Intelligent power module market size has a value of USD 2.01 billion in 2023 and is expected to reach a market value of USD 3.02 billion by 2028, with an anticipated CAGR of 7.1% during the forecast period 2023-2028.
The highly integrated and complex power modules used in optimizing the distribution and utilization of electrical power in data centers and computer systems is called intelligent power module (IPM). The high-speed and low-speed insulated gate bipolar transistors (IGBTs) and diode power devices with integrated gate drives are combined in the module. Its usage provides several advantages, including the provision of control over the voltage supply, temperature monitoring, current limiting, voltage regulation, and load distribution. The advantages attributed to the common usage in consumer electronics, servo drives, and renewable energy plants for advanced circuit protection, smart load shedding, and many others.
The upsurge in the demand for hybrid vehicles acts as a driving factor in the market.
In emerging economies with a rise in population, the demand for consumer electronics is increasing. Resulting in a rise in demand for intelligent power modules drives the market during the forecast period. Many opportunities would emerge for the intelligent power module market with the increased preference for hybrid electric vehicles by the population. The adoption of renewable energy sources influences the adoption of clean energy vehicles such as plug-in hybrid electric vehicles and alternative fuel vehicles. These have the extensive use of the IPMs in the oil pumps, onboard charging units, and others. As per the research, the expansion of the EV industry assists the IPMs’ market expansion. Further, the emerging trends in the electronics sector drive the market demand. Modular data centers are incorporating intelligent power modules to enable a higher power supply for the electric and electronic components.
The increase in renewable energy supplies drives the global intelligent power module market.
The demand for renewable energy sources like wind and solar is increasing to reduce the emissions of greenhouse gases (GHG) and CO2 produced from the combustion of fossil fuels. In developing nations, increased focus on the production of renewable energy is for meeting the electricity demand. Intelligent power modules are the crucial component of solar inverters and wind turbines, and micro-inverters will expand the demand and propel the market growth. In the coming years, the growth of renewable energy will boost the intelligent power module market.
Some restraints are largely impacting the market and hindering the growth and development of the intelligent power module market. The slow acceptance of new technologies and the challenges faced in the designing of clever power modules are the restraints in the market. The adoption of new trends and technologies in the IPMs is required in the rapid expansion of the intelligent power module market. Although advanced technologies are making the appeal to engineers, designing a control structure is a difficult task. This results in a low or moderate rate of new technology adoption, which obstruct the technology development in the market. Despite putting a lot of effort into combining the many functions onto a single chip, the design is becoming complex. The high cost of the IPM devices is due to incurring in the integration of specialized skill sets, expensive toolkits, and reliable methodology. The rise in the cost of the devices would slow down the transition towards modern technical devices and is anticipated to constrain the growth of the market.
Intelligent Power Module Market Opportunities
The introduction of upgraded intelligent power modules and their various applications provide enormous opportunities for the intelligent power module market to grow at a faster rate. These upgrades in the product are anticipated to meet the demands of the modern industrial sector that drive market expansion. To increase the adoption of the product, the concentration of the stakeholders of the market is in the designing of features in addition to the new power semiconductors technology’s introduction.
COVID-19 Impact on the Intelligent Power Module Market
The growth of the intelligent power module market has seen a significant downfall during the COVID-19 period. The pandemic spread across the world has affected the supply chain, operational activities of industries, demand, and others. A supply chain deficit has occurred with the imposition of the lockdown. Shortages in the raw material and final product in the market are the result of the temporary suspension of industrial operations and restricted transportation. The effect of decreased output caused a temporary slowdown in market sales and a reduction in the revenue of the market. The effect of the pandemic is almost seen in every sector, including the industrial, consumer electronics, automotive, aerospace, and others which indirectly shows the impact on the intelligent power module market. To overcome the negative impact caused by COVID-19, key market players have increased their focus on next-generation technologies.
Key developments in the market
In 2022, an intelligent power module of 600V and 15A will be launched for the home appliance. TRENCHSTOP IGBT RC-D2 transistor with an SOI gate driver technology-based company’s CIPOS Tiny IM323-L6G module has less cost and system size to boost efficiency and reliability.
In 2022, the industry’s first Made-in-Hong Kong Silicon Carbide (SiC) intelligent power module was developed jointly by the Applied Science and Technology Research Institute (ASTRI), Hong Kong, Alpha Power Solutions Co., Ltd. (APS), and ASM Pacific Technology Limited (ASMPT) for Electric Vehicles (EVs). It has several advantages like voltage resistance, superior thermal performance, high switching speed, and meets other requirements of the next-generation EVs.
By Operation Voltage
Up to 600V
600V-1200V
above 1200V
The operation voltage of up to 600V is expected to dominate the intelligent power module market. The operation voltage is the maximum voltage limit until which the finished cable structure still remains stable. Primarily the demand for the segment is driven by a rise in the usage of consumer electronics. The benefits obtained from the use of up to 600V, such as higher dependability, less expensive, quicker time to market, and smaller-sized systems, make the market grow with a high CAGR. The IGBT and high-voltage MOSFETs are mostly used in IPMs with an operational voltage of up to 600V.
By Power Device
IGBT
MOSFET
Insulted-Gate Bipolar Transistor (IGBT) segment is expected to have a significant market share in the intelligent power module market and is anticipated to grow with a high CAGR. In electronic applications such as refrigerators and air conditioners, the demand for power management chips is seeing a rise, and this rise drives the sale of IGBTs. This module, to maintain high system dependability has an IGBT drive circuit & protection circuit.
By Application
Consumer Electronics
Servo Drives
Transportation
Renewable Energy
Industrial sector
Automotive industry
The transportation segment is anticipated to have a high growth rate in the Intelligent power module market. The industrial sector also dominates the market owing to the high rate of technology adoption in the sector. The growth of the automotive industry is encouraged by the increasing popularity of electric and hybrid vehicles. Consumer electronics is anticipated to expand more quickly owing to the rise in the use of power electronics in home appliances.
Intelligent Power Module Market Regional Analysis:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Asia-Pacific region is expected to dominate the market and expand at a high rate in the intelligent power module market. This region is the largest market and is expanding at a fast rate for the consumer electronics and automotive industries due to the recent industrialization and large population. North America also has a considerable market share and a significant area for the intelligent power module market. The high penetration of innovative consumer electronics, expanding adoption of EVs, and high utilization of renewable energy in the various sectors are important aspects in fuelling the market growth in this region. Major manufacturers like Ford, Fiat Chrysler Automobiles, Tesla, and others are concentrated in the United States of North America. The U.S. is also one of the major markets for automobiles in the world.
Sino Microelectronics
Hangzhou Silan Microelectronics
S.T. Microelectronics NV
Fairchild Semiconductors
ROHM Semiconductor Co., Ltd.
Semikron
Fuji Electric Co. Ltd.,
Infineon Technologies
On Semiconductor Corporation
Mitsubishi Electric Corp.
Frequently Asked Questions
The expected market size of the intelligent power module will be USD 2.01 billion by 2028
Up to 600V operational voltage is expected to have a high market share in the market.
The upsurge in demand for hybrid vehicles and the increase in renewable energy supplies drive the global intelligent power module market.
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