presumed to register 25.7% CAGR.
Intel Corporation, Amkor Technology, ASE Group, TDK Corporation, Bel Fuse Inc., Panasonic Corporation, Jiangsu Changjiang Electronics Technology Co. Ltd., ON Semiconductor, Texas Instruments Incorporated, and Vicor Corporation are some of the key players assessed in the report.
The developments of silicon-carbide (SiC) and gallium nitride (GaN) are anticipated to drive market’s growth in the near future.