Intelligent Power Module (IPM) Market Forecasts to 2028 – Global Analysis By Voltage Rating (Upto 600V, 601V-1200V, More than 1200V), Circuit Configuration (6-PAC, 7-PAC, Phase Bridge, Dual), Current Rating, Application, and By Geography

Intelligent Power Module (IPM) Market Forecasts to 2028 – Global Analysis By Voltage Rating (Upto 600V, 601V-1200V, More than 1200V), Circuit Configuration (6-PAC, 7-PAC, Phase Bridge, Dual), Current Rating, Application, and By Geography

According to Stratistics MRC, the Global Intelligent Power Module (IPM) Market is accounted for $1.63 billion in 2021 and is expected to reach $3.95 billion by 2028 growing at a CAGR of 13.5% during the forecast period. Intelligent power modules (IPMs) refer to a highly integrated and compact power module. It combines high- and low-speed insulated gate bipolar transistors (IGBTs) and diode power devices with integrated gate drives and protection housings. It provides control over voltage supply and offers current limiting, load distribution, temperature monitoring, and voltage regulation. They enable the optimal utilization of power, in a wide range of industries. They are widely utilized in servo drives, transportation, renewable energy, consumer electronics, and others.

Market Dynamics:

Driver:

Rising demand from consumer electronics

The rising demand in the consumer electronics industry for increased energy efficiency is a major driver for the growth of the IPM market. Any consumer electronic product that requires electrical power from a battery needs a power management solution to convert electrical energy. The rising adoption of consumer and connected devices is expected to drive the growth of the market. Power electronic products are used in a large number of home appliances, such as washing machines, dishwashers, induction heaters, and air-conditioning power supplies. Most power electronics used are improving control of loads, such as variable-speed drives for motors that drive compressors, fans, pumps, or in switching power supplies found in most consumer electronics. Hence, IPMs help engineers simplify product design and meeting their energy efficiency goals.

Restraint:

Presence of technical challenges

The new generation of intelligent power modules enables continuous monitoring of several important module parameters. IPMs generate a significant amount of data with the help of supporting software. In addition, an increase in processing power is required for the efficient use of the data generated by IPMs. Also, the design challenges related to electromagnetic interference increase with the increase in switching frequency. These technical challenges need to be addressed for further development of the IPM market. Therefore, IPMs operating at high switching frequencies may be more compact, but they create more design complexities.

Opportunity:

Growing focus on upgrading the existing power infrastructure

There is an increasing focus on upgrading the existing power infrastructure in the emerging regions which is creating ample opportunities for the market growth. The existing power supply resources are widely used because of the rising power consumption. The need to enhance power infrastructure and concerns regarding the use of renewable power supplies are growing globally. Governments globally are increasingly investing in renewable energy sources, such as solar and wind, and are working on formulating better feed-in-tariff policies to provide photovoltaic projects equipped with grid connections. Therefore, the increase in the number of renewable energy projects worldwide is anticipated to drive the growth of the intelligent power module market.

Threat:

Inactive adoption of new technologies

Digital IPMs enable the collection of a vast amount of data. The adoption of new trends and technologies in IPMs is essential for the rapid growth of the IPM market. Even though engineers are interested in new technologies and associated benefits, designing a control structure is a challenge. Thus, the pace of adoption of new technologies is relatively slow in the IPM market, which would act as a major challenging factor for the growth of the technology. In addition, the players operating in the intelligent power modules industry are focusing on integrating multiple functionalities in a single chip, which results in complex designing. The designing and integration of complex devices require special skillsets, robust methodology, and toolsets, which increase the overall cost of the devices. The high cost of the devices is anticipated to hamper the switching process toward advanced technological devices thereby creating a challenge for the market.

