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The future of the power management IC market looks promising with opportunities in consumer electronics, wearable electronics, automotive, healthcare, industrial & retail, and building control applications. The global power management IC market is expected to decline in 2020 due to the global economic recession led by the COVID-19 pandemic. However, the market will witness recovery in the year 2021, and it is expected grow with a CAGR of 7% to 9% from 2020 to 2025. The major drivers for this market are growing awareness of fire protection systems and advantages of better technology for fire prevention.
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