Intelligent Power Module Market Expected to Reach $3.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Intelligent Power Module Market," The intelligent power module market was valued at $1.6 billion in 2021, and is estimated to reach $3.7 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.

Intelligent power modules or an ipm module, are responsible for extracting better performance from IGBT chips and also execute self-protection functions. They play an important role in this task. IPMs integrate a dedicated drive and protection circuitry along with the power element in an appropriate packaging which is customized for a variety of applications such as renewable energy, large home appliances, industrial motor drives and fans. IPMs improve system efficiency, and contain all components required for control, including the peripheral circuitry and power device control IC.

Power management and power conservation are the important reasons for the use of intelligent power modules in the electrical machines as well as in the technology field. This factor is expected to gain further importance during the forecast period in the 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 market.

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 intelligent power modules (IPMs). On the other hand, the automotive industry is expected to provide significant opportunities to the intelligent power module market during the forecast period. This is on account of new technologies in the automotive industry, especially those in electric vehicles.

The intelligent power module market size is segmented into power device, voltage, current rating, circuit configuration, industry vertical, and region. In terms of power device, the intelligent power module market share is segmented into insulated-gate bipolar transistor (IGBT), metal-oxide-semiconductor field-effect transistor (MOSFET), and others. By voltage, it is segmented into up to 600V, 601V to 1,200V, and above 1,200V. By current rating, it is segmented into up to 100A, 101A to 600A, and above 600A. By circuit configuration, it is segmented into 6-pack, 7-pack, bridge, and others. By industry vertical, it is segmented into industrial, consumer electronics, transportation, IT and telecommunication, and others. 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).

Key Findings of the Study

• Based on power device, the insulated-gate bipolar transistor (IGBT) segment accounted-for major share of the intelligent power module market analysis in 2021, and is also expected to witness fastest growth during the forecast period.
• Based on voltage, the up o 600V segment accounted-for higher share of the intelligent power module market growth in 2021, and is also anticipated to increase faster during the forecast period.
• Based on current rating, the up to 100A segment dominated the intelligent power module market in 2021, and is also expected to expand at a faster rate during the forecast period.
• Based on circuit configuration, the 6-pack segment dominated the intelligent power module industry in 2021, and is likely to grow at the fastest rate during the forecast period.
• Based on industry vertical, the Industrial segment was dominant in the intelligent power module market in 2021, while the transportation segment is likely to expand at the fastest rate during the forecast period.
• Based on region, Asia-Pacific accounted for the largest share of the global digital multimeter market in 2021, and is also anticipated to grow fastest during the forecast period.

The key players operating in the market 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.