It is quite true that the demand of the Power Modules will be very much compared to the discrete's or ICs, as designing switching converters expertise is very limited and is confined in some patches on the globe, this will lead to the usage of predesigned and premanufactured power modules.
Power IC is a misnomer in this article. Usually it is thought of in terms of superhigh voltages (like kV). That market should be less than a billion.
If you are thinking ac/dc charging, that's "low-power" electronics, which should be everywhere now, I think.
Power supply nevertheless is the key portion of nowadays electronics, especially more and more portable stuff are being built. Higher efficiency is the key to drive for "greener energy/power" so people are forced to put more stuff on the power portion in order to squeeze more energy out of the battery and drive the key electronics with the best and efficient way.
5% growth is quite pessimistic growth but i think looking at today's macroeconomic condition the growth may be realistic. The focus for growth in consumer market next year will be in the ultrabook, tablet, automobile and smartphone. Let's see how much push would the industry get.
@resistion: you are very right, the two 'power supply' markets are distinctly different, as are their margins and volumes. The IGBT-based ones are typically several orders less in magnitude than the lower power MOSFET-based solutions. So it is confusing to broad-brush both in the same context.