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Power Management IC Market Size Worth USD 147.87 Billion in 2032
January 26, 2024 | Globe NewswireEstimated reading time: Less than a minute
The global power management Integrated Circuit (IC) market size was USD 33.20 Billion in 2022 and is expected to register a revenue CAGR of 16.2% during the forecast period. Rapid technological advancements in power management is creating a high demand for battery-operated devices, increasing sales of consumer electronics and miniaturization of electrical component, and rapid growth in automotive and transportation industry are some factors expected to drive the power management IC market revenue growth over the forecast period.
Increasing sales of consumer electronics and miniaturization of electrical components are other factors driving revenue growth of the power management IC market. Energy-efficient, high-power-density and lower standby-power design options are made possible by power management ICs. These integrated solutions speed up time to market by shortening the design cycle and enabling quick selection and simulation of ideal configurations for power management design.
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