Power management integrated circuits (PMICs) are discretely integrated circuits for power management. Although power management ICs cover a wide assortment of discrete ICs, most include at least one or more of the following chips: thermal heat sinks, load controllers, voltage regulators, and differential control components. As these ICs are so important to provide a stable and consistent supply of power to various applications, they are often designed as a result of an elaborate design that includes circuitry and physical design features such as heat sinks, voltage regulators, and so on. On the other hand, they can be made using simpler techniques, but in most cases, PMICs are designed with some kind of programmable logic chip (API).
Power management ICs offer various benefits in smart home applications such as optimization of power consumption, power supply domain flexibility, increased efficiency, space saving, as well as improved reliability and design simplicity. Moreover, government initiatives to support increase in energy efficiency in the residential and commercial sector is also expected to boost demand for PMICs. For instance, in February 2021, the Ministry of Economy, Government of Germany, announced subsidies and incentives worth US$ 7.2 billion in 2021 in order to support steps to increase energy efficiency in building in the country.