Power management ICs are solid state devices that control the flow and direction of electrical power and come in a wide variety that include functions such as DC to DC conversion, battery charging, power-source selection, voltage scaling, and power sequencing. Such ICs are widely used in portable media players and mobile phones, as they provide highly integrated low-power microprocessor platform. Power management ICs are witnessing a surging demand across numerous sectors such as automobiles, medical instruments, consumer electronics, and industrial sector. 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. Market players are focusing on design innovations such as better conversion efficiency, smaller solution size, and better heat dissipation and we are seeing increasingly complex integration processes involved in multi-power SoC’.
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