Intelligent Power Module Market Research, 2031
The global intelligent power module market was valued at $1.6 billion in 2021, and is projected to reach $3.7 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.
Intelligent power modules (IPMs) are hybrid power devices which use advanced technology and combine high speed and low loss insulated-gate bipolar transistor (IGBT) with optimized protection circuitry and gate drive. IPMs use advance current sense IGBT chips to provide highly effective short-circuit and over-current protection, which allows the power device current to be continuously monitored. IPM’s integrated under-voltage and over-temperature lock-out protection further enhances system reliability. Finally, the automatically assembled intelligent power modules are compact and designed to reduce time to market, cost and the system size.
Power management and power conservation are the important reasons for the use of intelligent power modules or IPM module, in the electrical machines as well as in the technology field. This factor is expected to gain further importance during the forecast period in light of global warming concerns. Globally, machines are versatile, compact, and efficient in doing what they are made to do, so much so that they have taken over a lot of activities that were done manually. The demand for machines and electronic equipment has increased tremendously in the past years and is expected to be maintained or even surpass the earlier demand in the coming years. The update of automation in different industries, especially in the form of process automation and control automation equipment is also expected to bolster the intelligent power module industry.
An intelligent power module is an important aspect required in electronics, electrical, and the technology field. A range of equipment in these industries utilize electricity and an intelligent power module is the device used to manage this flow of electricity to ensure that the equipment works properly. Moreover, the use of technology is increasing in various industries. Meanwhile, the complexities involved in the manufacturing process act as a restraint on the intelligent power module market. They result in a high barrier of entry for new players too. Furthermore, this also increases cost of manufacturing and selling the device, causing an associated slowdown in its market growth. In such cases, end-users can opt for alternative products or substitutes such as power modules, instead of using an IPM module. On the other hand, the automotive industry is expected to provide significant opportunities to the intelligent power module market during the forecast period. It is one of the important intelligent power module market trends. This is on account of new technologies in the automotive industry, especially those in electric vehicles.
The intelligent power module market is segmented into Industry Vertical, Voltage, Current Rating, Circuit Configuration and Power Device.
By industry vertical, it is segmented into industrial, consumer electronics, transportation, IT and telecommunication, and others. In terms of market segmentation by industry vertical, the market was dominated by the industrial segment in 2021, whereas the transportation segment is expected to witness the highest growth rate during the forecast period. The adoption of technology in various industries has been the major driver of intelligent power module market size in the industrial sector.
By voltage, it is segmented into up to 600V, 601V to 1,200V, and above 1,200V. In terms of market segmentation by voltage, the market was dominated by the up to 600V segment in 2021, which is also expected to witness the highest growth rate during the forecast period. The ‘up to 600V’ intelligent power module market share is driven primarily by the demand for consumer electronics.
By current rating, it is segmented into up to 100A, 101A to 600A, and above 600A. In terms of market segmentation by current rating, the market was dominated by the up to 100A segment in 2021, which is also likely to be the fastest expanding segment. Improving living standards across the world have resulted in higher demand for consumer electronics and small household equipment, which in-turn is driving the intelligent power module market growth in this segment.
By circuit configuration, it is segmented into 6-pack, 7-pack, bridge, and others. In terms of the intelligent power module market analysis, the market was dominated by 6-pack segment, which is also likely to be the fastest expanding segment. The highly compatible and adaptable nature of the 6-pack circuit configuration is the primary driver of this segment.
In terms of power device, the market is segmented into insulated-gate bipolar transistor (IGBT), metal-oxide-semiconductor field-effect transistor (MOSFET), and others. In terms of the intelligent power module market forecast, the market was dominated by insulated-gate bipolar transistor (IGBT) segment in 2021, and the segment is expected to witness highest growth rate during the forecast period. Increase in demand for power management chips in electronic applications such as refrigerators and air conditioners is a major driving factor for the uptake of IGBTs.
By region, it is analyzed across North America (the U.S., Canada and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In terms of region, the market was dominated by Asia-Pacific in 2021, and is also expected to expand at the highest rate during the forecast period. A major advantage which can be attributed to Asia-Pacific region is that it is a large market for consumer electronics and automotive industries, on account-of its recent industrialization as well as large population.
Competitive Analysis
Competitive analysis and profiles of the major intelligent power module market players that have been provided in the report include Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Infineon Technologies AG, Rohm Semiconductor (Rohm Co. Ltd.), STMicroelectronics N.V., Microchip Technology Inc., Texas Instruments Incorporated, Toshiba Electronic Devices & Storage Corporation, Renesas Electronics Corporation, and Silan Semiconductor Manufacturing Group. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global intelligent power module market during the forecast period.
