A surge in economic sanctions and a strong position of energy & power industry are becoming overwhelming. Market Research Future said the global Intelligent Power Module Market 2020 was raising USD 1,854.1 million in 2017 maximum amount of its revenue, and now the market is going to upscale USD 3,102.5 million by the year of 2023. At the same time, the study also focused on the growth rate that got recorded for 9.28% CAGR in the years of 2017 to 2023 (forecast period).
Market Boosters & Key Challenges
The study recovers facts that over the past decade, a significant amount of efforts are being made to enrich energy efficiency and curtail carbon footprint owing to the mounting concerns over global warming and depletion of fossil fuels. As the demand for energy-efficient solutions is prospective to illustrate no signs of slowing down, investors in the intelligent power module market are in the scope of providing efficient power conversion devices. By this, the demand for intelligent power modules is set to observe remarkable growth in the coming years, as they are progressively being used in a range of applications in various industries, globally.
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The adoption of power semiconductor devices, which includes intelligent power modules, is simultaneously witnessing significant growth. These are being extensively used in consumer electronic products, electric vehicles, renewable power generation, power supplies, and railway applications. Currently, innovations are becoming valuable and gaining significant momentum in the intelligent power module market, as giant investors are focusing on offering high performing, energy-efficient, cost-effective intelligent power modules to fulfill the current industrial requirements. With this, the stakeholders are leveraging benefits at an exceptional level in technology to improve the performance of the intelligent power module. Owing to these factors, the global intelligent power module market might attain a high valuation by the end of 2023.
Some more factors leading the market to grow are the noteworthy applications of intelligent power modules. These can be observed in heating, inverters, air-conditioning (HVAC), wind power generation, elevators solar uninterrupted power supply devices, power generation as well as ventilation. The high-power capability and low power usage in intelligent power modules make them appropriate to be used in consumer electronic devices, smart grids, and the commercial sector. Furthermore, several data center companies, across the globe, are also implementing intelligent power modules in modular data centers keeping the requirement of high stabilization of power supply for electric and electronic components.
The segmental analysis of the global intelligent power modules has been done among various segments such as voltage rating, current rating, circuit configuration, power device, and application.
Depending on voltage rating, the market includes segments up to 600V, 601–1200V, and higher than 1200V.
Depending on the current rating, the market includes segments up to 100A, 101–600A, and more than 600A.
Depending on circuit configuration, the market includes 6-pack, 7-pack, phase bridge, and dual.
Depending on the power device, the market has included IGBT and MOSFET.
Depending on the application, Intelligent Power Modules (IPM) Market included automotive, consumer electronics, and renewable energy.
Asia-Pacific, North America, Europe, and the rest of the world are the prime regions where the market’s study is conducted under region-wise analysis for the global intelligent power modules market.
Asia-Pacific region is expected to have become the leading region for having maximum shares of the intelligent power module market in the forecast period. The reason behind it is that end-users are well aware of the latest advances in technology and, thus, increasingly investing in adopting the latest services in the region.
North America is one of the most imperative regions in the market studied, owing to the occurrence of several reputable players established in the region. Another reason supporting the growth of the market in the United States is that it owns one of the greatest automotive markets across the globe. It is also home to several global automotive and auto parts manufacturers. Some of the major automobile manufacturers are also based out of the region, such as General Motors, Ford, Tesla, and Fiat Chrysler Automobiles. Besides, the expansion of the automotive industry is further expected to result in growth in hybrid electric vehicles and autonomous cars, the intelligent power modules market in the region will be witnessing an increased adoption as they will be used for better in-vehicle features.
The giant investors of the global intelligent power module market are listed as ROHM Semiconductors (Japan), STMicroelectronics NV (Switzerland), Texas Instruments Incorporated (US), Infineon Technologies (Germany), ON Semiconductor (US), Mitsubishi Electric Corporation (Japan), Hon Hai Precision Industry Co., Ltd (Taiwan), Fuji Electric Co. Ltd (Japan), and Sanken Electric Co. Ltd (Japan).
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