Power management integrated circuit to grow at 6.4% in 2019

22nd August 2019
Lanna Deamer

The Power Management Integrated Circuit (PMIC) market surpassed value worth $20.9bn in 2018, as per a study. The market is projected to grow at 6.4% y-o-y in 2019 and key factors responsible for the projected growth of the market include, rising sales of smart devices across the globe, growing energy harvesting initiatives, introduction of compact and high efficiency PMICs and on-going industrial automation and vehicle electrification.

The study finds that demand for PMIC in communication equipment application is projected to grow at a higher rate. In 2019, PMIC application in communication equipment is expected to grow at 8.5% y-o-y.

The projected growth can be attributed to buoyancy in the telecommunication industry owing to increasing demand for connectivity and adoption of communication equipment starting from analogue switches to smartphones to communication satellites. 

Personal electronics application registers leading revenues

The study finds that demand for PMIC remains higher in personal electronics devices. In 2018, sales of power management integrated circuit garnered revenues worth over $ 5.7bn in 2018 and held 27% of the global PMIC market share. The demand trend in personal electronics application is expected to continue in 2019 at the rate of 6.6% y-o-y.

A plethora of personal electronics devices and their rising adoption rate in the wake of increasing millennial population, expansion of middle class and increased purchase capacity are factors responsible for the increasing demand for PMIC in personal electronics application. In addition, manufacturers in the consumer electronics industry highly utilise PMIC to optimise energy consumption in compact devices.

Industrial application of PMIC registered second highest revenues and accounted for over one-fifth of the market revenues in 2018. Demand for PMIC in an automotive sector closely follows revenues in industrial application.

PMIC marketplace moderately consolidated

Leading players in the PMIC marketplace share considerable revenues. Texas Instruments, STMicroelectronics, NXP Semiconductors N.V., ON Semiconductor Corporation and Analog Devices, Inc. are prominent market players, of which ON Semiconductor is the front runner.

Small and mid-sized players are leveraging strategies such as introduction of low priced products to establish a stronghold in the domestic market. Increasing revenues of these players are eating into the shares of prominent PMIC market players.

APEJ revenues continue to surge

The study finds that APEJ continues to register leading position in the PMIC market. In 2018, over two-fifth of the PMIC market revenues were accounted for APEJ region, of which over 67% share was registered from China and India.

The region presents significant growth of the end-user industries of the PMIC market, thereby garnering leading revenues.

The study finds that North America continues to register the second leading position in the PMIC market. In 2018, over one-fourth of the PMIC market revenues were accounted for the North America region, of which over 81% share was registered from the US.

Across the globe, increasing energy harvesting initiatives and their penetration in the semiconductor industry has generated lucrative opportunities for PMIC market. As the global demand for electricity rises and the world enters the era of IoT and digitalisation, demand for PMIC is set to rise in the coming years.

The report tracks the PMIC market for the period 2018-2028. According to the report, the PMIC market is projected to grow at 7.9% CAGR through 2028.

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