Top Impacting Factors
Some of the significant factors impacting the global intelligent power module market include their significant requirement in electrical equipment, electronic machinery, and technology field. They are primarily required in these machines to manage power. IPMs are also used for power management and power conservation, especially in the face of today’s concerns regarding global warming and CO2 emissions. The continued adoption of technology by industrial sector is also an important factor driving the market of intelligent power modules. However, the complexity of manufacturing the product is expected to restrain growth of the market. Meanwhile, the automotive industry presents a significant opportunity to players in the market during the forecast period.
Historical Data & Information
The intelligent power module market is fairly competitive, owing to the strong presence of existing vendors. Market vendors are expected to gain a competitive advantage over their competitors because they can cater to market demands with a wide range of products. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies are adopted by key vendors.
Key Developments/Strategies
Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Infineon Technologies AG, and Rohm Semiconductor (Rohm Co. Ltd.) are among the top companies which hold a prime share in the intelligent power module market. Top market players have adopted various strategies such as product launches, contracts, and others to expand their foothold in the intelligent power module market.
- In March 2022, Microchip Technology Inc. decided to expand its SiC portfolio with the release of the industry’s lowest on-resistance [RDS 3.3 kV SiC MOSFETs and highest current-rated SiC SBDs available in the market, enabling designers to take advantage of ruggedness, reliability and performance. With the expansion of Microchip’s SiC portfolio, designers are equipped with the tools to develop smaller, lighter and more efficient solutions for electrified transportation, renewable energy, aerospace and industrial applications.
- In December 2022, STMicroelectronics launched high-power modules for electric vehicles that boost performance and driving range. ST’s new silicon-carbide (SiC) power modules has selected for Hyundai’s E-GMP electric-vehicle platform shared by KIA EV6 and several models.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the intelligent power module market analysis from 2021 to 2031 to identify the prevailing intelligent power module market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the intelligent power module market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global intelligent power module market trends, key players, market segments, application areas, and market growth strategies.
Intelligent Power Module Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 3.7 billion |
 Growth Rate | CAGR of 8.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 519 |
 By Industry Vertical |
|
 By Voltage |
|
 By Current Rating |
|
 By Circuit Configuration |
|
 By Power Device |
|
 By Region |
|
 Key Market Players | Rohm Co. Ltd., Infineon Technologies AG, STMicroelectronics N.V., Microchip Technology Inc., Texas Instruments Incorporated, Renesas Electronics Corporation, Toshiba Electronic Devices & Storage Corporation, Mitsubishi Electric Corporation, Silan Semiconductor Manufacturing Group, Fuji Electric Co. Ltd. |
Analyst Review
Increase in demand for electric vehicles and aggrandized need for high voltage operating devices have led to the higher adoption of intelligent power modules in the industrial sector, automotive industry, consumer electronics, and other industry verticals. Intelligent power modules with application-specific and innovative insulated-gate bipolar transistors (IGBTs) and metal-oxide-semiconductor field-effect transistors (MOSFETs) are expected to provide considerable opportunities to market players during the forecast period. The global intelligent power module market is highly competitive, owing to the strong presence of existing vendors. These vendors have access to extensive technical and financial resources, and are anticipated to use them to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in the market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by key vendors.
Rise in demand for process control and automation solutions across industrial sectors globally is driving the need for next generation intelligent power module products. Moreover, prime economics, such as the U.S., China, Germany, and Japan, plan to develop and deploy next generation intelligent power module solutions across various sectors such as automotive, manufacturing, healthcare, and hospitality, which is anticipated to provide further lucrative opportunities for market growth.
The intelligent power module market size was valued at $1.6 billion in 2021, and is projected to reach $3.7 billion by 2031, registering a CAGR of 8.73% from 2022 to 2031.
The industrial segment was the leading industry vertical of the intelligent power module market in 2021
Asia Pacific was the largest regional market of intelligent power module market in 2021
The key players operating in the intelligent power module market are Mitsubishi Electric Corporation, Fuji Electric Co. Ltd., Infineon Technologies AG, Rohm Semiconductor (Rohm Co. Ltd.), STMicroelectronics N.V., Microchip Technology Inc., Texas Instruments Incorporated, Toshiba Electronic Devices & Storage Corporation, Renesas Electronics Corporation, and Silan Semiconductor Manufacturing Group.
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