Intelligent Power Modules Market Segmented By Voltage Rating such as Up to 600 V, 601 V - 1200 V, Above 1200 V with Power Device such as IGBT, MOSFET
Industry: Semiconductor Electronics
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 365
Report ID: PMRREP27964
The intelligent power modules market is estimated to reach US$ 1,773.0 Mn in 2023, and by the end of 2033, it is expected to have grown to US$ 5,723.6 Mn. The market for intelligent power modules is predicted to grow at a CAGR of 12.4% from 2023 to 2033.
Intelligent Power Modules (IPMs) are also referred as high performance modules, they mount a dedicated drive circuit for drawing greater performance from an IGBT (Insulated-Gate Bipolar Transistor) chip. It is an optimized power conversion device, which is used in the area of power electronics. These modules are widely used for motor control applications, rectification techniques, invertor techniques, MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) switches and IGBT switches. IPMs consist high performance IGBT power devices with integrated gate drive and protection circuits.
Rapid industrialization along with increasing use of IPM in renewable energy plants is one of the key factors driving the market growth. They are widely used in onshore and offshore wind turbine inverters, photovoltaic inverters, and micro inverters. Furthermore, the prevalence of IPM in hybrid and electric vehicles (H/EV) is also boosting the market growth. They are used with high-power thyristors that help minimize the level of carbon emissions and improve the vehicle's overall energy efficiency.
The intelligent power modules market will see new opportunities presented by the rising popularity of intelligent power modules. The market will benefit from the investments made by businesses and the advancements in technology of intelligent power modules. In terms of the regional market landscape, the market in North America held a leading market share of 26.1% in the global landscape in 2022 and is expected to retain its leading position throughout the forecast period. Meanwhile, demand for intelligent power modules in the Europe region will hold around 23.9% of the market in 2022.
| Attributes | Key Insights |
|---|---|
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Intelligent Power Modules Market Size (2023) |
US$ 1,773.0 Mn |
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Projected Market Value (2033) |
US$ 5,723.6 Mn |
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Global Market Growth Rate (2023-2033) |
12.4% |
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650 V Intelligent Power Modules Market Share (2022) |
41.1% |
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India Market Growth Rate (2022) |
13.8% |
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Intelligent Power Modules for Consumer Electronics Market Share (2022) |
26.5% |
“High Cost of IPM Devices is Expected to Restrain the Market’s Growth”
Major players in the manufacturing of IPMs are continuously focusing on the integration of multiple functions in a single chip and this has resulted in complex designing issues. Special skillsets, robust methodologies and toolsets are required for the designing and integration of complex devices. IPMs manufacturing companies are providing multiple features in a single integrated circuit(IC). Due to such factors, the overall cost of these devices increases can potentially hamper the growth of the IPMs market.
“Government Pushes the Market with New Initiatives”
India is expected to grow at a rate of 13.8% CAGR for 2023-2033, market is developing rapidly with new technologies and methods in India. Semiconductor companies are channelizing and strategized business development activities in 3 phases: immediate, mid-term, and long-term phase.
The companies are focusing on solar power, utility solar, consumer durables and traction for immediate term phase, and channelize their best result to get electric vehicle traction designs and electric vehicle chargers in the medium term. They are further contributing in space for optical devices (OPTO) & high frequency (HF) and high voltage direct current (HVDC) in the long-term phase, along with the growth of the above mentioned segment.
The Government of India introduced the electronic components and semiconductors manufacturing acceleration scheme (specs) in April 2020 as part of the 'Make in India' initiative. Such factors are expected to boost the domestic demand for intelligent power modules.
“Increase in The Adoption of Embedded Connectivity”
The country plans to develop five power semiconductor products by 2025, boosting the growth of the power semiconductor industry rapidly. South Korea is focused on developing energy-efficient power semiconductors for electric vehicle components that are highly resistant to pressure and heat.
The country will invest $5 million to build a power chip prototyping infrastructure by 2022. With the help of such efforts, the country strengthens the supply chain of devices, modules and systems. Therefore, the South Korean market is expected to exhibit a healthy growth rate during the forecast period of 2023-33.
“Increasing Adoption of Advanced 5G Technologies”
China is anticipated to grow at a rate of 11.1% CAGR for 2023-2033, China's semiconductor market is one of the largest in the world due to the presence of key players and huge manufacturing. The global supply of automotive IGBTs is declining, prompting China-based automotive original equipment manufacturers (OEMs) and suppliers to produce intelligent power modules.
Due to the high demand for SiC MOSFET modules in Tesla's EVs, China-based EV companies are also adopting silicon carbide (SiC), a new material for EV power modules. China also announced its 14th Five-Year Plan from 2021 to 2025 to invest US$1.5 trillion to support the development of third-generation semiconductors.
For these reasons, Chinese end users could benefit from the presence of intelligent power module vendors.
Which Voltage Rating is Estimated to Grow for Intelligent Power Modules?
IGBT 600V IPM for domestic applications such as air conditioners, washing machines, and dishwashers. Companies like ON Semiconductor Corporation Mitsubishi Electric Corp., Fuji Electric Co. and Infineon Technologies AG are focused on the manufacturing such IPMs. Consumer electronics is the main target segment of these intelligent power modules. Benefits of IGBT 600V intelligent power modules include cost savings due to reduced PCB space and smaller footprint. Due to this, the voltage range of 600V will account for the largest share of the market.
Which Power Device is expected to Proliferate in Future?
The IGBT-based intelligent power module includes a control IC with IGBT drive circuit and protection circuit to ensure high system reliability and facilitate peripheral circuit design. It is a type of application and an optimized power conversion device that is used in the areas of power electronics such as AC servo, air conditioning equipment and elevators.
Major intelligent power modules manufacturers are focusing on the development of the technology and it how it can be better used in its various applications.
Recent developments related to key players providing intelligent power modules market solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.
| Attribute | Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
US$ Mn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Voltage Rating:
By Power Devices:
By Applications:
By Region:
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In 2022, the market value of intelligent power modules was US$ 1,600.2 Mn.
The global intelligent power modules market is estimated to advance at a 12.4% CAGR through 2033.
The market for intelligent power modules is forecasted to climb to US$ 5,723.6 Mn by 2033 end.
Demand for intelligent power modules market in India is projected to rise at a CAGR of 13.8% over the forecast period.
In 2022, the North America intelligent power modules market held a dominant market share of 17.1%.
