Intelligent Power Module Market Estimated to Grow at a Robust Rate Owing to Rising Adoption in Electric Vehicles
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 of 2024 to 2031.
Naufan Cmi
The intelligent power module market comprises intelligent modules with integrated power components such as insulated-gate bipolar transistors (IGBTs), power MOSFETs, diodes, protection measures, thermal protection, and voltage regulation. These modules find applications in harsh industrial conditions, renewable energy systems, motor drives, EV/HEVs, rail traction, robotics, and UPS. The growing adoption of EVs and need for efficient and cost-effective power electronics capabilities have boosted 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 of 2024 to 2031.
Key Takeaways
Key players operating in the intelligent power module market include 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 market include growing production of EVs and expansion of charging infrastructure. Intelligent power modules find increased usage in EV/HEV onboard chargers, DC fast chargers, and electric drivetrains. With global EV sales expected to grow significantly in the coming years, demand for efficient and compact power electronics is also set to rise at a robust pace.
The global expansion of the intelligent power module market will be driven by growing renewable energy installations and strengthening of motor drive applications worldwide. Countries worldwide are undertaking ambitious renewable energy capacity addition targets. This will require robust power conversion systems installed with intelligent power modules. In motor drives as well, industries are automating processes and transitioning to higher efficiency models, thus driving intelligent power module adoption.
Market drivers
One of the key drivers for the Intelligent Power Module Market Trend is the rising adoption of EVs. With global EV sales expected to grow significantly over the next decade, the demand for efficient and compact power electronics from intelligent modules in electric drivetrains and charging systems is set to rise rapidly. Intelligent modules allow for smaller packaging and higher power density in EV power systems. This translates to reduced costs and improved functionality for auto manufacturers.
PEST Analysis
Political: Government regulations regarding energy efficiency and green energy initiatives could impact demand for intelligent power modules.
Economic: Microeconomic conditions affecting industries that are major consumers of intelligent power modules, such as automotive and industrial equipment, will impact sales.
Social: Rising environmental awareness in society increases acceptance of efficient and renewable energy technologies where intelligent power modules provide benefits.
Technological: Advancements in silicon carbide and gallium nitride power semiconductor materials improve module performance and unlock new applications, driving more adoption.
Geographical concentration of value
Over 40% of the total intelligent power module market value is concentrated in Asia Pacific due to the large presence of automotive OEMs and consumer electronics manufacturers in China, Japan, South Korea and other countries in the region. North America and Europe are other major regions.
Fastest growing region
The intelligent power module market is projected to grow the fastest in Asia Pacific between 2024-2031, expanding at a CAGR of over 13% due to rapidly increasing adoption in automation, EV and renewable energy sectors across developing economies like China and India. Government support for green initiatives will further accelerate growth.
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