Intelligent Power Module Market is Anticipated to Witness High Growth Owing to Increasing Demand for Energy Efficient Electronics

 

Intelligent Power Module Market

The intelligent power module market offers solutions for controlling, monitoring, and protecting critical power electronics circuits in various end-use applications such as industrial motor drives, PV inverters, servo drives, UPS, and automotive. Intelligent power modules provide several advantages over conventional discrete solutions such as compact size, reduced component count, enhanced reliability, and ease of use. The growing need for energy efficient electronics and miniaturization of electronic components is driving the demand for intelligent power modules across industries.

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 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 key opportunities in the Intelligent Power Module Market Share include growing demand from consumer electronics, industrial applications, and electric vehicles. Consumer electronics application segment is anticipated to offer significant growth potential during the forecast period.

Key players are focusing on global expansion by strengthening their distribution networks across developed as well as emerging economies to tap the opportunities in high growth potential regions including Asia Pacific, Europe, and North America. The market is anticipated to gain traction in coming years owing to increasing adoption of intelligent power modules in emerging applications such as renewable energy integration and transportation electrification.

Market drivers: Rising demand for energy efficient electronics is a key driver for intelligent power module market growth. Growing focus on electrification of automobiles and increasing adoption of renewable energy sources is also fueling the market expansion.

Market restrain: High component cost of intelligent power modules compared to discrete solutions and requirement of extensive design competencies are some of the factors challenging the market growth. However, ongoing technological advancements are expected to make intelligent power modules more affordable in coming years.

Segment Analysis
Converters dominated the market in 2020. The expanding adoption of inverters in various sectors had a huge impact on the market growth. The automotive sector saw significant adoption of dc-ac and ac-dc converters suitable for 12V and 48V power sources. Inverters are forecast to be the fastest growing segment during the forecast period majorly driven by high power ratings for renewable energy applications. The dominance in the power range of 600V is due to higher adoption in industrial motor drives and electric vehicles. The demand for higher power modules in the range of above 1700V is increasing for solar inverters and wind turbines, supporting the growth of this segment.

Global Analysis
Asia Pacific dominated the global market in 2020 with a share of over 45%. China held the largest market share in APAC with significant adoption of intelligent power modules across major end-use industries of automotive, consumer electronics and industrial. Europe ranked second with growing renewable energy investments in countries like Germany and UK driving substantial demand. North America is estimated to witness fastest growth during the forecast period majorly from increasing penetration of electric vehicles requiring high power modules for battery packs and other powertrain components.

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About Author:

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.
(https://www.linkedin.com/in/money-singh-590844163)

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