Intelligent Power Module Market Size, Share & Trends Analysis Report By Power Device (IGBT, MOSFET), By Voltage Rating (0 V To 599 V, 600 V To 1,199 V, 1,200 V And Above), By Application, By Region, And Segment Forecasts, 2023 - 2030

Intelligent Power Module Market Size, Share & Trends Analysis Report By Power Device (IGBT, MOSFET), By Voltage Rating (0 V To 599 V, 600 V To 1,199 V, 1,200 V And Above), By Application, By Region, And Segment Forecasts, 2023 - 2030

Intelligent Power Module Market Growth & Trends

The global intelligent power module market size is projected to reach USD 6.11 billion by 2030, growing at a CAGR of 11.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. An intelligent power module is a power device that combines discrete semiconductors, such as MOSFETs and IGBTs, and driving & protection circuits in a single package. They are used in a variety of applications, including renewable energy and home appliances. The need for power devices that improve system efficiency and minimize design process complexity drives the market growth. The COVID-19 pandemic posed significant challenges for the market players owing to lockdowns and travel restrictions that led to supply chain disruptions.

Several governments are undertaking initiatives to accelerate the transition to electric vehicles. Such initiatives are likely to aid the market as intelligent power modules are used in electric vehicle applications. For instance, in April 2023, the U.S. government announced private and public sector investments to boost the production of affordable Electric Vehicles (EVs). The U.S. government’s Inflation Reduction Act includes support for commercial, municipal, and residential EV charging infrastructure installation.

Based on power device, the market is divided into IGBT and MOSFET. IGBT-based intelligent power modules are used for low switching frequency, high current, and high voltage applications. Factors such as switching frequency and thermal capacity must be considered while selecting an IGBT. Based on voltage range, the market is divided into 0 V to 599 V, 600 V to 1,199 V, and 1,200 V and above segments. Intelligent power modules with voltage ratings between 600 V and 1,199 V are widely available and cater to various applications, including consumer electronics and industrial applications.

Market players are launching new intelligent power modules with low noise and loss, which is likely to boost the market growth. For instance, in April 2021, ROHM CO., LTD. announced the launch of four new IGBT-based 600 V intelligent power modules under the BM6437x series. The intelligent power modules are designed for use in home appliances, such as washing machines and air conditioners, and industrial applications, such as small-capacity motors for robots. The new models are designed to reduce power loss and noise.

The key players operating in the market are adopting different strategies such as partnerships & collaborations, new product launches, and others to expand their presence and market share. In October 2020, STMicroelectronics and Sanken Electric Co., Ltd, a Japan-based semiconductor manufacturer, announced a strategic partnership to develop high-voltage intelligent power modules for automotive and industrial applications. With this partnership, the companies aimed to develop superior-performing modules and boost efficiency and reliability in customer products.

Intelligent Power Module Market Report Highlights

• The market is projected to grow significantly due to the growing adoption of electric vehicles and the rising transition to renewable energy globally
• Based on power devices, the IGBT segment is projected to grow at the fastest CAGR of 11.4% over the forecast period. The segment’s growth can be attributed to the ability of IGBTs to withstand overloads and their wide range of applications in growing end-user industries, such as the automotive sector
• Based on voltage rating, the 600 V to 1,199 V segment dominated the market in 2022 with a market share of more than 49.0% and is expanding at a CAGR of 11.0% from 2023 to 2030
• In terms of application, the automotive segment held the largest revenue share in the market in 2022 and is projected to grow at a CAGR of 12.1% from 2023 to 2030. The growing adoption of hybrid electric and fully electric vehicles is contributing to the segment’s growth

Please note The report will be delivered in 4-8 business days upon order notification.