Intelligent Power Module Market Scope

Global Intelligent Power Module Market Highlights Over 2023 - 2033

The global intelligent power module market is estimated to garner a revenue of approximately USD 6 billion by the end of 2033 by growing at a CAGR of ~12% over the forecast period, i.e., 2023-2033. Further, the market generated a revenue of about USD 2 billion in the year 2022. The use of intelligent power modules for industrial purposes is one of the chief factors bringing development to the global intelligent power module market. Several industries use electrolysis, electroplating, induction, lighting, welding, and induction heating. These processes employ intelligent power modules to ensure the safe and efficient use of electric power.

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In 2021 primary refined copper produced in the U.S. was about 10 lakhs metric tons, while the secondary refined copper produced was above 45,000 metric tons, both increased when compared to the previous year. Copper refineries employ electrolysis, and thus increased production of refined copper contributes to the growth of the global intelligent power module market. The increase in automotive production to implies a growing global intelligent power module market trend. The number of motor vehicles produced in 2021 increased about 2% when compared to 2020 to reach approximately 79 million units. Automotive production involves electroplating of different parts of the vehicle. Similarly, the increased application of various industrial products shows a parallel growth in the global intelligent power module market trend.

Global Intelligent Power Module Market: Growth Drivers and Challenges

Growth Drivers

• Increased Use of Solar Energy for Energy Conservation – The revenue of the global solar energy market in 2021 is estimated to be USD 55 billion. It is a solar inverter with an intelligent power module which regulates the voltage passing through the solar panels. Similarly, solar power generation is escalating, and in 2021, the U.S. reached its highest point in power generation from solar energy by generating more than 1,14,000 million kilowatt hours of solar thermal and photovoltaic (PV) power. This growth in generation of solar energy implies a parallel growth in the global intelligent power module market.

• High Potential Growth of Electric Vehicles – It is expected that the global electric vehicle market will grow at a CAGR of 30% from 2022 to gain a revenue of USD 900 billion by 2030.

• Increased Use of Wind Energy for Electricity Generation –  The total electricity U.S. generated from wind energy in the year 2021 was 380 billion kWh [Source: U.S. Energy Information Administration (March 2022)]. Similarly, about 9.2% of total utility-scale electricity in the U.S. was generated from wind turbines whose key component is the inverter with intelligent power modules to convert wind energy into commercial power efficiently.

• Increased Demand for Power Electronics Technology in Applications Involving Motor Control – Intelligent power modules control all motor operations in textile, rolling, and cement mills. In 2021 the total volume of cement produced globally was more than 4 billion tons.

• Increased Production of Consumer Electronics – The worldwide television shipment in 2021 was more than 200 million units. This is expected to grow to about 220 million units in 2022. Similarly, the global shipment of mobile phones in 2021 was about 2 billion units.

Challenges

• Complex Designs of Intelligent Power Modules Demanding Unique Skillsets, Toolsets, and Effective Methodologies

• High Cost Related to the Many Features Incorporated into a Single Integrated Circuit (IC)

• Baffling Complexity Involved in Designing a Control Structure Causing Sluggishness in Embracing Modern Technology

The global intelligent power module market is segmented and analyzed for demand and supply by current rating into up to 100 A, 100 A–600 A, and above 600 A. As per the global intelligent power module market forecast IMPs with a current rating up to 100 A is expected to hold the largest market size by the end of 2031. This is mainly because domestic consumer electronics, including washing machines, air conditioners, and dishwashers, work on these intelligent power modules. For instance, the ownership rate of washing machines in the United States is about 80%. Countries with higher ownership rates include Germany, the UK, Canada, Russia, Spain, Japan, Italy, and Turkey. Similarly, in the U.S., 6.28 million units of air conditioners were sold in 2021. All these automated electronic devices are increasingly becoming an integral part of a commoner's life. This high demand for consumer electronics using intelligent power modules with a current rating of up to 100 A results in the expansion of this segment's share in the market.

Global Intelligent Power Module Market Regional Synopsis

Regionally, the global intelligent power module market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. An important factor driving the market growth in this region is the rise of the consumer electronics industry. For instance, Asia gained the top position in the world among the exporters of mobile phones from 2020 to 2021 by constituting 80% of all exports of mobile phones. Increasing awareness about energy conservation in the Asia Pacific has led to the use of solar photovoltaics (PV) for electricity. It is expected that the solar capacity of Asia Pacific will cross 1400GW by 2030. The direct current (DC), which a solar panel generates, is converted into alternating current (AC) by IGBT in a solar inverter. Thus, the rise in the use of solar energy in the Asia Pacific is also expected to show growth in the intelligent power module market trend there.

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Market Segmentation

Our in-depth analysis of the global intelligent power module market includes the following segments:

Key Companies Dominating the Global Intelligent Power Module Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global intelligent power module market that are included in our report are Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Semiconductor Components Industries, LLC, Infineon Technologies AG, SEMIKRON, STMicroelectronics, ROHM CO., LTD., Sanken Electric Co., Ltd., Texas Instruments Incorporated., Renesas Electronics Corporation., and others.

Global Intelligent Power Module Market: Latest Developments

• April, 2021: ROHM CO., LTD. - announced the development of four advanced 600V IGBT Intelligent Power Modules (IPMs), BM6437x series, ideal for power conversion in inverters used in home appliances and industrial equipment, including small capacity motors. The new IMPs come with the best low-noise features. It also reduces the power consumption by 6%, compared to the earlier IMP products of RHOM, and an improved temperature monitoring accuracy of ±2% eliminates the need for an external thermistor.

• December, 2020: Fuji Electric Co., Ltd. - announced the launching of X Series IGBT-IPM, its new power semiconductor product with the best low-loss performance in the industry. The product is equipped with a state-of-art 7th-generation IGBT device, reducing the power loss during inverter operation by about 10%, and comes with a footprint area 54% less than its previous product, the V Series IGBT-IPM. The product also ensures continuous equipment operation with its overheat protection function, the industry's first warning output function.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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