The global Power Management System market is expected to reach US$ 6.69 Bn in 2032 from US$ 3.5 Bn in 2021, with a steady CAGR of 6.1% from 2022 to 2032.
“Growth in demand for consumer electronics and progressive technological development gives a new face to the power management system.”
The market is expected to increase significantly between 2022 and 2032, owing to the growing demand for energy efficiency throughout the industrial landscape. Furthermore, the integration of modern technologies, such as cloud-based platforms and the Internet of Things (IoT), will drive substantial industry growth in the next few years.
Furthermore, the growth of the power management system market is linked to the expansion of the consumer electronics and vehicle industries. Smartphone sales are likely to reach a high point in the coming years.
How has COVID-19 affected the Power Management System Market?
The global pandemic produced by the novel coronavirus outbreak has ushered in a new period of economic uncertainty across a wide range of industries. This can be seen in a variety of ways, the most obvious of which are demand for energy and consumption patterns.
Government-implemented preventative measures, such as lockdowns and social distancing protocols, have resulted in a large reduction in energy consumption from both the industrial and commercial sectors, posing a number of issues for system operators and distribution management systems.
However, due to cheap operating costs, low electricity demand, and priority grid access via legislation in many major regions, renewable energy has begun to capture a larger share of the global power mix, which could benefit the power management system sector.
Renewable energy is quickly becoming the world’s fastest growing energy source. Despite the COVID-19-induced economic downturn, renewable energy capacity additions in 2020 exceeded earlier predictions.
Since the outbreak of COVID-19, the integrated circuits manufacturing industry has been severely impacted, with major impacts on its supply chain and production facilities. During February and March, production in China and Taiwan came to a halt, affecting the production of various OEMs around the world.
What Magnifies the Growth of the Power Management System Market?
Given that power management systems are ideally equipped to handle the fluctuations and unpredictability of renewable integration, developments such as excel in renewable energy capacity are projected to generate a favorable power management system market outlook.
The enormous increase in energy use and cost has compelled customers to save energy and create solutions to reduce the environmental effects of carbon emissions. As a result, the market for power-saving electronic goods, such as power ICs, has grown.
Wireless communication, as well as related devices and equipment, is a major driver of the power management system market in the communication industry. The increased demand for wired and wireless connections, as well as their increasing industrial applications, drives infrastructure innovation, resulting in more room for PMICs.
What is the Regional Outlook for the Power Management System Market?
By 2027, Latin America is expected to account for a significant portion of the worldwide power management system market. This is mostly due to the region’s expanding grid construction and energy-related developments.
For example, in June 2021, Chile launched Latin America’s first concentrated solar power facility, which will provide 100% renewable and clean energy to over 380,000 homes. Cerro Dominador is a first-of-its-kind combined solar thermal and photovoltaic system in Latin America, with a total capacity of 210 MW and a green energy supply to the Chilean electricity grid.
On the other hand, North America is one of the world’s largest consumer electronics markets. In the region, electronic gadgets are widely used. As the United States is one of the most technologically advanced countries in the world, its citizens purchase consumer gadgets on a daily basis.
According to Cisco Systems, the wearable market in the United States looks promising, with over 439 million linked wearable devices predicted in North America by 2022. In 2022, North America is expected to have the most 5G connections made via wearable devices.
Canada is also one of the world’s leading producers of consumer electronics. In 2016, more than 2,000 companies in Canada were anticipated to be involved in electronics, computers, and related manufacturing. Electronics and associated manufacturing account for around 4% of total manufacturing output in Canada, according to figures from the Canadian Manufacturers and Exporters.
How does the Competition Landscape affect the Power Management System Market?
Rockwell Automation, Emerson Electric Co., L&T, Mitsubishi Electric, General Electric, Wartsila, ABB, Schneider Electric, Eaton Corporation plc, Siemens AG, Fuji Electric, and others are among the major players in the power management system industry.
Research and development, new product releases, and technology alliances are just a few of the primary techniques these companies are doing to obtain a competitive advantage in the global market.
Schneider Electric, a global leader in power management and automation, will launch its new Cloud-Hosted Power Management software service solution in August 2020. The EcoStruxure Power system is meant to give small and mid-sized facilities in Canada more options when it comes to power management systems, but they don’t have the resources to support extensive onsite solutions.
Maxim Integrated Products Inc. has released the MAX22530, an isolated, field-side self-powered 12-bit system monitor, as part of its MAXSafe Technology series. The MAX22530, which has four channels, enables isolated system monitoring with a 50x increase in accuracy and a 40 percent reduction in solution size by combining five components into single power management integrated circuit.
MagnaChip Semiconductor Corporation unveiled its first UHD display panel PMIC for laptops in December 2020, launching a new portfolio power management integrated circuit (PMIC). PMICs are integrated circuits that contain several power management functionalities on a single chip.
These insights are based on a report on power management system market by Future Market Insights