Power Management Integrated Circuit Market Size (2024 - 2029)

Power Management Integrated Circuit (PMIC) Market Analysis

The Power Management Integrated Circuit Market size is estimated at USD 35.94 billion in 2024, and is expected to reach USD 44.05 billion by 2029, growing at a CAGR of 4.16% during the forecast period (2024-2029).

This growth is largely owing to the fact that every electronic component needs to be controlled and powered, irrespective of the required voltage or the final application. The market has been gaining momentum as major players have been looking toward pushing the limits of power by developing new processes, packaging, and circuit design technologies for delivering suitable devices as per the application. Power management IC has been gaining usability in enhancing power density, extending battery life, reducing electromagnetic interference, preserving power and signal integrity, and maintaining safety in the presence of high voltages.

• Starting with the power density factor, the board area and height are becoming limiting factors as power demands increase. Power designers are squeezing more circuitry into their applications to differentiate their products while also increasing efficiency and enhancing thermal performance. Moreover, in battery-operated systems, the need to achieve high efficiency at no or light-load conditions has been paving the way for power solutions to regulate the output while maintaining ultra-low supply current tightly.
• Electromagnetic interference (EMI) is a key requirement of increasing importance in electronic systems, especially in new applications such as automotive and industrial. Thus, designing for low EMI IC can save significant development cycle times while also reducing board area and solution cost. The ability to monitor, condition, and process signals in the power chain is critical in order to maximize system performance and reliability. High-precision systems require accurate low-noise references, as well as supply rails with low noise and ripple. Thus, advanced power management ICs are significantly required for increased accuracy and minimum distortion.
• Power management integrated circuits are crucial components in electronic devices and are designed to achieve efficiency in power management. However, in the PMIC design process, designers often face multiple challenges ranging from power losses to thermal management, affecting the electronic device's efficiency and performance. Such factors are expected to hinder the growth of the market.
• Furthermore, the automotive segment is also promising for the power management IC, driven by the introduction of ADAS as well as the electrification of vehicles, which are largely gaining support from strong regional and developing countries. 
• In addition to this, electric vehicles have evolved as the key technology to decarbonize road transport, a sector that accounts for over 15% of global energy-related emissions. Recent years have observed exponential growth in the sale of EVs, together with improved range, wider model availability, and increased performance. Passenger electric cars are gaining popularity, and IEA estimates that 18% of new cars sold in 2023 will be electric. Europe, China, and the United States remain the leading electric vehicle markets.

Power Management Integrated Circuit (PMIC) Industry Segmentation

A power management integrated circuit (PMIC) is an integrated circuit that has wide applications because of its role in battery management, voltage regulation, and charging functions. These ICs are mostly used in battery-operated devices and consumer electronics, such as smartphones, Bluetooth headsets, and portable industrial and medical equipment. A PMIC is used to manage power on electronic devices or in modules on devices that may have a range of voltages. The PMIC manages battery power charging and sleep modes, DC-to-DC conversion, and scaling of voltages down or up, among others.

The power management integrated circuit market is segmented by product type (voltage regulators, motor control ICs, battery management ICs, and multi-channel PMICs), by end-user (automotive, consumer electronics, industrial, communication, and computing, Other End-Users), by geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value in (USD) for all the segments.