The global market for power management integrated circuits (PMICs) is on a remarkable growth trajectory, expected to reach an estimated $54.69 billion by 2032 from a current value of $25.18 billion. This growth, reflecting a compound annual growth rate (CAGR) of 9.0% from 2024 to 2032, is largely driven by the increasing demand in consumer electronics like smartphones and wearables, coupled with the expansion of 5G technology.
Key factors fueling this growth include:
Consumer Electronics Boom: Smartphones continue to dominate PMIC demand, with sales projected to reach 1.38 billion units in 2024. The advent of 5G is expected to further boost demand, as nearly half of all smartphone shipments in 2024 (approximately 780 million units) are anticipated to be 5G devices.
Enhanced Efficiency: PMICs offer significant advantages over traditional power solutions by integrating multiple power functions into a single chip. This integration not only boosts power conversion efficiency—up to an impressive 95% in some models—but also reduces the size of power solutions, which is crucial for portable and space-constrained devices.
Extended Battery Life: The improved efficiency translates directly to longer battery life in portable devices, a critical feature as devices become smaller and more power-intensive.
This growth is not without its challenges, however, including navigating supply chain constraints and keeping pace with rapid technological advancements. Companies in the PMIC market must continue to innovate to maintain their competitive edge in this dynamic environment.