Global intelligent power module market size is anticipated to grow to
USD 3.0 billion by 2027 from USD 1.8 billion in 2022, at a CAGR of 10.7%
from 2022 to 2027.
Asia Pacific is expected to be the largest
contributor to intelligent power module market during the forecast
period. Rapid industrialization and infrastructure developments are
driving the growth of consumer electronics and automotive industries in
China that is expected to increase the demand for intelligent power
modules in the country.
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The
major players in the market are Mitsubishi Electric (Japan), ON
Semiconductor(US), Infineon Technologies(Germany), Fuji Electric(Japan),
and Semikron (Germany) among others.
The emergence of wide band
gap materials, such as GaN and SiC, has changed the landscape of the
power electronics market. These new semiconductor materials offer better
thermal conductivity and higher switching speeds and are smaller than
traditional silicon (Si) ones. The use of SiC and GaN has resulted in
improvements in existing semiconductor technologies, such as MOSFETs and
isolated gate bipolar transistors (IGBTs).
The adoption of new
trends and technologies in IPMs is necessary for the rapid growth of the
IPM market. Although engineers are interested in new technologies and
associated benefits, designing a control structure is challenging.
Hence, the pace of adoption of new technologies is relatively slow in
the IPM market, which would act as a restraining factor for the growth
of the technology.
Rising requirements for power generation
through renewable sources, focus of OEMs on providing novel and
efficient energy and power monitoring modules as well as surging demand
for IPMs in industrial, automotive and consumer electronics vertical are
some of the major factors propelling the growth of intelligent power
module market.
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