The rising use of 4G and 5G networks to boost Power Management ICs Market growth

 

Power Management ICs Market

The Power Management ICs Market is segmented by Product (Voltage Regulators, Motor Control ICs, Battery Management ICs), End-User (Automotive, Consumer Electronics, Industrial, Communication), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America) - Outlook, Size, Share, and Opportunity Analysis, 2023 – 2030

The global Power Management ICs Market is estimated to be valued at US$ 5142.17 million in 2027 and is expected to exhibit a CAGR of 5.3% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Power Management Integrated Circuits is a chip that is accountable for the transmission, delivery, identification, and other power management of electric energy in electrical devices. It is majorly known for transferring the source voltage and current in energy that can be utilized by microchips, detectors, and other loads.

Competitive Landscape:

Major Key players involved in the global power management ICs market are Texas Instruments Inc., Analog Devices Inc., ON Semiconductor Corporation, NXP Semiconductors N.V. and Renesas Electronics Corporation.

Market Key Drivers:

The rising use of 4G and 5G networks is expected to augment the growth of global power management ICs market. For instance, as per Ericsson, the use of 5G connections are projected to cross 4.4 billion by 2027.

The rising efforts to upgrade the telecommunication infrastructure is anticipated to drive the growth of global power management ICs market. For instance, in July 2022, Nokia received a five-year deal with Norwegian mobile operative Ice to enhance and increase its 5G radio network infrastructure globally. 

Covid-19 Impact Analysis:

The COVID-19 outbreak has adversely affected the growth of global power management ICs market. The ICs production sector has been hit severely with a main influence on its supply chain and manufacturing services as the manufacture came to a halt in China and Taiwan particularly in the primary stage, which inclined the manufacture of several OEMs globally.

Key Takeaways:

The global power management ICs market is expected to exhibit a CAGR of XX % during the forecast period due to increasing approvals and acquisitions. For instance, in August 2021, Analog Devices entered an acquisition with Maxim Integrated Products, Inc.

Among region North America, Asia Pacific and Europe are anticipated to witness robust growth in the global power management ICs market owing to the rising use of 5G networks, rising usage of consumer and AI based electronic goods. For instance, as per the CTA, around 80% of households in the U.S have smartphones, and above 96% of households have around one TV fixed in each house.