Intelligent power modules (IPM) integrate some gate driving circuits, power switches and protection functions to form a simple, reliable and cost-effective package. IPMs are widely used in industrial motor drives, hybrid and electric vehicles, home appliances, UPS systems, power supplies and renewable energy applications. The need for efficient energy conversion and power management in various industries is a key driver augmenting the demand for intelligent power modules.
The Global Intelligent Power Module Market is estimated to be valued at US$ 4.53 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Intelligent Power Module market are Avalanche Technology Inc., Fuji Electric Co., Ltd., Hitachi, Ltd., Infineon Technologies AG, Intelligent Power and Energy Research Corporation, Mitsubishi Electric Corporation, ON Semiconductor, Powerex, Inc., Pre-Switch, Inc., Renesas Electronics Corporation, ROHM Semiconductor, Semikron, Semiconductor Components Industries, LLC, STMicroelectronics, and Toshiba Electronic Devices & Storage Corporation.
The demand for IPMs is growing significantly from industrial motor drives sector owing to increasing adoption of IPMs in motor control applications. IPMs allows for compact motor control designs with high efficiency and reliability. IPMs improve system performance, reduce space requirements and component count.
Technological advancements in IPMs such as enhanced power densities, improved efficiency and new package designs are further expanding their application scope. New IPM packages with advanced cooling solutions are enabling their utilization in high-power applications such as EV motor drives and solar inverters.
Market Trends
Some of the key trends in the Intelligent Power Module Market Demand include growing adoption of IPMs in renewable energy applications and adoption of silicon carbide (SiC) based IPMs.
There is increasing focus on integrating IPMs in solar inverters, wind turbines and energy storage systems due to their small size, high efficiency and reliability. IPMs help optimize power conversion in renewable energy generation and storage applications.
The utilization of silicon carbide (SiC) based semiconductors in IPMs is also growing. SiC has several advantages over silicon including higher switching frequencies, compact size and greater efficiency. Adoption of SiC IPMs is growing in applications such as EV fast charging, renewable energy and industrial motor control.
Market Opportunities
Growing opportunities for intelligent power modules exist in the electric vehicle sector with rising EV production. IPMs play a vital role in hybrid and electric vehicle motor control, on-board chargers and DC-DC converters.
Increasing focus on renewable energy generation also presents growth prospects for IPM manufacturers. The need for efficient conversion of solar and wind power into usable electricity will drive demand for advanced IPMs for solar inverters and wind turbine power converters over the coming years.
The COVID-19 pandemic has impacted the growth of the Intelligent Power Module market. The unprecedented situation led to lockdowns across major economies which caused disruptions in the supply chain and halted production facilities. This affected the demand for intelligent power modules in various end-use industries like automotive, consumer electronics, industrial, etc.
With lockdowns in place, automotive production came to a standstill. This significantly reduced the demand for intelligent power modules from the automotive sector in 2020. The consumer electronics industry also reported muted growth as people postponed the purchase of non-essential products. On the other hand, industries like healthcare and renewable energy experienced growth which partially offset the declines.
As economies restart production with COVID-safety protocols, the market is recovering slowly. The automotive sector is witnessing a rebound in demand which will drive the need for intelligent power modules in electric vehicles, advanced driver-assistance systems, and other automotive electronics. The renewable energy industry is expected to grow considerably in the coming years to meet sustainability targets which will augment demand. Consumer electronics companies are launching new products which are supporting the market recovery.
Going forward, the market is anticipated to grow at a steady pace. Automotive and consumer electronics will remain the key growth drivers while renewable energy offers promising opportunities. Original equipment manufacturers may look to localize their operations and maintain buffer inventories to mitigate supply chain risks. Adapting to new consumer buying behaviors will also be important for consumer electronics companies. Overall, efforts towards industry recovery along with strategies to increase supply resilience will help the Intelligent Power Module market sustain growth over the long run.
In terms of geographical concentration of value, Europe currently dominates the Intelligent Power Module market due to robust automotive production in countries like Germany. The region is focused on electric mobility and utilizes intelligent power modules extensively across electric vehicles and associated infrastructure. Asia Pacific follows Europe in market value led by presence of consumer electronics manufacturers in China, Japan and other countries combined with growing electric vehicle adoption.
The Asia Pacific region is anticipated to emerge as the fastest growing market for Intelligent Power Modules during the forecast period. Presence of consumer electronics production bases and burgeoning automotive sectors especially in China and India will drive the growth. Policies supporting electric vehicles and renewable energy expansion will provide a fillip. Additionally, moves by manufacturers towards regional production to mitigate supply chain issues post-COVID may further augment the regional market. Overall, Asia Pacific's continued industrialization and clean energy transition point towards its rapid growth in the intelligent power module space.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
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