Intelligent Power Module Market Size, Share, Growth,...

Intelligent Power Module Market Size, Share, Growth, Forecast(2024–2032)

Posted 2024-09-14 10:35:31

The size of the global intelligent power module market was estimated to be around USD 1598.36 million in 2024, and it is expected to increase at a compound yearly growth rate (CAGR) of around 8.28% between 2024 and 2032 to be around USD 3012.60 million.

Introduction

The Intelligent Power Module (IPM) market is experiencing significant growth, driven by the rising demand for energy-efficient and high-performance power electronic devices. IPMs integrate power devices and drivers with protection and control circuitry in a single module, offering enhanced reliability and compactness. This article delves into the current trends, opportunities, and future prospects of the Intelligent Power Module market.

Overview of the Global Market for Intelligent Power Modules

Intelligent Power Modules are used in various applications, including industrial automation, consumer electronics, automotive, renewable energy, and more. They are crucial in improving energy efficiency, reducing system size, and enhancing performance in power electronic systems. The market is characterized by rapid technological advancements, increasing adoption in emerging applications, and the need for efficient power management solutions.

A control unit and a driving circuit make up an intelligent power module, which is a collection of high performance modules. With the aid of an IGBT (insulated gate bipolar transistor) chip, this provides higher output. Additionally, this intelligent power module provides a customized consolidated circuit for the implementation of supply under voltage, over temperature, and other self-safety and protection functions. The intelligent power module is a highly integrated device that houses all high voltage commands, from three-phase power to HV-DC (high voltage direct current), in a single module.

Growth Factors for the Global Intelligent Power Module Market

The need for intelligent power modules has increased as a result of the growing economies’ renovation projects related to their current electrical infrastructure. The industry share is anticipated to increase in tandem with the steadily rising power consumption that has been placing strain on the resources of the power supply. The worldwide intelligent power module market share will profit from governments’ shift toward renewable energy sources, which has been exhibited by Germany, India, the United States, and Japan. By creating laws that benefit end users, these governments have been aggressively promoting the use of solar and other renewable energy sources.

The number of solar power projects and onshore and offshore wind farms is increasing, which could accelerate the global market for intelligent power modules. Furthermore, the growing demand for battery-operated electric vehicles (BEVs) and electric vehicles (EVs) has been driving the expansion of the intelligent power module market globally. Because of growing worries about greenhouse gas emissions and environmental safety, these vehicles are being adopted at a significant rate.

Due to the tiny design of these modules, many automakers have included them in their lineups because they save energy and space. The market’s ability to advance may be hampered by the delayed adoption of cutting-edge technology like IPM. However, the growing demand for consumer electronics has made it possible to strengthen energy efficiency, which has greatly expanded the potential for the growth of the worldwide intelligent power module market.

Market segmentation for intelligent power modules worldwide

There are various ways to differentiate the worldwide intelligent power module market, including voltage rating, current rating, power devices, application, and geography. The market can be divided into three segments based on voltage rating: up to 600 V, 1200 V, and above 1200 V. The global intelligent power module market is divided into three segments based on current rating: up to 20 A, 20 A — 100 A, and more than 100 A.Power devices have classified the worldwide intelligent power module market into two segments: IGBT (insulated-gate bipolar transistor) and MOSFET (metal oxide semiconductor field effect transistor). Applications such as industrial, automotive, consumer electronics, transportation, servo drivers, UPS, and renewable energy can be used to categorize the worldwide intelligent power module market.

Market for Intelligent Power Modules: Report Scope

Competitive Players in the Global Market for Intelligent Power Modules

Fuji Electric Co. Ltd., Infineon Technologies AG, Mitsubishi Electric Corporation, Powerex Inc., ROHM Co., Sensitron Semiconductor, STMicroelectrics N.V., Semikron, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, CISSOID, Future Electronics, Microsemi, On Semiconductor Corporation, Renesas Electronics Corporation, Sanken Electric Co., Ltd., silentknight (Honeywell), Vincotech GmbH, and Texas Instruments Incorporated are a few of the market participants competing in the global intelligent power module market.

