The demand for Power Management Integrated Circuits (PMIC) is growing continuously due to the increasing demand for consumer electronic devices, such as smartphones, tablets and smart TVs, in most of the established and growing economies. A radical rise in the consumption and cost of energy in the world has forced consumers to save energy and devise methods to minimise the environmental impacts caused by carbon emissions.
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Albany, NY — (SBWIRE) — 02/17/2019 — A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Power Management Integrated Circuit Market Assessment Covering Growth Factors and Upcoming Trends till 2026 End” which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview.
In the present times, there is an increasing demand for IoT and power optimization solutions, due to which smart grids, energy storage systems and electric cars are becoming popular all over the world. This situation creates a huge opportunity for power management integrated circuit manufacturers. With the help of power management integrated circuits, the usage of power sources across various industrial applications can be optimized. Hence, it is estimated that there is an increasing demand for power management integrated circuits in storage systems and electric car market in order to extract high performance and enable sophisticated power management to improve the efficiency and extend battery life of devices. In addition, due to the phenomenon of globalization and rapidly rising industrialization, there is a rise in factory and commercial automation. Hence, there is a requirement of high efficiency in energy conversion and will increase the demand for high power density in the near future. This creates a lucrative opportunity for power management integrated circuit manufacturers to provide reliable power management integrated circuits for factory and commercial automation that can operate at high temperatures.
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Power management integrated circuits are increasingly used in various industry verticals such as electronics, factory automation and control, grid infrastructure, medical, healthcare and fitness, space, avionics and defence. Various kinds of industries use low power, highly integrated microprocessor platforms that require both multiple voltage rails and battery management. Power management integrated circuits (PMICs) provide highly integrated, high-performance solutions for wide ranging automotive, consumer and industrial applications. In addition, in order to implement technology in manufacturing and production, industries in the APEJ region are moving towards automation. Increasing levels of automation and demand from various industry verticals is projected to positively affect the growth of the power management integrated circuit market across the APEJ region.
As per the projections given by Future Market Insights, the automotive segment in the application category was estimated to be valued at nearly US$ 4,350 Mn in 2017 and is likely to touch a valuation of nearly US$ 8,150 Mn in 2027, accounting for a CAGR of 6.5% during the period of assessment 2017-2027. The communication equipment segment in the application category was estimated to be valued at nearly US$ 3,550 Mn in 2017 and is anticipated to reach a valuation of nearly US$ 9,000 Mn in 2027, exhibiting a CAGR of 9.8% during the period of forecast. The enterprise systems segment in the application category was estimated to be valued at nearly US$ 2,650 Mn in 2017 and is likely to reach a valuation of nearly US$ 4,500 Mn in 2027, displaying a CAGR of 5.5% during the period of assessment.
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