The insulated gate bipolar transistors (IGBT) segment is expected to be the largest during the forecast period

The insulated gate bipolar transistors (IGBT) segment is estimated to have a lucrative growth owing to the advantages of low-loss, high-speed IGBTs with protection circuitry and optimized gate drive. The modules also provide under voltage lockout protection and over temperature protection. These insulated gate bipolar transistors -based intelligent power modules are available across all the current and voltage rating categories. Manufactured by all the key players in the market, IGBT-based IPMs have seen continuous improvements in packaging, power chip, and control chip technology.

The renewable energy segment is expected to have the highest CAGR during the forecast period

The renewable energy segment is anticipated to witness the fastest CAGR growth during the forecast period. Intelligent power module applications in the renewable energy segment include usage in micro-inverters, photovoltaic inverters, and wind turbine inverters. This factor is expected to have a significant impact on the market, as IPM forms a critical component of these power architectures. With over 100 countries generating power from wind and a projected ten-fold increase in global production of electricity from wind, the IPM market is projected to experience a boost. The rising deployment of off-shore wind networks involving power transmission systems, based on high-voltage direct current technology, where IPM is an essential component, is driving the Intelligent Power Module market.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the presence of several established players in the region. With billions of dollars invested in the United States, the automotive industry, directly and indirectly, employs hundreds of thousands of US citizens. The United States has one of the largest automotive markets across the globe, and is home to several global automotive and auto parts manufacturers. Some of the major automobile manufacturers based out of the region include Tesla, Chrysler Automobiles, Ford, Fiat, and General Motors. Tesla is at the forefront of technological innovation. With this growth in the automotive industry that is further anticipated to result in growth in autonomous cars and hyrbid electric vehciles, IPM in the region will witness an increased adoption.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period due to the rising need for power management in consumer electronics products. China is the world’s largest producer and end user of consumer electronics devices, such as home appliances, smartphones, and tablets. Renewable energy generation is one of the key revenue pockets for the intelligent power market in Asia Pacific. Governments in multiple countries of the region are motivating the shift toward renewable energy generation, mainly photovoltaics or solar, through offers and subsidies. Industrial automation and the need for efficient use of power for various industrial applications are further driving the demand for power electronics devices. The aforementioned factors are expected to drive the growth of the intelligent power module market in the region.

Key players in the market

Some of the key players profiled in the Intelligent Power Module (IPM) Market include Fairchild Semiconductors, Fuji Electric Co. Ltd, Future Electronics Inc, Infineon Technologies AG, Microchip Technology Inc, Mitsubishi Electric Corp, ON Semiconductor Corporation, Powerex Inc, ROHM Co. Ltd, Sanken Electric Co., Ltd., Semikron Elektronik GmbH & Co. KG, ST Microelectronics NV, and Vincotech GmbH.

Key Developments:

In March 2020, GT Advanced Technologies and ON Semiconductor announced their 5-year agreement for production and supply of silicon carbide material, valued at $50 million. With this agreement, GT Advanced Technologies will produce and supply its CrystX silicon carbide (SiC) material to ON Semiconductor, a global leader in driving energy efficient innovations, for use in high-growth markets and applications.

In June 2020, Mitsubishi Electric Corporation announced that it will acquire buildings and land from Sharp Fukuyama Semiconductor Co., Ltd., a wholly owned subsidiary of Sharp Corporation located in Fukuyama, Hiroshima Prefecture, Japan. The acquired properties will serve as a new site where Mitsubishi Electric's Power Device Works will process wafers for the manufacture of power semiconductors.

Power Devices Covered:
• Metal Oxide Silicon Field Effect Transistors (MOSFET)
• Insulated Gate Bipolar Transistors (IGBT)

Voltage Ratings Covered:
• Upto 600V
• 601V-1200V
• More than 1200V

Circuit Configurations Covered:
• 6-PAC
• 7-PAC
• Phase Bridge
• Dual

Current Ratings Covered:
• Upto 100A
• 101A-600A
• Above 600A

Applications Covered:
• Aerospace & Defense
• Automotive
• Consumer Electronics
• Information and Communications Technology (ICT)
• Renewable Energy
• Servo Drives
• Transportation

End Users Covered:
• Commercial
• Industrial
• Residential

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances