Intelligent Power Module Market Size, Share, Competition Analysis, Outlook, and Forecasts

The global intelligent power module market size is anticipated to grow from USD 1.8 billion in 2022 to USD 3.0 billion by 2027, at a CAGR of 10.7% from 2022 to 2027.

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.

The top intelligent power module companies in the market are Mitsubishi Electric (Japan), ON Semiconductor(US), Infineon Technologies(Germany), Fuji Electric(Japan), and Semikron (Germany) among others.

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Upto 600 V segment is expected to have the largest size of the intelligent power module market in 2021

The market for the up to 600 V segment held the largest share of the overall market in 2021. IPMs with voltage ratings up to 600 V exhibit various features, such as reduced time to market, increased reliability, and reduced system cost and space. IPMs with a voltage rating of up to 600 V comprise rugged and efficient high-voltage MOSFETs and IGBTs specifically optimized for variable frequency drives. These IPMs are widely used in consumer electronics. They provide a compact design and high performance for AC motor drives. IPMs using 600 V IGBTs are used in industrial applications such as driving fans, pumps, and compressors.All these features are expected to surge demand for the said segment in intelligent power module market.

The market for consumer electronics vertical is expected to grow at a higher CAGR during the forecast period

The consumer electronics segment is projected to grow at a higher CAGR of the intelligent power module market during the forecast period. The growing use of consumer electronic devices, such as smartphones, tablets, and smart wearables, is expected to drive the demand for power electronics devices in power management applications. The increasing adoption of power electronics in home appliances is also expected to boost the growth of the consumer electronics segment. Manufacturers of consumer electronics are shifting from fixed-speed drives to inverter-based motor controls. Inverter-based control can adjust the speed and torque of the motor instead of just turning the motor on and off the way fixed-speed drives do. While this type of control has its benefits in terms of efficiency, consumers also benefit from the interiorization trend: appliances with digital inverters have longer lifetimes, make less noise, consume less energy, and ultimately help consumers save money. Such trends are expected to boost the market for IPMs in consumer electronics vertical.

The intelligent power module market in Asia Pacific to grow at the highest CAGR during the forecast period

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. Additionally, there has been observed a growing number of industrial activities due to growing focus of governments on generating power through renewable sources. This ia also expected to provide opportunity for market. Thus, the surging demand for consumer electronics and automotive due to EVs and HEVs as well as other industrial activities in the region will drive huge demand for intelligent power module market in Asia Pacific.