The global Power Management ICs Market is estimated to be valued at US$ 41,666.64 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power Management ICs help in efficient management of power in electronic devices through voltage regulation, battery charging and other power related tasks. They ensures stable power supply for various components and enable seamless functioning.
Market key trends:
One of the key trends driving the growth of the Power Management ICs market is the increasing demand for advanced power management features in motion sensors. Motion sensors are increasingly being integrated across various consumer electronics and wearable devices. Power management ICs help in optimizing power usage to enhance battery backup of devices with motion sensing capabilities. They allow continuous monitoring without frequent recharges. This has significantly boosted adoption of motion detection technologies thereby augmenting growth of Power Management ICs market.
Segment Analysis
The power management ICs market is segmented by type, application, and geography. Based on type, the market is divided into voltage regulators, motor control IC, integrated ASSP power management ICs, battery management ICs and other power management ICs. Among these, voltage regulators dominate the market since they provide regulated power supplies and allow voltage regulation and current regulation making them critical for circuit protection and stable power supply in various consumer and industrial applications.
Key Takeaways
The Global Power Management Ics Market Size is expected to witness high growth, exhibiting a CAGR of 5.7% over the forecast period, due to increasing demand for improved functionality and advancement in electronic devices.
Regional analysis:
Regionally, Asia Pacific dominates the power management ICs market and is expected to grow at the fastest rate during the forecast period. This is attributed to the presence of key players in countries like China, Japan and South Korea. In addition, rising electronics manufacturing and huge consumer base in countries like China, India, Taiwan, and South Korea is also propelling the demand.
Key players:
Key players operating in the power management ICs market are Analog Devices Inc., Dialog Semiconductor PLC, Infineon Technologies AG, Maxim Integrated Products Inc., Mitsubishi Group, NXP Semiconductors, ON Semiconductor Corp., Renesas Electronics Corporation, STMicroelectronics N.V., Texas Instruments Inc., Rohm Co Ltd. Major players are focusing on new product launches and mergers & acquisitions to strengthen their geographic footprint. For instance, in September 2022, Maxim Integrated Products Inc. launched new power management ICs to enhance battery life in IoT devices.
Read More: https://www.ukwebwire.com/power-management-ics-market-size-share-and-growth-forecast-2023-2023/
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