Regional Analysis of the Global Intelligent Power Module Market

Since many multinational corporations have set up shop in developing nations like China and India, the intelligent power module market in Asia Pacific is expected to rise at faster rates during the course of the projected period. Asia Pacific has seen a rise in demand for intelligent power modules due to the high consumption rate of consumer electronics, such as power motors, air conditioning inverters, refrigerators, PC power supply units (PSUs), and electric pumps.

North America is expected to have a substantial market share contribution to the worldwide intelligent power module market due to the extensive use of these devices in the industrial sector for HVAC, pumps, elevators, and compressors. Canada accounted for approximately forty thousand sales of electric vehicles in 2018, making it the eighth largest market for EVs, according to the International Council on Clean Transportation. ZEV laws and incentives have been put into place by the US federal government to lower carbon dioxide emissions. Additionally, the area looks to see more growth prospects as it anticipates the introduction of zero-emission trucks in the near future.

Key Market Drivers

Energy Efficiency: The growing emphasis on energy conservation and efficiency is driving the adoption of IPMs in various applications.
Industrial Automation: The expansion of industrial automation and the need for efficient motor drives and control systems are boosting market growth.
Automotive Electrification: The increasing electrification of vehicles, including electric and hybrid vehicles, is a significant driver for the IPM market.
Renewable Energy: The integration of renewable energy sources such as solar and wind power systems requires efficient power conversion solutions, enhancing IPM demand.
Technological Advancements: Continuous advancements in semiconductor technology and the development of advanced materials are propelling the market forward.

Challenges

High Initial Costs: The initial cost of IPMs can be relatively high, which may hinder their adoption in cost-sensitive applications.
Thermal Management: Effective thermal management remains a challenge to ensure the reliability and longevity of IPMs.
Complex Integration: Integrating IPMs into existing systems can be complex, requiring significant design and engineering efforts.
Supply Chain Disruptions: Global supply chain disruptions can impact the availability of critical components and materials for IPMs.

Market Segmentation

The Intelligent Power Module market can be segmented based on voltage rating, current rating, application, and region.

By Voltage Rating: Low voltage, medium voltage, high voltage
By Current Rating: Low current, medium current, high current
By Application: Industrial, automotive, consumer electronics, renewable energy, others
By Region: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa

Regional Insights

North America: The market is driven by the presence of major automotive and industrial players and the increasing adoption of renewable energy sources.
Europe: Strong emphasis on energy efficiency and the presence of leading automotive manufacturers contribute to market growth.
Asia-Pacific: Rapid industrialization, growing automotive production, and significant investments in renewable energy are driving the market.
Latin America and the Middle East & Africa: Emerging markets with increasing focus on industrial automation and renewable energy integration.

Key Players

Several companies are leading the Intelligent Power Module market with their innovative solutions and comprehensive product offerings. Notable players include:

Mitsubishi Electric Corporation: Known for its advanced power modules and extensive product portfolio in industrial and automotive applications.
Infineon Technologies AG: Offers a wide range of IPMs focusing on energy efficiency and reliability.
ON Semiconductor: Provides high-performance IPMs for various applications, including industrial and automotive.
Fuji Electric Co., Ltd.: Specializes in power electronic devices and offers advanced IPMs for industrial and renewable energy applications.
ROHM Semiconductor: Known for its innovative power solutions and IPMs catering to diverse applications.

Future Prospects

The future of the Intelligent Power Module market looks promising, with several factors driving growth:

Electric Vehicles (EVs): The increasing adoption of EVs and hybrid vehicles will significantly boost the demand for IPMs in automotive applications.
Renewable Energy Integration: The continued growth of renewable energy installations will drive the need for efficient power conversion and management solutions.
Smart Grids: The development of smart grids and energy storage systems will enhance the adoption of IPMs for efficient power distribution and management.
Miniaturization Trends: Ongoing trends towards miniaturization and integration in electronics will drive advancements in IPM technology.
Government Initiatives: Supportive government policies and incentives for energy efficiency and renewable energy projects will further propel market growth.

Conclusion

The Intelligent Power Module market is poised for substantial growth, driven by the need for energy-efficient solutions, advancements in technology, and increasing adoption in emerging applications. While challenges such as high initial costs and thermal management exist, ongoing innovations and the expanding application landscape will continue to drive market expansion. As the world moves towards a more sustainable and energy-efficient future, IPMs will play a crucial role in powering the next generation of electronic systems.