The Power Management Integrated Circuit (PMIC) market is expected to grow at nearly 8% a year through 2028 due to the increase in sales of smart devices, industrial automation and vehicle electrification.
In 2018, the market reached nearly $21 billion globally, with $5.7 billion (27%) in sales of PMICs for personal electronics devices, according to tabulations by Future Market Insights. Device makers use PMIC to optimize energy consumption in compact devices.
The second biggest component of 2018 PMIC sales was for industrial applications, at more than 20%, followed closely by the auto sector.
The biggest players in the PMI market are Texas Instruments, STMicroelectronics, NXP Semiconductors, ON Semiconductor and Analog Devices. ON Semiconductor is the leader.
Asia held the top position in the market in 2018, with 40% of PMIC revenues, of which two thirds came from China and India.
North America was second with one-fourth of 2018 revenues, and the U.S. made up 80% of that total.
Globally, there is increased in energy harvesting, which has created lucrative opportunities for PMICs, Future Market Insights said.
An example of a PMIC is one by e-peas for energy harvesting from thermal sources in wireless-sensor applications.