As per the report “Power Management IC Market By Type (Voltage Regulators, Battery Management ICs, Motor Control ICs and Integrated ASSP (application-specific standard product), By Industry Verticals (Electronics, Automotive, Telecommunications and Others (Defense and aerospace, railway and healthcare) Industry trends, Estimation & Forecast, 2016 - 2024", the global Power Management IC (PMIC) market was valued at $40.21 billion in 2016, and is projected to reach $61.33 billion by 2023, growing at a CAGR of 6.4% from 2017 to 2023. In 2016, the voltage regulators segment generated the highest revenue share in the global PMIC market with highest growth rate, having a CAGR of 6.8% during the forecast period. Among major regions, Asia-Pacific PMIC market was the highest revenue generating market valued at 18.09 billion in 2016.
“PMIC is an electronic power switching device used to control, and manage power in an effective manner. It is designed to perform a single set of tasks with superior reliability and performance. Moreover, they offer several benefits such as high efficiency, reduced system complexity, and minimized system maintenance. Voltage regulator contributes almost 25% of the total PMIC market, owing to its resilience and higher efficiency.”