December, 2024
The power management IC market is expanding because most electronic components need to have controlled power irrespective of necessary voltage or final application. To achieve maximum efficiency in power management, major players are looking to establish new methods, packaging, and technologies for circuit designs to provide suitable devices to meet the demand in the global IC market. Power management IC is gaining traction from many manufacturers due to its benefits, like increasing power density, extending battery life and performance, minimizing electromagnetic interference, and maintaining safety for high voltages.
Moreover, the increasing revenue of the automotive sector also creates lucrative opportunities for the power management IC owing to the introduction of ADADS along with the electrification of vehicles in economically developing countries.
Moreover, the increasing adoption of renewable energy sources contributes to market growth. Power management ICs are used in energy harvesting and conversion applications, and they are crucial for regulating renewable energy sources into electrical power.
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