No. At the end of your five-year residency period, you can renew your Permanent Residence Permit at an immigration office. You do not need to re-apply. Once you have lived in Ireland for 8 years, you may be eligible for a Without Condition As To Time Endorsement, which will allow you to stay in Ireland on a Stamp 5 without an expiration date. If your passport expires, you will need to apply to have your Stamp 5 renewed.
You may also choose to apply for Irish citizenship if you meet the eligibility requirements for naturalisation, including maintaining continuous residence in Ireland legally for 5 out of the last 9 years.